Commercial banking

Credit enhancement ranges from 15.0% on the super senior notes to 0.70% on the B4 note, among the subordinate tranches.

Joey Pizzolato is a reporter at American Banker, covering all things payments, including stablecoins, agentic AI, buy now, pay later and earned wage access. He is based in New York.

Prior to reporting on payments, Joey spent nearly six years covering auto finance as the editor of Auto Finance News, and has also covered the mortgage and housing industry, bank technology and marketing, state and federal regulation, fraud and the asset-backed securities market. 

His work has earned him two Azbee Awards: One for investigative journalism examining the ease at which bad actors can obtain fraudulent employment verification needed to finance automobiles on social networks such as Facebook and Instagram; and one for enterprise news reporting that examined the lasting effects of inflation and COVID-19 pandemic on the subprime auto finance industry. In 2023, he was named a Goldschmidt FRED Fellow by the Society for Advancing Business Editing and Writing. 

Joey holds a Master of Fine Arts from the Naslund-Mann Graduate School of Writing at Spalding University and a Bachelor of Arts degree from DePaul University. 

Email Joey at joey.pizzolato@americanbanker.com. Reach him on Signal at @joeypizzolato.25

The parent company of Fulton Bank announced the creation of three new management roles and promoted existing employees into those jobs. The changes follow the recent hiring of an outsider to be CFO.

Tunua Thrash-Ntuk is president and CEO of The Center by Lendistry, a nonprofit organization dedicated to closing the racial wealth gap by anchoring small businesses and the communities where they do business.

The pension plan's investment is a show of support from one of the world's largest private markets investors for the securities.

John Alchemy, M.D., is founder and CEO of Rate-Fast. 

He has been practicing occupational and family medicine since 1997 and is a diplomate of the American Board of Family Practice. Dr. Alchemy has performed and reviewed over 10,000 cases (and counting).

The transaction includes a three-year revolving period, when collection proceeds can be used to purchase new assets. The revolving period can be terminated in an Early Amortization Event.

Kim Silva has more than 25 years of combined accounting and teaching experience. In addition to her undergraduate degree in accounting, she has a MS in financial crime and compliance management, and is a doctoral candidate (ABD) in management. She recently founded Essential Business Education, and currently is a visiting assistant professor of practice in accounting at Babson College in Wellesley, Massachusetts. 

Reach her at hello@essentialbusinessedu.com or via LinkedIn. 

Priya Krishnan, chief digital, and transformation officer at Bright Horizons has a storied background as an entrepreneur who founded India's leading child care and schooling service provider with more than 150 company-owned, company-operated centers across the country. At Bright Horizons, she leads all client relationships for the US, International M&A, and innovation projects. Priya joined the Bright Horizons family after founding and running KLAY, a high-quality childcare organization, which has grown to become India's largest childcare company.

Spreads for Fannie Mae current coupon mortgage bonds, a proxy for securities being created now, jumped 0.07 percentage point to 1.41 percentage point, on track for the most widening in a day since April.

Michal Katz is head of investment & corporate banking at Mizuho Americas.

The country's renter population is dramatically outpacing the growth in homeowner households due to a multifamily construction boom that's limited price gains.

Market turmoil is driving the 10-year Treasury yield downward and taking mortgage rates with it, putting more borrowers in the money to refinance, Intercontinental Exchange said.

A long-time industry observer and bank regulation expert spells out the steps banks should take to ensure their fintech relationships are safe.

Sen. Jack Reed, D-R.I., asked the Federal Reserve to require public reporting of synthetic risk transfers — also known as credit risk transfers, or CRTs — through bank call reports and systemic risk reports.

The final maturity date is set in relation to the final payment of the notes in the most stressed scenarios, respectively, which is a departure from prior issuances.

Although the deal will sell just one tranche of notes to investors, those notes benefit from 26.0% in subordination, which comes from a subordinated transferor amount deficit.

The agency admitted navigating the different rules and regulations involved in its four existing lines of credit proved time consuming and confusing and kept some lenders from offering them altogether.

The federal Project Fortress initiative provides defensive tools for banks. Community banking groups and regulators' associations say small banks in particular need the free and accessible help.

Major banks revamped their forecasts for US monetary policy Friday after data showed the US unemployment rate rose again in July, calling for earlier, bigger or more interest-rate cuts.