In a big week of news from The Spiegel Group, the retailer announced that its First Consumers National Bank subsidiary will seek to be replaced or resign as servicer on on its bankcard portfolios.

The retailer disclosed this in an 8-K with the Securities & Exchange Commission. First Consumers was issuer on two public outstanding bankcard securitizations, the $250 million FCNB 1999-A and the $560 million FCNB 2001-A.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.