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.
Payments
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.
JPMorgan Chase aims to build Zelle-like network for B2B payments
The bank, which helped launch the real-time network for peer-to-peer payments, is trying to duplicate that success by helping corporate clients process certain transactions instantly with wholesale partners and, in some cases, retail customers.
Mastercard teams with Verizon to use 5G for digital checkout
The card network and telco are designing systems that use 5G to support more payment processes hosted in the cloud rather than on local hardware. The goal is to make services such as autonomous checkout available to small businesses.
Bill pay—even when digital—proves bumpy, survey finds
Banks and creditors have spent years trying to remove obstacles to presentment and payment, but some consumers say they would still rather step on a Lego brick than pay a bill, according to PayNearMe research.
SoftBank, Viking invest $250 million in Latin American fintech
There’s a new unicorn in Latin America: Clip, a payments fintech in Mexico targeting small and midsize companies.
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.
Wells Fargo explores selling private-label card unit
Wells Fargo is exploring selling a unit offering store-branded credit cards as the bank chooses businesses to keep or break off in a broad strategic overhaul, according to people with knowledge of the matter.
How much longer will consumer credit hold up?
Payment rates for auto lenders and credit card issuers have remained strong despite a spike in unemployment. Whether these trends continue into 2021 will depend largely on the actions of Congress and the pace of medical advances.
Card companies, surprised by low write-offs, seek new customers
Lenders have spent months puzzled by the persistently low delinquencies on their credit cards. Now, they’re seizing the moment.
Fitch: Improved performance of credit card ABS may be short-lived
The performance of U.S. credit card securitizations is continuing to improve, according to Fitch Ratings, but the asset class's ongoing health will depend significantly on what emerges from political squabbles in Washington, D.C.
By
John Hintze
Amex, already small-business card king, wants more with Kabbage
American Express Co. is acquiring the teams and technology behind the online lender Kabbage Inc. as the credit card giant seeks to provide more loans and other services to small-business owners.
Household debt falls for first time since 2014
Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.
Lenders fear mass defaults unless unemployment benefits are extended
The CEOs of the credit card lenders Discover and Synchrony are urging Congress to come through with another round of government stimulus so that struggling households can continue paying their bills.
Fitch: Credit card ABS portfolios remain stable
Despite declining payment rates and increased economic pains on borrowers, prime credit-card and retail account issuers have been able to maneuver around COVID-19 stresses with little impact on servicing their accounts held in securitized portfolios.
By
Glen Fest
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