Banking

A number of banks experienced major increases in 7(a) lending activity during SBA's recently completed fiscal year, as program-wide loan volume topped $37 billion for the first time.

Equifax will hold costs for scores from FICO rival Vantagescore through 2027 and offer other incentives meant to drive adoption of the alternative metric.

The class A notes, which KBRA assigns a AAA rating, and which have the bulk of the outstanding note balance, $259.3 million, benefits from an enhancement level of 61.10%.

Goldman Sachs and Obra Capital are providing loan funding, and the Crescent Auto Finance acquisition brings a technology platform and loan portfolio.

Through a new program, mortgage resellers will be able to calculate and distribute credit scores directly to customers, reducing their reliance on credit bureaus.

College sophomores are applying for jobs before they've even taken a finance class. Goldman Sachs CEO David Solomon says he dislikes the process, but doesn't have the power to change it.

The credit scoring agency's rollout comes after years of criticism from home lenders over its prices, with delivery costs rising over 40% in the past year.

The Consumer Financial Protection Bureau received pointed pushback from banks in their public comments on a proposed rule that would slash the number of nonbanks being supervised in four key markets.

The company's advisers are sounding out lenders for new financing, which could be structured as a so-called debtor-in-possession loan to fund continuing operations if it begins the Chapter 11 process.

Banks are bracing for hundreds of millions of dollars in losses, while investors who piled into asset-backed bonds sold by the company as recently as June have seen the prices of their securities plunge.

The AI-powered auto lender is the latest fintech to debut an IPO in recent months, even as a different auto lender filed for bankruptcy this week.

According to media reports, Tricolor suspended operations and furloughed its staff, with plans to liquidate.

Origin Bancorp, Renasant Bank and Triumph Financial are the latest financial institutions to report exposure to the bankrupt auto lender Tricolor, joining a list that includes Fifth Third, Barclays and JPMorganChase.

Opposition is building against a bipartisan bill that would raise deposit insurance for business accounts, with increased deposit insurance premiums a chief concern.

The Consumer Financial Protection Bureau has released a packed agenda centered on rewriting rules ranging from small business lending to open banking while rescinding several rules finalized under the Biden Administration last year.

Orlando-based Cogent Bank has hired a team to finance single-tenant net lease properties, an asset class characterized by exceptional credit quality.

The development bank's finance arm has bundled up exposures in loans it made to 57 companies across regions like Eastern Europe, South America and Asia, in a first for the bank.

Data suggests that the beleaguered commercial real estate market isn't going to get worse. And now that banks have had time to build reserves, any losses they do take shouldn't be disastrous, analysts say.

High interest rates and tough economic conditions played a role in the credit woes that overcame BayFirst Financial's small-dollar lending effort.

Late-payment rates among U.S. borrowers rose again in the second quarter, according to a report from the New York Fed. The trend reflects a sharp increase in student loan delinquencies, which have been climbing as pandemic-era policies have expired.