Consumer lending

Sallie's first student-loan securitization of the year comes a week after SLM Corp. announced plans to sell more loans from its portfolio to fund a share buyback program.

Loans made for Fiat Chrysler represented the largest chunk of Santander Consumer's lending in the fourth quarter, and Mahesh Aditya said their relationship is his top priority.

The Justice Department had issued subpoenas in 2014 and 2015 to GLS and other subprime lenders regarding underwriting criteria for lending as well as representations and warranties for loans being securitized, according to Kroll.

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution.

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.

California Gov. Gavin Newsom plans to ask the legislature to revamp the current Department of Business Oversight and rename it the Department of Financial Protection and Innovation, modeled after the federal CFPB.

The older loans have boosted the $260M CPS 2020-A pool seasoning to nine months, compared to CPS’ standard vintage of loans under one month that usually collateralize CPS ABS platform issues.

GMF’s $1.269.9 billion asset-backed transaction will be secured by a pool of loans that has a slightly lower weighted average FICO, higher collective LTV and longer average terms compared to prior deals issued via GMF’s securitization platform.

Marketplace consumer loan ABS volume is expected to rise in 2020, aided by strong 2019 economic tailwinds benefiting originations as well as favorable federal regulatory proposals that could encourage more securitizations.