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CEO Scott Thomson has said that changes to the bank's operations may include "end-to-end digitization" as well as centralization of its international unit, rather than running it on a "country by country by country" basis.

The outstanding notes have 18.6%-19.6% of credit support in place, based on stressed break-even cash flow scenarios.

The Federal Reserve vice chair for supervision says the failure of Silicon Valley Bank showed the shortcomings of the current stress testing regime.

The Fed's higher for longer statements have pushed up the 10-year Treasury in recent weeks to levels last seen in 2007 and that is affecting pricing.

The deal has the smallest pool balance from the ACHV program this year, with an aggregate current principal balance of $177.8 million. The collateral pool contains 14,141 loans, with an average current loan size of $12,577.

Lam, who oversees the firm's structured credit investment strategies, managed CLOs, separate accounts and commingled accounts. Lam succeeds Andrew Gordon, who will assume the role of executive chair of the board of managers.

Charge-offs at the Detroit-based lender rose last quarter, as borrowers had a tougher time keeping up with their car payments. But so far, credit quality is staying within expectations, and company executives don't anticipate that the rest of the year will be much worse.

Vervent is on the deal as the backup servicer and Deutsche Bank National Trust as custodian, to help offset any risks stemming from First Help Financial's shortcomings as servicer.

At a Senate Banking subcommittee meeting, Republican and Democratic lawmakers both promoted the mission of community development financial institutions and warned of upcoming threats to their funding and proposals to revamp the CDFI certification process.

The deal has a prefunding account with $12 million deposited at closing, and will use that amount to purchase additional collateral during its 90-day period after the deal closes.