Consumer lending

Lender to consumers denied traditional credit raises $250 million after skipping 2023.

A vast majority of the deal, 87.17% of the collateral, as a percentage of the assets' principal balance, has a 60-month original term to maturity.

Republic First Bank allegedly discriminated against minority borrowers before it went under in April. New Jersey officials want both the acquirer of its remains, Fulton Bank, and the FDIC to assume some responsibility.

Los Angeles dispute resolution platform Ejudicate was banned by the Consumer Financial Protection Bureau for forcing borrowers into arbitration with an affiliated creditor.

At a New York event, industry practitioners shared how they are addressing cultural, compliance and logistical objections to making loans based on bank account data.

Affirm Asset Securitization benefits from overcollateralization in several forms. Target overcollateralization during the revolving period will equal 2.65% of the initial adjusted pool balance.

Only loans from the Achieve Personal Loan product line are in the current collateral pool.

Overcollateralization, subordination of the junior notes, a non-declining cash reserve account and excess spread provide credit enhancement to the notes.

Increased demand from borrowers may hinge on Federal Reserve Chair Jerome Powell and his colleagues cutting interest rates this fall.

Asset manager-led transactions targeting asset-based finance (ABF) gained momentum following the regional banking crisis, which are typically the go-to for consumer and small business loans.