Consumer lending

Lenders contend the proposal goes beyond policing third-party debt collectors and could expose banks to enforcement actions and lawsuits.

Democracy Forward filed the lawsuit Monday against the consumer bureau, Director Kathy Kraninger, the U.S. Department of Education and Education Secretary Betsy DeVos.

In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements.

The online lender said it applied insights from its partnership with Fifth Third Bancorp in developing a new digital platform it’s marketing to other large financial services companies.

Santander Revolving Auto Loan Trust 2019-A is the debut deal on Santander’s revolving platform (or SREV, according to presale reports), and will have a five-year period in which the lender can add additional loans to the collateral

Lenders have bundled more than $18 billion worth of non-QM, private-label loans into bonds this year that they then sold to investors, a 44% increase from 2018 and the most for any year since the securities became common post-crisis.

The percentage of recent mortgage borrowers with subprime credit scores still resides in the single digits, but nearly doubled what is was in 2013, according to TransUnion.

Loss expectations are up slightly for the second retail auto lease securitization of the year for RAC King the parent company of the regional “buy here/pay here” used-car chain American Car Center.

According to ratings agency presale reports, the $398.7 million Flagship Credit Auto Trust 2019-4 includes a 23% share of collateral loans originated through the company’s growing dCarFinance.com direct financing channel.

The Volvo Financial Equipment LLC, Series 2019-2, brings to market ABS notes, backed by trucking and construction equipment loans, categories that analysts view as solid performers outside of severe macroeconomic pressures.