Banking

After months of speculation, Truist Financial has agreed to sell 20% of its insurance brokerage subsidiary to the private-equity firm Stone Point Capital for $1.95 billion. The deal was touted as a way to provide capital for expansion and increase earnings over time.

The 51 basis point increase was inevitable after the late payment rate reached a record low in the third quarter, the Mortgage Bankers Association said.

A pullback by the buyers of Upstart's consumer loans led to a "challenging year," CEO Dave Girouard told analysts. But he added that the company is in "late-stage discussions" with partners that are looking to make longer-term commitments.

Credit unions like to boast that they offer lower rates than banks, but many are bucking that trend to boost liquidity and offset other costs.

The North Carolina bank's new financing program will allow electric car buyers to include the cost of an at-home charging station in their auto loan.

PAID 2023-1 will secure the underlying assets through a three-month pre-funding period, half of the six-month period that was in place for 2022-5.

This year likely won't match 2022's heights, but executives expect loan growth to remain solid.

Truist Financial eliminated about 5% of its investment banking division amid uncertainty surrounding the dealmaking environment, according to people with knowledge with the matter.

After soured loans rose above the private student lender's expectations in 2022, its stock price fell 16% on Thursday. One analyst wrote that "persistent credit issues have damaged management's credibility."

Upstart Holdings implemented underwriting and pricing changes in response to higher delinquency and CNL rates on securitizations issued since Q1 2021.