Island is a first-time issuer and largely originates and services the loans through its network of 48 branches.

Notes will be repaid through a sequential pay structure that will require principal to be repaid in full to the class A1 notes.

Financial profiles of borrowers in the coastal areas where insurance coverage is required vary significantly from at-risk homeowners inland, CFPB's analysis found.

The largest U.S. bank by assets has elevated Jennifer Piepszak to chief operating officer, in preparation for Daniel Pinto's retirement in 2026. But Piepszak is not interested in being CEO, the company said.

The $1 billion deal included classes A-L-A and A-L-B were offered as loans.

The inaugural deal is expected to close by the end of the month. Among its structural features are cash trap and cash sweep provisions.

The Consumer Financial Protection Bureau's research found that the majority of buy now/pay later users are subprime borrowers, holding high credit card balances and multiple loans, suggesting the offering is riskier to lenders than previously assumed.

A cohort of bank industry interest groups called for the incoming Trump administration to pause all pending bank regulation and litigation and extend the timelines for implementing final rules issued by the Biden administration.

The prime pool can be upsized to $1.7 billion, and the base pool amount has a lower securitization discount rate of 9.60%, lower than the previous deal from this program.

The current deal adds a class E tranche, which provides subordination to the pool, unlike previous Oportun transactions dating back to 2022.

Fitch Rating says it noticed a greater preference for consumers to use cellphones for a longer period and previously decreased the assumptions for upgrade losses to 0.25%, from 0.35%.

Even though senior home values are still near the all-time high, other data shows fewer are turning to reverse mortgages to ease a potential financial crunch.