USAlliance Federal Credit Union in Rye, New York, has agreed to merge with Marriott Employees' Federal Credit Union in Bethesda, Maryland, to create a nearly $3 billion-asset organization.

The government-sponsored enterprise put more money aside as mortgage interest rates rise and home prices start to decline.

Based on the securitized utility tariff property, the security of the notes will depend on the number of customers in the utility's service area.

Aside from equipment leases, the collateral will include interest certificates and equity interests in entities formed to own aircraft leases and related aircraft.

The $1.3 trillion decline was the largest quarterly drop in dollar volume and the biggest falloff on a percentage basis since 2009, according to Black Knight.

The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.

The Federal Reserve's semiannual financial stability report said the threat of continued high prices and the Fed's response to them are top threats for banks and other market participants.

The CLO is preparing to raise $494.5 million from the capital markets, with a reinvestment period of 2.9 years, and a a weighted average (WA) recovery assumption of 77.03%.

The company's volume fell behind its wholesale-focused chief competitor's in the third quarter but management foresees potential weakness in the broker channel.

Should Libor become unavailable most CLO loans are already written to fall back to the prime rate. Managers will have to monitor their CLOs' legacy Libor loans.

Executives from PNC, Regions and M&T are expressing confidence that their loan books can withstand a recession. "We don't see crisis-type things in front of us right now," said PNC Chief Financial Officer Robert Reilly.

The percentage of extended-term loans, 80.9%, is near the higher end in recent historical deals, but higher FICO scores are also a bigger portion of the pool.