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Synchrony has a lower credit quality than most other bank sponsors of credit card securitization trusts in the U.S., but the average account balance is lower, too.

Two bank trade groups have asked the Consumer Financial Protection Bureau to relieve all banks from complying with its small-business lending rule until after the U.S. Supreme Court decides whether the bureau's funding is constitutional.

Verdant will service the loans underpinning the bonds, and GreatAmerica Portfolio Services Group is on the deal as primary servicer of the portfolio other than late-stage delinquent contracts.

But a Zillow economist argues that there's plenty of evidence suggesting strong GDP and job growth had more to do with the increase than what Fitch did.

The yield on 30-year securities has climbed almost 25 basis points over the past three sessions, returning it to levels last seen in mid-November when inflation was still above 7%, more than double the current rate.

Underlying loans have an average balance of $25,853, which is in line with balances on previous deals. On a weighted average (WA) basis, the deal's loan-to-value on FCAT 2023-3 was 119.4%.

The $35 million, class A-1 notes on the current deal have total initial credit enhancement of 7.50%, compared with 8.80% on the class A notes on the CRVNA 2023-P2.

The bump in issuance showcases the rising borrowing needs that contributed to Tuesday's decision by Fitch Ratings to lower the sovereign U.S. credit rating by one level, to AA+.

The deal also has a reserve account with an initial balance of $8.0 million at closing, representing 2.0% of the initial bond balance.

Seibly, a 35-year banking industry veteran, takes over the Jacksonville, Florida, online bank now that private equity investors have purchased it from TIAA.