The first-time securitization by the online commercial-finance will involve more than half of the San Francisco-based company's managed accounts portfolio.

The heads of the Federal Reserve and Treasury are urging passage of legislation that would replace Libor with the Secured Overnight Financing Rate in certain contracts. That would spare banks litigation over trillions of dollars of contracts when Libor expires in 2023.

Deals, trends and research in structured finance and asset-backed securities for the week of March 19-25

The FHFA’s forbearance extension to September is forcing nonbank servicers to buy out more delinquent loans. It's also upended loss estimates for investors and made racial and income disparities in the mortgage market worse.

The act, yet to be signed by Gov. Cuomo, aims to resolve the difficult problem of how to fairly compensate floating-rate investors in instruments for which the London interbank offered rate is no longer published.

Treasury Secretary Janet Yellen said she prefers to have the Financial Stability Oversight Council flag hazardous activities by nonbanks rather than subject specific firms to heightened supervision.

Complaints to the Consumer Financial Protection Bureau jumped 54% to 542,300 in 2020. Concerns about credit reports have long outnumbered those in other categories and jumped significantly as a share of the total from 2019.

Pretium Partners and Ares Management recently closed on a $2.5 billion acquisition of SFR owner/operator Front Yard Residential Corp., in a deal first announced last October.

Volumes were at a record high in the final quarter of 2020 but lenders didn’t make quite as much since gains on loan sales to the secondary market fell.

Two banking bills signed by Gov. J.B. Pritzker carry implications for payday lenders, auto title lenders, credit unions and nonbank mortgage lenders. Pritzker, a Democrat, said the bills will address racial-equity gaps in the state.

The Consumer Financial Protection Bureau’s acting director has said he could rethink the pending Fair Debt Collection Practices Act rules, but a report released Monday indicated they’re moving ahead for the time being.

Legacy contracts using the London interbank offered rate — which is set to be phased out at the end of this year — were granted a reprieve to mid-2023. However, there is no wiggle room on when the rate will expire for new deals, said Federal Reserve Vice Chairman Randal Quarles.