Banking

Online lenders now have close to 40% of the unsecured personal loan market, much of which is refinanced credit card debt. Banks' card portfolios are taking a hit.

A Davis & Gilbert poll of market participants showed more expect delinquencies over the next one to two years, likely requiring credit enhancement in future deals.

Although higher corporate debt could hurt the economy, Federal Reserve Chair Jerome Powell argued changes made since the last crisis will guard against a meltdown.

The AGs say the agency's plan to rescind ability-to-repay requirements for payday loans would undermine states' ability to enforce their own laws.

S&P Global Ratings forecasts lower losses in subprime lender American Credit Acceptance's next auto-loan securitization, citing the inclusion of performing loans transferred from a recently called deal.

Farmers were already taking on more debt to cover losses from falling crop prices. New tariffs and other retaliatory moves could hurt ag borrowers further and lead to loan losses and tighter underwriting.

Regions Financial said Thursday that it will not renew its contract with GreenSky — a move analysts say could prompt other banks to re-examine their lending arrangements with the fintech.

The official told lawmakers Thursday that the research underlying the bureau's 2017 payday rule proposal did not support strict underwriting requirements of small-dollar loans.

The portion of Americans with a car loan climbed to 35% last year from just 20% in 1999, the New York Fed said in a blog post. Auto loans first overtook mortgages in 2013 and have pulled further ahead every year since.

It’s no coincidence that with more than half of consumers ages 20 to 29 now holding credit cards — up from 41% in 2012 — 90-day delinquency rates are at a seven-year high, according to the New York Fed.

The ranking Democrat on the Senate Banking Committee says he wants answers from the Financial Stability Oversight Council on efforts to address corporate debt risks.

The Consumer Financial Protection Bureau received over a quarter-million complaints in 2018, according to analysis by an advocacy group that urged the agency to maintain public access to its database.

Santander Drive Auto Receivables Trust 2019-2 has a lower average FICO (600) and lighter seasoning (two months) compared to SDART 2019-1.

The Atlanta company reported a first-quarter revenue increase of 22%, and it has established a more aggressive target for the full year.

The long-awaited proposal includes safe harbors to protect collectors from getting sued, but would restrict phone collection attempts and allow borrowers to opt out of receiving other communications.

Securitized loans originated outside the Qualified-Mortgage rule's parameters have looser underwriting guidelines than mainstream loans do today, but are more tightly underwritten than past subprime or alternative-A products, according to DBRS.

The online small-business lender said it tightened its underwriting standards during the first quarter as credit quality worsened.

The Consumer Financial Protection Bureau proposed steps to ease Home Mortgage Disclosure Act requirements, just days after announcing it was retiring a platform to let users analyze raw mortgage data.

DT Auto Owner Trust 2019-2 will issue five classes of notes, collateralized by $550 million in auto loans issued through company-owned "buy here-pay here" dealerships.

Navient Corp. is returning to all fixed-rate collateral for its next securitization of refinanced private student loans issued via its Earnest affiliate to high-earning college graduate professionals.