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A pool of open-end vehicle fleet lease and loan contracts for cars, trucks and other vehicles provide the revenues to the bonds.

The Federal Reserve Board governor and frequent regulatory critic says it would be appropriate for the U.S. to deviate from the agreed-upon international standards to reflect "unique characteristics" of the American banking system.

There are four risk events that could stop cash flow into SMB 2024-R1's deal—missing overcollateralization targets, a stymied principal distribution and the deals do not exercise an optional clean-up call.

Wednesday's report adds to evidence that progress on taming inflation may be stalling, despite the Fed keeping interest rates at a two-decade high.

The memorandum creates channels for sharing information about nonbanks between the Federal Housing Finance Agency and the Conference of State Bank Supervisors.

New originations exceeded last year's tally by 30.5%, despite concerns about how rates might impact consumer financial strength. Auto ABS production revved up overall performance.

A solid majority of decision-makers at these companies expect to expand their workforces again this year, a Citizens Financial survey found. Loan losses are normally low in eras of economic expansion.

Mortgage lenders offered more cash-out refinance programs at a time when consumers might be coming to terms with the rate environment.

Aside from overcollateralization and subordination, the notes get support from a reserve account representing 0.96% of the pool and an incremental reserve account maintain 1.00%.

Biden's "Plan B" would see loans reduced or wiped out for millions of Americans — including those whose debt exceeds their original principal amount.