Most of the notes will be fixed rate, but the A1B tranche could be benchmarked to the three-month Secured Overnight Financing Rate (SOFR).

Mortgage rates rose this week as investors priced stronger than expected inflation and jobs affecting Fed moves into the 10-year Treasury.

Griffin was a managing director at J.P.Morgan Securities, where he ran the global primary collateralized loan obligation (CLO) business.

A pool of open-end vehicle fleet lease and loan contracts for cars, trucks and other vehicles provide the revenues to the bonds.

The Federal Reserve Board governor and frequent regulatory critic says it would be appropriate for the U.S. to deviate from the agreed-upon international standards to reflect "unique characteristics" of the American banking system.

There are four risk events that could stop cash flow into SMB 2024-R1's deal—missing overcollateralization targets, a stymied principal distribution and the deals do not exercise an optional clean-up call.

The memorandum creates channels for sharing information about nonbanks between the Federal Housing Finance Agency and the Conference of State Bank Supervisors.

New originations exceeded last year's tally by 30.5%, despite concerns about how rates might impact consumer financial strength. Auto ABS production revved up overall performance.

A solid majority of decision-makers at these companies expect to expand their workforces again this year, a Citizens Financial survey found. Loan losses are normally low in eras of economic expansion.

Mortgage lenders offered more cash-out refinance programs at a time when consumers might be coming to terms with the rate environment.

Aside from overcollateralization and subordination, the notes get support from a reserve account representing 0.96% of the pool and an incremental reserve account maintain 1.00%.

Senate Majority Leader Chuck Schumer, D-N.Y., said that he would like to examine the proposed acquisition on "narrower bases."