Unsecured consumer loans from Affirm will back $750 million in notes
The series AFRMT 2026-4 and AFRMT 2026-5 have virtually identical capital structures, but have legal final maturity dates of Sept. 17, 2035, and Sept. 15, 2037, respectively.
Banking
FDIC won’t have to return $1.71 billion to SVB creditors
A federal judge found SVB Financial's management negligently prioritized yield over safety, allowing the Federal Deposit Insurance Corp. to retain the deposits after the bank's 2023 collapse.
Pulte: ‘cartel-like’ bureaus should cut costs, eyes bi-merge
The big three's trade group has said they operate legally and protect the industry with a trio of reports. FHFA also is opening up VantageScore for all lenders.
Pagaya’s latest ABS raises $414.4 million from unsecured consumer loans
If PAID 2026-REV1 doesn't breach any triggers, then the deal might pay an annual step-up premium representing 1.00% of each class's outstanding amount.
House Republicans debut CFPB reform package
The Republican proposal would bring the CFPB under congressional appropriations and curb several of its regulatory powers.
How banks are navigating the AI data center backlash
JPMorganChase, Goldman Sachs, Citi, Morgan Stanley, Wells Fargo and Bank of America are among the biggest backers of data centers. Community opposition isn't slowing them down, but it's making them rethink their approach to managing risks.
Prosper Marketplace makes its securitization debut with $322.2 million
For its first securitization PMCC 2026-1 will sell to noteholders through six tranches of notes, and credit enhancement coverage that begins at 67.91% on the AAA-rated, class A notes.
SEC sues three ex-Tricolor executives over bond fraud
The agency says the subprime auto lender pledged the same car loans to several lenders and bond deals at once, leaving investors owed about $945 million.
First Help Financial’s latest subprime auto pool raises $272.7 million
FHF Issuer Trust 2026-2's final distribution dates range from Sept. 15, 2027 on the class A1 notes through Jan. 16, 2034 on the class F notes.
Who would you give your money to, hyperscalers or the U.S. government?
There are two monster debtors out there — the AI industry and the U.S. government. Is the credit market big enough for the both of them?
Inside Bank of America’s $250 billion in data center funding
It's not just about AI and the bank is not walking away from its green goals, Karen Fang, the initiative's leader, told American Banker.
Consumer contracts back Aqua Finance’s $328.9 million in ABS
Aqua Finance's credit enhancements include a sequential pay structure until the class A credit enhancement period is over.
The problems in the July jobs report are bigger than one report
The July jobs report was bad, but the context is worse: people leaving the labor force, stubborn inflation and rising bond yields.
OneMain Financial raises $750 million
The current deal comes to market with a shorter revolving period and a smaller collateral pool, but other traits are similar to previous deals.
Why the consumer credit outlook for 2H looks cloudier
The latest consumer conditions study from the American Financial Services Association paints a less-than-rosy picture of how lenders expect the second half of the year to play out.
Bankers want reforms at the Fed, but which ones?
Bankers largely agree that there should be reforms, but don't agree on which ones; plus, our second batch of best-performing banks.
Arivo in capital raise with subprime auto loan pool
The rule 144A deal's structure includes a cash collateral account represents 1.00% of the note balance across all tranches.
Ally grows despite ‘stubbornly high’ auto delinquencies
Until this quarter, car-loan delinquencies for the Detroit-based bank had been steadily dropping. But in the spring of 2026, that momentum showed signs of slowing.
Republicans ask CFPB’s Vought how to curb agency’s power
At a House hearing last week, GOP lawmakers asked Russell Vought, the acting director of the Consumer Financial Protection Bureau, for advice on how to craft legislation to permanently change the CFPB's authority. The hearing highlighted a consensus among Republicans that administrative policy rollbacks are not enough.
Flush with capital, Morgan Stanley eyes potential purchases
The investment banking giant has a hefty amount of excess capital, some of which is being used to meet client demand. At the same time, the company is open to opportunities to do bolt-on acquisitions, CEO Ted Pick said.
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