Consumer ABS

Chase Bank, Discover, RBC and Alliance Data Systems Corp. – through subsidiary Comenity Bank – each received preliminary triple-A ratings for their new card-backed securitizations. The largest of the deals, Chase’s $1.1 billion Chase Issuance Trust 2016-7 through its ChaseSERIES platform, closed Monday.

SoFi Lending Corp. is in the market with another $436.67 million of notes backed by private student loans.

The Consumer Finance Protection Bureau has ordered Bridgepoint Education to refund $23.5 million to students it alleges were deceived into taking out private student loans that cost more than advertised.

Over the past year JPMorgan Chase has rapidly expanded its credit card business, in part by attracting new customers with spotty credit histories; But rest assured that the company is only dipping its toe into the pool of subprime borrowers, says Gordon Smith, chief executive of JPMorgan's consumer and community bank

Orico (or Oriental Corp.), a Japanese finance company partly owned by Mizuho Financial Group, is structuring a $362.2 million asset-backed portfolio of U.S. dollar denominated notes backed by yen-denominated prime auto loans issued to individual and corporate borrowers in Japan

This week, nine auto loan- and lease-backed deals totaling $7.1-$7.4 billion (including a potential upsizing) took the on-ramp to the securitization market, reversing a slow summer of new issuance.

Lending Club, which is seeking to rebound from a recent corporate governance scandal, plans to step up its efforts to sell loans to everyday investors, Chief Executive Scott Sanborn said

Online lender Social Finance is marketing another $203 million of bonds backed by unsecured consumer loans.

Ally Financial has structured its third nonprime auto loan securitization of the year in a new $750 million asset-backed transaction with slightly enhanced credit quality over its previous deals.