Consumer lending

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.

While the CPSART program, especially the 2022 and 2023 series, was performing worse than its initial or revised expectations, the 2025-C collateral was relatively better.

The student loan giant fell far short of Wall Street's expectations, but its leaders say President Trump's "Big Beautiful Bill" is likely to bring it billions of dollars in new business.

Historically high interest rates and falling late-payment rates suggest that credit card issuers are tightening their underwriting standards amid economic uncertainty.

With a shifting pool mix, concentration limits and other restrictions applied to the new assets, Fitch gives the overall deal a 15.2% base case default expectation.

A cumulative net loss trigger and a material modified loan ratio trigger will direct all available funds to the note principal payment if they are breached.

DBRS noted that about 90.5% of the 4,011 loans receive payment through Automated Clearing House, which boosts payment capture rates and minimizes cash handling.

The dental and medical spa industries accounted for 60.1% and 26.0% of the deal's balance.

Agora started out by providing independent and franchise dealerships with an online platform to manage their retail installment sale contracts (RISCs).

While other European-based banks have retreated from the United States, Santander is doubling down by building out its nationwide digital-banking platform. "Unequivocally," said U.S. CEO Christiana Riley, "the opportunity … is so clear."