Rivalry between two Silicon Valley lenders turns personal
Seven years after James Gutierrez left Oportun Financial and started a competitor, the acrimony sparked by the divorce is coming into public view.
Consumer lending
CFPB’s Kraninger grilled over payday, military lending
The bureau's director, Kathy Kraninger, faced a barrage of criticism from Senate Democrats on the agency's lack of enforcement actions, a reversal on Military Lending Act examinations and changes to the payday loans rule.
Kroll, S&P split on impact of OneMain’s revolving ABS feature
While S&P expects higher net losses to over a five-year span, Kroll believes stricter reinvestment criteria for the extended revolving period can reduce them.
By
Glen Fest
Can Citi and Chase beat fintechs at their own game?
The upstart lenders have been chipping away at credit cards’ consumer-lending dominance by offering fixed-rate loans with predictable repayment plans. Now the card giants are fighting back.
Santander pays up for AAA on its next subprime auto ABS
The $1 billion DRIVE 2019-2 is backed by loans with slightly weaker credit metrics than the lender's prior deal, forcing it to increase credit enhancement.
By
Glen Fest
GreenSky, Amex to roll out partnership in five cities
The Atlanta company, which reported fourth-quarter results Tuesday, said that the lending partnership with American Express will launch in Atlanta, Chicago, Dallas, Los Angeles and Dallas within the next 60 days.
Regions bailing on indirect auto lending
Add the Alabama company to the list of lenders that are disappointed in the returns on loans made through car dealers and their inability to build broader relationships with those borrowers.
Slideshow Best of SFIG Vegas 2019
From financing driverless cars to dealing with Libor's demise, here are the highlights from the Structured Finance Industry Group's annual conference.
SFIG Vegas: The case for extending subprime auto loans
Allowing borrowers to defer payments can be an effective way to mitigate losses, but only when used judiciously, according to S&P.
By
Glen Fest
ARRC may seek a legislative fix for Libor fallback
Since most U.S. securities transactions are subject to New York law, it could be expedient to pass legislation defining Libor as SOFR plus a spread, says David Bowman, special adviser to the Fed.
JPMorgan Chase to offer online loans to credit card customers
The foray into digital consumer lending follows a similar move by rival Citigroup.
By
Andy Peters
SFIG Vegas: Building a better bondholder communication platform
Libor’s demise poses significant problems for outstanding floating-rate securities that are pegged to the benchmark; SFIG wants to make it easier to amend deals.
Banks fall further behind fintechs in personal lending
Personal loan balances hit an all-time high in 2018, while fintech lenders widened their market share lead over banks and credit unions, according to new data from TransUnion.
By
Andy Peters
Household debt hit another all-time high. Is it poised to level off?
While student, auto and credit card balances are at or near record levels, housing debt is shrinking, credit quality is weakening a bit and lending standards, at least in some sectors, are tightening.
By
Alan Kline
Could LendingClub return to profitability in second half?
The online consumer lender trimmed its losses in the fourth quarter and says an adjusted, non-GAAP metric suggests it's on the path to getting out of the red later this year.
Navient stock rises as Canyon says it could boost rejected buyout bid
Navient Corp. shares surged after Canyon Capital Advisors said it could boost a $3.1 billion takeover offer that was rejected by the student-loan servicer.
Kroll: Upstart’s focus on more extended-term loans adds ABS risk
Credit enhancement and expected loss levels in Upstart's 2019 securitization debut have risen from its previous deal last August.
By
Glen Fest
CommonBond gets $750 million in lending funds from top banks
Barclays, BMO, Citibank, Goldman Sachs and ING contributed to the online student lender, which last year made over $1 billion in loans.
RAC, CIG each return for second round of subprime auto ABS
CIG is marketing $161.9 million in bonds backed by auto loans made through independent dealers, while RAC is placing a $174.5 million securitization of used-car leases.
By
Glen Fest
Large banks assuming more risk in auto lending
New research from the New York Fed found that banks with more than $50 billion of assets originate more subprime car loans than small banks and credit unions do.
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