Wells Fargo published its preliminary forecast for new issuer consumer ABS in 2014. The banks estimates that full-year volumes will land at $160 billion, about $5 billion less than what it expects  the 2013 year-end total and 7% below  the actual new-issue volume of $171.3 billion in 2012.

And the bank said that this level of issuance is to be the new normal since credit card and student loan ABS are likely to be permanently lower based on regulator and accounting changes affecting cards and the elimination of the Federal Family Education Loan Program.

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