CFPB names student loan servicing exec as ombudsman
Robert G. Cameron, a former official at the Pennsylvania Higher Education Assistance Agency, will succeed Seth Frotman as the bureau's point person on student lending complaints.
Consumer lending
Opinion: America’s student-loan burden is getting severe
Of the roughly $250 billion severely derogatory outstanding balance, defaulted student loans make up 35%, a New York Fed report found. That’s a new phenomenon.
Is it time to worry about mounting credit card debt?
Borrower debt continues to rise, late payments are up and interest rates are at their highest levels since at least 1994. A new report raises questions about the sustainability of the card industry's boom.
Kroll: Deterioration continues in subprime auto ABS performance
The decline in the share of "cured" delinquent loans is a potential signal for increased securitization losses in the months to come.
By
Glen Fest
Higher credit losses expected for $302M ACA subprime auto ABS
Lighter seasoning compared to American Credit Acceptance's last loan portfolio issuance is the primary reason, say ratings agencies.
By
Glen Fest
Loss expectations diminish for subprime auto lender Byrider
“Buy here, pay here” auto lender Byrider’s improvements in recent ABS collateral performance and operational servicing changes are gaining favor with ratings analysts.
By
Glen Fest
CFPB, N.Y. settlement would ban Buffalo debt collectors from industry
State and federal authorities say the network of firms in upstate New York sought debts that consumers weren't obligated to pay and impersonated government officials, among other things.
Santander Bank names longtime MUFG Union executive its CEO
The hiring of Tim Wennes was one a series of leadership changes announced Wednesday by the holding company for the bank and the auto lender Santander Consumer.
Warren warns consumer, corporate debt could cause next crisis
The Democratic presidential candidate argued in a blog post that the U.S. could avoid a recession by canceling most student debt and authorizing regulators to more aggressively monitor leveraged lending.
Consumer lender Oportun lays groundwork for IPO
In a registration statement filed with the SEC, the company revealed new details about its financial performance and its growth plans.
Santander Consumer will pay $60M to remain a Fiat Chrysler partner
The agreement is expected to solidify a lending partnership whose status had been in doubt for more than a year. But it raised as many questions as it answered.
California on verge of capping rates on installment loans
The legislation, which passed a key test in the state Senate on Wednesday, is the product of a compromise between consumer advocates and some lenders.
ABS platforms have varying risks to growing truck collateral exposure
A DBRS report states rising concentrations of light-duty truck collateral adds risks to vehicle securitization portfolios, but risk may differ among ABS types.
By
Eliana Perez
That’s all, folks: Honor notes paid down to wrap troubled ABS deal
Kroll this week withdrew ratings on the defunct subprime auto lender's loan securitization, which had undergone multiple downgrades.
By
Glen Fest
Cross River poaches execs from student refinancing firm Laurel Road
The executives were hired for their focus on loan origination, portfolio management and securitization.
Subprime borrower pool expands in latest Foursight auto-loan ABS
Foursight's first deal of 2019 has a rising 36.6% share of subprime borrowers from its lower-tier loan programs.
By
Glen Fest
CFPB delays compliance date for key part of payday lending rule
The CFPB issued a final rule late Thursday to delay the compliance date for mandatory underwriting provisions of the 2017 payday lending rule.
FCC robocall ruling a setback for banks, debt collectors
The agency's vote Thursday threatens to block many of the industry's communications with customers, though banks did win one concession.
AmeriCredit’s next $821M subprime auto ABS dips in credit quality
A decline in average FICO and recent loss levels in AmeriCredit's securitizations prompts Moody's to project slightly higher credit losses in the new transaction compared to previous rated deals.
By
Glen Fest
NJ student-loan authority plans $286M revenue bond issuance
The collateral will include $147.3 million in well-seasoned loans that were part of HESAA’s 2009 issuance, as well as up to $155 million in new loans that the trust will originate through an Oct. 31, 2020 prefunding and recycling period for the next academic calendar year.
By
Glen Fest
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