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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.

The movements were spurred by jitters around persistent inflation and ballooning government debt, leading futures traders to wager that the Fed is unlikely to ease monetary policy again until late 2025.

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.

Underwriting league tables of asset-backed securities through January 9, 2025

Issuance volume of asset-backed securities for the year through January 09, 2025

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