Banking

About 17% of the 1,064 loans in the collateral pool had been securitized in two previous Newtek Small Business Loan Trust transactions, from 2016 and 2017, specifically.

The banking industry, which has been contending with deposit outflows, could get a short-term boost from spooked investors. But once the White House and House Republicans reach a deal on raising the debt ceiling, the pressure on deposits may resume, analysts say.

The beleaguered bank said it is selling 74 loans totaling about $2.6 billion to a subsidiary of Kennedy-Wilson Holdings. The move is part of a plan to pursue strategic asset sales, trim expenses and shore up its balance sheet.

Experts say banks should start stepping up their encryption now, because hackers can steal it now and decrypt it with quantum computing later.

Community banks tapped the brakes during the first quarter, citing higher interest rates, recession threats and fallout from regional-bank failures. Fed data shows the trend has continued into May, and executives are preaching caution.

Direct lenders are trying to get their hands on consumer loans, cutting into banks' business and taking advantage of the sometimes volatile market for asset-backed debt.

Delinquency rates in credit cards, auto and personal loans are effectively back to normal after three years of unusually strong credit performance. Industry executives say the current situation is easily manageable, but they do anticipate that key metrics will continue to worsen.

A vast majority of the collateral, a combined 82.73%, have terms of between 49-60 months (58.46%) and 61-72 months (24.27%), while a slight majority of the pool (51.66%) have no credit scores.

The Philadelphia-based company will eliminate an undisclosed number of jobs as part of a plan to refocus on core business lines and markets, CEO Thomas Geisel said.

At the embattled Republic First Bancorp, elevated legal, professional and audit fees also contributed to a nearly $10 million in first-quarter loss but CEO Thomas Geisel reports signs of progress moving past "legacy headwinds."