Auto lending scrutiny: Will states pick up where CFPB left off?
Auto lenders would be well advised to keep up their guard as states — particularly blue ones — take steps of their own to crack down on what they see as abusive practices.
Consumer lending
Lendmark’s $250M nonprime consumer loan ABS draws split ratings
While DBRS maintained a rating of AA for the Lendmark Financial's first ABS of 2018, S&P issued an A rating after estimating higher net losses on the underlying subprime accounts.
By
Glen Fest
CFPB auto-loan crackdown crumbled long before Senate stepped in
The agency’s 2013 guidance is frequently portrayed as either an overdue push to stamp out lending discrimination or a case study in regulatory overreach. In truth, its impact was minimal.
Ally seizes opportunity in used-car lending
Record originations on "better-yielding" used-car loans helped drive a 14% increase in its first-quarter profit. But Ally's shares were down Thursday on concerns of rising deposit costs.
Government accuses LendingClub of misleading borrowers
The Federal Trade Commission alleges in a lawsuit that the company's "no-hidden-fee" pledge is deceptive. LendingClub says the claims are unwarranted.
Subprime auto lessor making 1st trip to securitization market
RAC King (d/b/a American Car Center) has expanded rapidly since being acquired in a 2016 leveraged buyout; now it's bundling most of its portfolio into collateral for bonds.
Gillibrand aims to ‘wipe out’ payday lenders with postal banking bill
The New York senator offers legislation to empower U.S. post offices to take deposits and make loans.
Mulvaney to drop public complaints against firms, change CFPB name
Acting Consumer Financial Protection Bureau Director Mick Mulvaney announced a trio of significant changes to the CFPB.
House bill seeks to limit punitive effect of CFPB guidance process
The legislation would prohibit the CFPB from penalizing institutions that rely in good faith on guidance from the bureau.
Homework on student loan refis pays off for SouthEast Bank
The Tennessee community bank garnered a triple-A from two credit rating agencies for its inaugural securitization this month of loans refinancing the debt of borrowers with advanced degrees and high-paying jobs.
Ally’s auto finance chief to depart, triggering series of moves
Tim Russi played a key role in the company’s transition away from its once-close relationship on General Motors. He will be succeeded by Doug Timmerman, a 32-year Ally veteran.
Tidewater readies 1st subprime auto ABS in 2 years
The $185 million transaction features a higher exposure to borrowers entering bankruptcy than the sponsor's 2016 deal; it's also more seasoned, since it recycles 2014 collateral.
Senate votes to block CFPB auto lending guidance
The Senate voted Wednesday to block guidance issued by the Consumer Financial Protection Bureau in 2013 that was meant to stop discriminatory markups on indirect loans made by car dealers.
Repeal of CFPB rule could still leave car lenders on the hook
As the Senate closes in on overturning the Consumer Financial Protection Bureau's 2013 indirect auto loan rule, a central question is how lasting the congressional measure will be in limiting the CFPB's authority.
Consumer groups oppose Senate repeal of CFPB auto lending rules
Sixty-four consumer groups are speaking out against a Senate measure, expected to be voted on this week, that would overturn the Consumer Financial Protection Bureau's 2013 regulation on discriminatory pricing by auto lenders.
Exeter maintains AAA on subprime auto ABS despite dip in collateral quality
Higher LTVs and fewer low-risk, new-car loans trumped the recent decline in managed-portfolio delinquencies and improved ABS performance since 2015.
By
Glen Fest
Online lenders adopt the model they sought to disrupt
As upstart companies mature, they face pressure to develop deeper relationships with their customers. That is leading some to offer to a wider range of products, including deposit accounts.
Online lender touts new personal credit line as HELOC alternative
Upgrade's new product, unveiled Tuesday, is aimed at consumers who are expecting a big expense but may not need to borrow all the money at once. Unlike a home equity line of credit, the loan can be approved in minutes because there is no need for collateral or an appraisal process.
SoFi names longtime Goldman Sachs exec Michelle Gill as next CFO
Gill, who spent 14 years at Goldman, will fill a role that has been vacant since last summer at SoFi.
SoFi reduces exposure to long tenors in second consumer-loan ABS of 2018
The percentage of 84-month loans has been shaved to 37.5% of the pool in SoFi's consumer loan program 2018-2 issuance, down from 45.4% in its prior transaction in January.
By
Glen Fest
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