Consumer ABS

Bank of America Corp. reshuffled top retail bank executives yet again this week, according to an internal memo obtained by ASR sister publication American Banker.

Autos are dominating the ABS pipeline once again with deals from AmeriCredit Financial Services (now under GM Financial), Navistar Financial and Ford Motor Credit Co.

Capital One Financial Corp. is looking for another private-label credit card portfolio to buy, as it absorbs the U.S. card business of HSBC Bank USA and the Kohl's Corp. store card portfolio, CEO Richard Fairbank said on Thursday.

Banco Santander SA of Spain is squeezing some much-needed capital out of its U.S. operations with a deal to sell a minority stake in its Dallas auto lender to a private-equity consortium.

FCT Ginkgo Sales Finance has issued a EUR 681.3 Million of French Consumer loan ABS.

Reinstating trust in the ratings process is key to growing investor interest, according to buyside participants in a Tuesday panel at the ABS East conference hosted by Information Management Network.

At the ABS East conference, organized by the Information Management Network, the message of ending the market’s over-reliance on ratings rang loud and clear.

There is a scarcity of investors at this year’s ABS East conference hosted by Information Management Network.

Using different styles and tactics, Jamie Dimon of JPMorgan Chase & Co. and Vikram Pandit of Citigroup Inc. are making the same argument: policymakers have already done enough to rein in risk-taking. Doing more, particularly tacking on a capital surcharge for the largest firms, the CEOs insist, will crimp credit and in turn chill economic growth.

A sample of comments in response to the SEC's rating agency reform proposals suggests the market could find itself in a situation where the government must balance its interest in oversight and control with its plans to avoid more responsibilities and liabilities. It also may need to balance its aim to restrict conflicts of interest with another reform goal involving more sharing of information and transparency.