The Federal Housing Administration's clarification addresses interpretations of an 8th U.S. Circuit Court of Appeals decision that increased industry costs.

The pool luxury vehicle loans, which represent 5.4% of the pool, an increase from 4.0% from the level seen in VEROS 2023-1. The luxury vehicles had an average balance of $227,457, compared with $17,681 for all the loans in the pool.

A federal judge in Texas is locked in a back-and-forth with an appeals court over whether the industry's challenge to a cap on credit card late fees should be moved to Washington, D.C.

As the inflation reduction campaign has miles to go, banks considering credit risk transfers referencing commercial real estate could find enthusiastic investors.

Beth Hammack, who stepped down as the bank's co-head of global finance earlier this year, will take the helm as President of the Federal Reserve Bank of Cleveland later this summer following the retirement of longtime President Loretta Mester.

If approved by the Federal Housing Finance Agency, the program will not lead to large amounts of home equity being extracted, nor is it mission creep, wrote Keefe, Bruyette & Woods analyst Bose George.

In a speech, the Federal Reserve governor said she would have liked to see the Federal Open Market Committee move more quickly to reduce its holdings. The central bank is poised to begin slowing the pace of balance sheet runoff this week.

Marlette Funding partnered with Cross River Bank to originate the Prime loans, which account for 86.3% of the pool.

Firstrust Savings Bank and First Citizens Bank originated the loans, all of which are in-school, and a vast majority of the loans in the pool, 82.0%, are fixed rate.

SouthState Corp. plans to purchase Independent Bank Group in a $2 billion deal, marking an end to the latter bank's long run of buying companies. Chairman and CEO David Brooks pointed to a challenging interest rate environment and heightened regulatory scrutiny as reasons he decided to sell.

House Financial Services Committee Chair Rep. Patrick McHenry, R-N.C., told Federal Deposit Insurance Corp. Chairman Martin Gruenberg to make himself available for a June 12 hearing on the agency's workplace culture.

Executives at the Toronto-based bank said last year that they planned to add 150 branches in the United States. But when pressed on Thursday, they could not say how much they'll scale back their ambitions due to investigations over TD's anti-money laundering practices.