Consumer lending

No Customers-originated loans were in the UPST 2023-2 pool, but Customers loans are eligible for inclusion during the pre-funding period that ends 60 days after the deal's closing date.

The American Bankers Association's credit conditions index remained near historic lows despite a slight uptick in the most recent quarter. Pessimism pervaded the outlook for both business and consumer lending.

Sen. JD Vance, R-Ohio, lambasted the Federal Reserve for increasing the dominance of "too big to fail" banks and failing to rein in systemic risk. He asked whether the Office of the Comptroller of the Currency is a better regulator than the Fed.

The Providence, R.I.-based bank has been scaling down its indirect auto lending program since last year.

Direct lenders are trying to get their hands on consumer loans, cutting into banks' business and taking advantage of the sometimes volatile market for asset-backed debt.

Delinquency rates in credit cards, auto and personal loans are effectively back to normal after three years of unusually strong credit performance. Industry executives say the current situation is easily manageable, but they do anticipate that key metrics will continue to worsen.

A vast majority of the collateral, a combined 82.73%, have terms of between 49-60 months (58.46%) and 61-72 months (24.27%), while a slight majority of the pool (51.66%) have no credit scores.

Landmark Funding Trust does not include a class E tranche, and overcollateralization has increased to 21.00% of the initial adjusted loan principal balance, from 10.35%.

The deal launched from the Achieve platform, bringing Freedom Consumer Credit Fund's cumulative issuances across its securitization portfolios to $4.8 billion.

As the Wall Street giant continues to scale back its consumer banking ambitions, the point-of-sale loan provider that it purchased in 2022 could be the latest target. And CEO David Solomon said there might be more moves ahead.