Banking

Citing the dim financial outlook for a business it entered just six years ago, the Wayzata, Minn., company will stop making auto loans on Dec. 1.

The €309 million Orbita Funding 2017-1 plc follows a 2016 transaction by the venerable British bank.

The prime consumer loans backing the $330M CLUB Credit Trust 2017-P2 transaction include a greater percentage of higher-FICO borrowers.

The British banking giant has been testing its new online lending platform with a handful of its U.S. customers and plans to roll it out in full force next year. It's all part of a broader effort to expand its U.S. consumer business beyond credit cards.

Fed researchers purported to show that consumers who use peer-to-peer loans have bad financial outcomes, but questions quickly emerged about the data they used.

The San Francisco company said Friday that it has terminated Franklin Codel, effective immediately, over an interaction he had with a former employee regarding that employee's termination.

The properties have a total of 1,228 rooms, or "keys" located across four major U.S. cities: San Francisco (346 keys; 39.4% of allocated loan amount), Chicago (429 keys; 26.4%), Boston (178 keys; 18.2%) and Philadelphia (275 keys; 16%).

More stringent underwriting is the likely reason banks and credit unions are seeing relatively low levels of delinquencies on car loans to high-risk borrowers.

Nearly one-third of the vehicles in CIG Financial's $172 million transaction have mileage above 100,000; the highest-mileage car financed has 197,387.

Consumers who have borrowed from online lenders owe more and have lower credit scores than similarly situated consumers who have not used online lenders, according to a study released Thursday by the Cleveland Fed. The provocative findings seem likely to spark intense debate.

Four tranches of rated notes totaling $591 million were issued, resulting in an advance rate of 92% vs 88% for the previous deal; pricing also improved.

The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.

The company increased the concentration of sub-550 Beacon score borrowers to more than 13%, and cut the share of prime 700-plus loans by more than two-thirds from its prior deal.

The San Francisco-based lender still posted losses in its portfolio, although those declined considerably from the year-ago period.

Residents' low incomes usually disqualify them for standard student loan refinancings, but SoFi and other lenders describe these borrowers as strong credits with high earnings potential who could offset some of the risks lurking in student loan pools.

Amid the rise of online lending earlier this decade, banks were derided as being too slow to adapt. But over time it's become clear that banks hold key advantages over lending startups.

GS Bank will take the name of Goldman's nascent consumer-lending business, Marcus.

To compensate for weakening used car prices, Hyundai has lowered the base residual value, or the amount it expects to be recovered when cars come off lease and are resold.

The Consumer Financial Protection Bureau said 42% of car loans issued in the last year had a repayment term of six years or more, a huge leap over the 26% with such terms in 2009.

A GAO determination has effectively nullified a 2013 leveraged lending guidance. But that leaves the future uncertain about what, if anything, regulators will devise to replace it — and how banks should treat such loans in the meantime.