SoFi Consumer Loan Program’s latest will raise $340 million in ABS
The consumer loan and credit card collateral will consist entirely of assets that are seasoned, yet of shorter terms overall.
Credit cards
Banks decry CFPB $8 late fee, say small-business review needed
A core issue in the upcoming fight over late fees involves what data is being collected on card issuers' costs and losses associated with late payments.
Credit-card rates poised to hit a four-decade high this year
Rates are expected to reach a four-decade high, a positive for lenders poised to benefit from the increased income while consumers face escalating costs.
TD hires former Citi executive to run U.S. credit card business
TD Bank, the U.S. unit of the Canadian bank, has hired Christopher Fred as its new head of U.S. credit cards and unsecured lending. The bank's retail partners include Target and Nordstrom.
Goldman Sachs says it’s cooperating with CFPB probe of its credit cards
The Consumer Financial Protection Bureau is investigating some of the bank's credit card practices, including refunds, billing errors and credit bureau reporting, according to a securities filing Thursday.
VantageScore notches a win in FICO-dominated securitization market
The credit card issuer Synchrony Financial recently used FICO’s top competitor in a $1 billion deal. The choice is significant for VantageScore, but FICO remains the dominant credit score in the securitization market, according to analysts.
Discover’s latest aims to raise $500 million credit card ABS
A low charge-off rate and an increasing monthly payment rate are credit hallmarks of the latest deal.
Credit card ABS Mercury Financial, 2021-1, gets substantial ratings upgrade
Charge-off and payment rates had improved, due to consumer assistance programs and government stimulus funds amid COVID-19 economic slowdowns.
Democratic senators seek details on JPMorgan’s collection practices
Six members of the Senate Banking Committee are asking questions about a flurry of lawsuits against credit card customers. The bank denies that it has resumed using robo-signing.
Synchrony isn’t sweating CFPB scrutiny of late fees, CEO says
The credit card issuer fielded questions about its fees two days after the Consumer Financial Protection Bureau announced a wide-ranging review of consumer charges. Executives said they would not take a big revenue hit even in the face of new limits.
Credit card ABS chargeoffs reach historic lows in Q3 2021
Performances were solid across the board as retail store, late-stage and payment rates all improved, while the prime chargeoff rate reaches a historically low level.
Big credit card issuers make their moves in buy now/pay later
Executives at JPMorgan Chase, Capital One and U.S. Bancorp all spoke this week about plans to take on upstarts that offer interest-free financing on consumer purchases. The increased competition figures to result in tighter margins across the category.
Avant preps its first credit card ABS deal, to raise $150 million
The trust includes a 36-month revolving period that will allow it to purchase additional receivables as it collects principal.
Barclays floats $609 million in credit card asset-backed securities
Dryrock’s collateral maintained strong performance numbers for the past 12 months, with higher monthly payment rates and fewer chargeoffs compared to last year.
Golden Credit Card Trust to assess the ABS market before sizing credit card deal
Hailing from Canada, the upcoming credit card deal will draw from a pool with very low rates of delinquency, total net losses and charge offs.
CFPB ends pandemic relief on HMDA reporting and other regulations
The agency announced it was rescinding seven policy statements issued last year meant to help companies combat fallout from COVID-19 but that the bureau's current chief said came at the expense of consumers.
CFPB ends Trump-era regulatory relief tied to pandemic
The agency announced it was rescinding seven policy statements issued last year meant to help companies combat fallout from COVID-19 but that the bureau's current chief said came at the expense of consumers.
Synchrony forecasts higher loan volumes, weaker credit in second half
Like other card issuers, the Stamford, Conn., company expects current trends — soft loan demand but strong credit quality — to reverse later this year as the economy emerges from the pandemic-induced recession.
Late credit card payments at historically low levels in U.S.
U.S. credit card delinquencies reached record-low levels in 2020, as Americans took advantage of stimulus checks and adjusted their spending habits, according to a new report.
U.S. consumer credit growth slows as credit card balances shrink
U.S. consumer borrowing rose in October by less than forecast, reflecting a decline in credit card balances as the pandemic continued to limit some purchases.
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