Credit scores in reperforming loan securitizations drifting lower
The weighted average FICO credit scores of securitized reperforming loans are deteriorating a little, according to a DBRS study of the bonds.
Credit
Opinion Credit score changes would saddle banks with risk to help nonbanks
Housing regulators should not adopt an alternative credit scoring model until the banking industry is on board.
FHFA seeks input on Fannie and Freddie’s credit score models
The two government-sponsored enterprises have relied on the “classic” FICO credit scoring model for the past 12 years. But the Federal Housing Finance Agency is weighing whether the GSEs should upgrade to more recent scoring alternatives.
TCF exits auto lending, warns of $80M restructuring charge in 4Q
Citing the dim financial outlook for a business it entered just six years ago, the Wayzata, Minn., company will stop making auto loans on Dec. 1.
LendingClub’s pullback amplifies consumer debt-load worries
The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.
CFPB sees risks in longer-term auto loans
The Consumer Financial Protection Bureau said 42% of car loans issued in the last year had a repayment term of six years or more, a huge leap over the 26% with such terms in 2009.
By
Joe Adler
Can blockchain be used to build a better credit bureau?
Calls for less reliance on credit bureaus and Social Security numbers for verification are leading many to envision a future of identity on a distributed ledger.
Discover’s profit falls in 3Q as loan losses rise
As more loans go bad across the credit card industry, the Riverwoods, Ill.-based company boosted its provision for loan losses by 51%.
Beyond the breach: Credit reporting accuracy also under fire
Cybersecurity and breach notification procedures have caught the most public attention following the massive hack at Equifax, but lawmakers are also interested in the accuracy of credit reports.
Should CFPB have more power over credit reporting agencies?
CFPB Director Richard Cordray is using the Equifax breach to suggest the CFPB be given power to examine credit reporting agencies for potential cybersecurity lapses.
As ex-Equifax CEO testifies, all credit bureaus are on trial
Richard Smith came to Capitol Hill this week to speak about the massive breach at Equifax, but it was clear Tuesday that he will be defending the entire credit reporting industry.
Equifax credit freezes could threaten demand for consumer loans
The Equifax breach has millions of Americans now thinking about freezing their credit to guard against identity theft. But those who act could be cutting themselves off from the nation's vast credit economy.
Senate Dems’ Equifax bill may gain surprising bipartisan support
Senate Democrats' legislative bid to reform the credit reporting industry is tempered and balanced, according to analysts, which could help it gain traction in the GOP-controlled Congress.
Don’t get too comfortable with the ‘pause’ in subprime lending
Auto, personal and credit card originations have fallen as delinquencies have risen, but researchers called the slowdown a temporary rebalancing by lenders.
By
Yemeng Yang
Credit card delinquencies: A fair price for growth, or bad sign?
Balances 90 days past due are noticeably higher in 2017, new N.Y. Fed data shows. Though the trend has a lot to do with positives like economic expansion and easier access to credit, officials say it deserves careful attention.
Credit managers’ outlook for North America dims
One potential area of concern is commercial real estate; more than two-thirds of respondents in the latest IACPM survey quarter believe defaults will increase in this area over the next year.
By
Glen Fest
Credit card issuers face peril from rise in store closures: Report
Synchrony Financial and Alliance Data Systems are particularly vulnerable to recent shifts in Americans’ shopping habits, according to new research from Moody’s Investors Service.
