First Citizens takes $83 million hit tied to First Brands
The North Carolina bank is the latest lender impacted by the bankruptcy of U.S. auto parts maker First Brands. First Citizens executives said credit was in good shape overall.
Banking
BofA treating gov’t. shutdown like natural disaster: CEO
Bank of America has a playbook for government shutdowns, which includes providing fee and payment waivers as well as loan deferrals and forbearance programs, CEO Brian Moynihan said at the American Bankers Association's annual convention.
TransUnion study pushes back on single-score concept
Other studies have found fewer credit pulls could be viable, but this shows millions more would be adversely impacted than in a bi-merge.
Ally beats expectations despite auto industry tumult
In a tough quarter for the auto industry, the Detroit-based lender posted earnings that sped past Wall Street's expectations.
M&T says it’s turning the corner on commercial real estate
The Buffalo-based bank said Thursday that the paring of its CRE loan book, which has nearly halved in volume over the last three years, may be near its inflection point.
Wells Fargo’s earnings aided by consumers, capital markets
The San Francisco-based banking giant reported a 9% annual jump in quarterly profits. It also made official its appointment of CEO Charlie Scharf as chairman.
Live Oak, U.S. Bank among big gainers as SBA lending spikes
A number of banks experienced major increases in 7(a) lending activity during SBA's recently completed fiscal year, as program-wide loan volume topped $37 billion for the first time.
Equifax slashes VantageScore price to undercut FICO
Equifax will hold costs for scores from FICO rival Vantagescore through 2027 and offer other incentives meant to drive adoption of the alternative metric.
American Credit Acceptance raises $549.2 million in auto ABS
The class A notes, which KBRA assigns a AAA rating, and which have the bulk of the outstanding note balance, $259.3 million, benefits from an enhancement level of 61.10%.
Arra Finance sets sights on auto ABS market with new funding and tech
Goldman Sachs and Obra Capital are providing loan funding, and the Crescent Auto Finance acquisition brings a technology platform and loan portfolio.
FICO to directly license credit scores to mortgage resellers
Through a new program, mortgage resellers will be able to calculate and distribute credit scores directly to customers, reducing their reliance on credit bureaus.
Why no one can end the investment banking recruiting war
College sophomores are applying for jobs before they've even taken a finance class. Goldman Sachs CEO David Solomon says he dislikes the process, but doesn't have the power to change it.
FICO’s new pricing program met with cautious optimism
The credit scoring agency's rollout comes after years of criticism from home lenders over its prices, with delivery costs rising over 40% in the past year.
Banks push back on CFPB plan to curb nonbank supervision
The Consumer Financial Protection Bureau received pointed pushback from banks in their public comments on a proposed rule that would slash the number of nonbanks being supervised in four key markets.
First Brands mulls restructuring options including bankruptcy
The company's advisers are sounding out lenders for new financing, which could be structured as a so-called debtor-in-possession loan to fund continuing operations if it begins the Chapter 11 process.
Tricolor trustee seeks control over 100,000 subprime auto loans
Banks are bracing for hundreds of millions of dollars in losses, while investors who piled into asset-backed bonds sold by the company as recently as June have seen the prices of their securities plunge.
Auto lending fintech Lendbuzz files for IPO
The AI-powered auto lender is the latest fintech to debut an IPO in recent months, even as a different auto lender filed for bankruptcy this week.
Moody’s, KBRA put Tricolor auto ABS on downgrade watch
According to media reports, Tricolor suspended operations and furloughed its staff, with plans to liquidate.
More banks take hits from auto lender’s bankruptcy
Origin Bancorp, Renasant Bank and Triumph Financial are the latest financial institutions to report exposure to the bankrupt auto lender Tricolor, joining a list that includes Fifth Third, Barclays and JPMorganChase.
Deposit insurance bill faces pushback over price tag
Opposition is building against a bipartisan bill that would raise deposit insurance for business accounts, with increased deposit insurance premiums a chief concern.
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