Consumer lending

In a major victory for small-dollar lenders, the agency plans to rescind underwriting requirements that were the centerpiece of the rule drafted by a Democratic appointee.

As the consumer lender announced its seventh consecutive profitable quarter, its CEO bragged that his company is better positioned than the likes of Goldman Sachs and LendingClub.

Executives from Ally Financial and Santander Consumer USA gave rosy outlooks about 2019 consumer trends, while other banks that rely less heavily on car lending offered more cautious appraisals.

Both lenders are boosting originations to borrowers with near-prime loans, though the impact on the overall credit quality of the collateral for their deals is slight.

Now that the noncompete has expired, Navient plans to market private student loans to borrowers in school; the servicing giant is also free from restrictions on marketing refinance loans through Earnest.

The company has filed a request with a federal judge in Pennsylvania for a summary judgment in two counts against it, accusing the bureau of failing to provide evidence.

The collateral for the $550 million transaction is slightly weaker than that of its prior deal, but rating agencies expect cumulative net losses to be in the same range.

More than 45% of collateral for the $254.4 million CPSART 2019-A are either "preferred," "super alpha” or “alpha plus”; that's up from 42.4% of collateral for the prior deal.

Affirm, which for six years has plied its trade as a point-of-sale lender, wants to move deeper into banking by offering a high-rate savings account.

CarMax Superstores' first $1.2B-$1.5B prime loan securitization of 2019 has its lowest concentration to date of passenger vehicles in its nearly 20 years selling notes backed by receivables.