Banking

Subprime borrowers whose credit scores have risen since they bought their cars are increasingly looking for a better deal. Credit unions and small banks are seizing the opportunity, often with the help of fintechs.

Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.

The price for the 20% stake in Santander Consumer USA Holdings that Santander does not already own is significantly higher than what the buyer first offered in July.

Credit performance to LL ABS deals has been better than expected, as financial support to borrowers made exxtra cash available to pay down on other obligations.

Minnwest Bank, which focuses largely on agriculture lending, said it will “become more sophisticated" with its mortgage and consumer lending services by acquiring Roundbank.

The expanded credit access in its automated mortgage decisioning goes into effect in mid September.

The Arkansas bank has hired an 11-member team to develop its new operation. Much of the team joins from TCF Financial, which was sold to Huntington Bancshares in June.

Late payments on office loans have trended upward recently, but longer lease periods may mitigate the potential for distress in that sector, the Mortgage Bankers Association said.

The 3.3 million-square-foot behemoth, which features an indoor ski slope and amusement park made a $9.3 million Aug. 2 payment on about $290 million.

The bureau said two rules related to communications with debtors will go into effect as originally planned on Nov. 30. The agency had previously proposed an extension to consider consumer advocates' concerns about the regulations.