Banking

The $286.4 million deal is an important test for Upgrade, which has raised $142 million of equity over the past two years but has yet to turn a profit.

ODX will pursue deals with banks that want to use the New York lender’s technology to offer online small-business loans.

Citigroup spent years reeling in customers with promotional rates, many of which have expired or soon will. The bank thinks it can keep a large number of those customers and make more money off of them.

The California-based CDFI has a growing portfolio of renewal loans from prior borrowers eligible for higher credit limits.

The bureau says it lacks explicit authority to conduct routine supervision of lenders’ compliance with service member protections, but the decision has sparked pushback from the Defense Department and groups representing military personnel.

The fifth SDART deal of the year benefits from the same improvement in credit quality as other recent transactions from the platform.

The transaction's note size is to be determined, but is backed by €750M in lease-backed receivables, compared to €1.5 billion in VW's most recent German lease ABS in May.

The deal benefits from lower credit enhancement requirements after pooling higher FICOs and more seasoned contracts; but residual values continue to decline for the German automaker.

Consumer Portfolio Services' fourth auto-loan securitization of the year has a 3.97% share of loans previously assigned to CPS asset-backed portfolios, compared to an 11.97% share in its last transaction.

Rising wages and savings rates resulted in a decline in past-due payments in the second quarter, the American Bankers Association said in its quarterly report on delinquency trends in consumer lending.

DriveTime is making less-risky loans under a $750 million contract purchase agreement with Ally Financial; it appears that the sponsor is also funding some of this lending through its own securitization platform.

A two-year-old lawsuit by the CFPB may be languishing, but nine members of the Teachers Federation of America sued the student loan servicing giant alleging that it misled borrowers in public service professions in order to line its pockets.

The senior Democratic lawmaker said the CFPB chief and the Trump administration "are doing everything in their power to roll back consumer protections."

First Foundation sold loans to Freddie Mac to free up space for higher-yielding credits. It then bought the securities that were formed to replace other, lower-yielding assets through an often overlooked program.

Gov. Jerry Brown’s administration sent letters Wednesday to 20 nonbank lenders that charge triple-digit annual percentage rates to try to determine if their use of online referrals is steering borrowers into larger loans than they want or need.

The House of Representatives passed two bills that would tie appraisal waivers for Small Business Administration loans to bank rules for commercial real estate loans, despite objections from the Appraisal Institute about its members being cut out of transactions.

The bank seeks to answer the threat posed by disruptors with quick online loans and a card that rewards small businesses for more kinds of spending.

The agency wants more information as it conducts fair-lending exams, but conflicting statutes make writing a data collection rule difficult.

A new financial technology company called Scratch is planning to use a new web-based platform along with an alternative pricing model to compete with companies that service mortgages and other consumer loans.

The report from an advocacy group that focuses on college affordability says that schools need to do a better job of educating students about their eligibility for federal loans, which typically carry lower interest rates than loans from banks and other private-sector lenders.