Student loan servicing giant seeks industrial bank charter
Nelnet’s planned bank would be an online enterprise focused on gathering deposits and making private student loans.
Student loans
CFPB faces tough questions over student loan moves
Senate Democrats want acting CFPB Director Mick Mulvaney to explain why the agency is no longer policing student loan lenders and servicers.
From overdraft to HMDA, rulemaking has new look at Mulvaney’s CFPB
Acting CFPB Director Mick Mulvaney has dropped agency plans to crack down on overdraft programs and large marketplace lenders. Here's what else he's changing.
Mulvaney guts CFPB’s student lending office
The CFPB's acting director announced new political hires and more plans to overhaul the agency in an email Wednesday.
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.
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.
Lender plans debut bond issuance backed by student-loan refis
Southeast Bank's Education Loan Finance division joins SoFi, Navient and Laurel Road in originating and securitizing the refinanced student loans of advanced-degree professionals.
By
Glen Fest
Laurel Road finds a novel solution to a uniquely bank problem
Explosive growth in student lending was putting pressure on the capital ratios of the company, formerly Darien Rowayton Bank; a securitization got a big chunk of servicing strips off its books.
Podcast College students pay for spring break with student loans
Are American college students using their student loan dollars wisely? A LendEDU study explored how those funds are spent.
Two banks take equity stakes in online student lender CommonBond
Fifth Third and First Republic are among the investors in the company’s $50 million equity round.
SoFi prices 1st student loan ABS with medical residency refis
Medical residents are considered to be good credits but have less free cash flow than fully practicing doctors; the loans did not have a big impact on overall credit metrics of the $900 million deal.
CommonBond takes AAA credit rating straight to the bank
The fintech lender's latest offering of $234 million bonds were priced at a 27-basis-point improvement from its previous deal; cheaper funding will allow it to better compete for borrowers in a rising rate environment.
DeVos ups ante with state AGs in battle over student loan servicing
Department of Education Secretary Betsy DeVos says the companies hired by the government to service its own loans should only be subject to federal oversight.
State regulators oppose federal preemption on student loan servicing
The Education Department reportedly has plans to shield student loan servicers from state regulators, but the Conference of State Banking Supervisors isn't ready to cede its authority.
Will CFPB weigh in on an appropriate Libor replacement?
So far, consumers have not had much voice in the discussion of a suitable replacement for the benchmark rate; lenders and servicers want to limit any harm, and their liability.
SoFi buys teams from mortgage startup Clara to boost offerings
Social Finance has acquired the engineering and product teams of mortgage startup Clara Lending, bolstering the financial technology company's offerings beyond student-loan refinancing, according to people familiar with the matter.
Navient to step up pace of refi student loan securitization
Refi loans that the servicing behemoth is making through Earnest do not require the same amount of seasoning as new in-school loans, and so can be securitized much sooner.
Five challenges facing SoFi’s new CEO
Stepping in after co-founder Mike Cagney's resignation, Twitter's Anthony Noto needs to overhaul the firm's corporate culture, lay the groundwork for an IPO and determine whether to renew SoFi's pursuit of a bank charter.
Sallie Mae to pump tax savings into personal loans, credit cards
The nation's largest private student lender plans to use $30 million of its anticipated tax-cut windfall to speed up its diversification plan and strengthen its digital capabilities.
More evidence hurricanes created (temporary) hardships for student loans
At the end of September, the share of loans in MeasureOne’s private student loan database in forbearance was 2.88% of the outstanding balance, up 26.81% on the year.
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