Consumer ABS

Lending Club is pivoting back to the strategy it was pursuing prior to the abrupt ouster of its chief executive officer in May.

A single class of floating-rate Class A notes totaling $896 million is being issued through the Navient Student Loan Trust in the seven-death conducted by Navient this year.

Several banks, including Fifth Third Bancorp and Citizens Financial Group, plan to scale back indirect auto lending, citing increased competition and narrowing spreads. Others are reducing exposure by selling off large chunks of auto loans — though they remain committed to auto lending.

Earnest is marketing its fourth offering of bonds backed by refinance student loans, according to DBRS.

The number of unbanked households in the U.S. has continued to decline in recent years despite a slowing-down of the economic recovery, the Federal Deposit Insurance Corp. found in itsbiennial survey unbanked and underbanked households.

Santander Consumer may be scaling back its presence in the subprime auto market, but the loans it makes to prime quality borrowers purchasing Chrysler, Jeep and Dodge vehicles are performing so poorly that Fitch now considers them to be “midprime.”

Moody's Investors Service concluded its review of five federally guaranteed student loan securitizations either sponsored by or administered by Nelnet. The rating reviews take into account the slower rate of repayment of the collateral.

Structured settlement finance company J.G. Wentworth is seeking to close next week on its first securitization of 2016 with a portfolio of receivables from court judgement, annuity and lottery proceeds purchased from consumer claimants.

The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."