Warren proposes scrapping student debt for millions in 2020 plan
Democratic presidential candidate Elizabeth Warren proposed eliminating student-loan debt for an estimated 42 million Americans with a wealth tax
Consumer lending
After years of downplaying threat, Sallie Mae to take on refi lenders
SLM Corp. wants to "target the people our competitors are targeting and bring on their federal balances" CFO Steven McGarry said during an earnings call.
Consumer lenders ease fears over credit quality
Measures of loan performance were generally better than expected at Ally, American Express, Synchrony and Sallie Mae. Their 1Q reports suggest that consumers remain able to meet their obligations despite a long run-up in debt.
Kraninger outlines her vision for a revamped CFPB
In her first policy speech since being confirmed as the agency's director, Kathy Kraninger promised less focus on enforcement actions and more emphasis on consumer education.
Avant to pay $3.85M to settle allegations of deceiving borrowers
The Federal Trade Commission accused the online lender of numerous violations in connection with its loan servicing practices. In one example, Avant allegedly informed customers that they could make payments by credit card or debit card but then refused to accept such payments.
Moody’s sees higher losses on Exeter’s next subprime auto ABS
Two deals Exeter completed in 2018 are performing worse than Moody's expected so its looking for additional losses on this deal; S&P sees losses in the same range as four prior deals.
Freddie Mac’s nonperforming mortgage sale has a pool for nonprofits
Freddie Mac's latest nonperforming mortgage auction will include one pool targeted to smaller investors like nonprofit organizations.
Credit card, auto loan delinquencies hit seven-year high
More consumers were late in paying two major types of loans in the latest figures from the American Bankers Association, but it appears to be a relatively isolated problem.
Conn’s lowers credit enhancement on consumer ABS as losses stabilize
Losses on Conn’s consumer loans are stabilizing, and the electronics and appliance store chain sees an opportunity to reduce the level of credit enhancement for its latest securitization.
Online lender Upstart eyes expansion after latest funding round
The San Francisco fintech, which uses artificial intelligence to make consumer credit decisions, has raised an additional $50 million. It also announced new partnerships with lenders and plans for a credit card.
U.S. Auto’s debut subprime ABS gets low marks from Moody’s
The regional direct lender caters to very risky and highly leveraged borrowers (507 FICO, 163.95% LTV), but is offering relatively little credit enhancement compared to its peers.
By
Glen Fest
Senate Dems press CFPB on student loan forgiveness
The lawmakers are questioning the agency about its oversight of student loan servicers involved in a federal loan forgiveness program.
Why CFPB payday revamp is an even bigger deal than you think
The proposed rollback of underwriting requirements for small-dollar lenders could redefine a legal doctrine that governs rules affecting other companies as well.
California lawmaker considers statewide CFPB
Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.
‘If the product is good, it should sell itself’: A Q&A with Earnest’s CEO
Susan Ehrlich, the fintech lender's new chief, discusses what she learned working at Amazon and Simple and how her firm is approaching consumer loans differently.
Supreme Court ruling in foreclosure case a (limited) win for lenders
In a unanimous ruling, the court placed new limits on the ability of consumers to sue law firms that handle foreclosures on behalf of mortgage servicers.
Starwood Capital’s debut RMBS is mix of nonprime, near-prime
Unusually, all of the loans in the $374 million transaction were purchased from a single originator, Impac Mortgage.
California seeks to revoke auto title lender’s license
The state's financial regulator says Fast Money Loan charged consumers interest rates and fees above the state's usury cap, and operated unlicensed storefronts.
Online used car lender Carvana gets an AAA on inaugural ABS
The company spun out of DriveTime is paying for the privilege, however; it's offering 50.3% credit enhancement on the senior notes of the $338 million deal rated by Kroll.
Sierra transfers servicing on its subprime auto portfolio
The company controlled by Emerald Development Managers has already ceased originating; S&P has notes from a 2016 securitization on watch and Kroll is monitoring the situation.
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