Consumer lending

Seth Frotman oversaw the $1.5 trillion student loan market for the Trump administration. Now he's starting his own watchdog group to do what he says the government won't, and he's poaching former colleagues to do it.

The $175 million deal is backed by loans with an average balance of $2,365; fewer of them are "renewal loans" to existing borrowers who qualify to borrow more because of previous on-time payments.

Kathy Kraninger, who may get a confirmation vote as early as this week, has suggested a similar vision to that of the agency’s current acting chief. But some see signs she could bring a different approach to the job.

The Massachusetts senator said the government’s findings bolster allegations that the servicer steered borrowers into expensive student loan forbearance plans.

The agency alleges the subprime auto lender violated consumer finance laws by misrepresenting the level of guaranteed insurance protection.

The rating agency is now considering lowering its BBB rating on the class B notes. The rating agency also downgraded the class C notes issued in the deal, for a second time, to CC from CCC+.

Subprime originations are climbing in multiple consumer loan categories, including mortgages, but the increase is much smaller in the home loan sector than it is in other markets, according to TransUnion.

Flagship, Santander Consumer USA and AmeriCredit are printing $2.3 billion in new notes backed by subprime auto-loan originations.

The passage of Proposition 111, which also prohibits lenders from adding origination and monthly maintenance fees, makes Colorado the fifth state to impose caps on payday loans through a voter referendum.

The San Francisco company, which has racked up big losses over the last two and a half years, signaled Tuesday that it is on a path to profitability after resolving a series of longstanding regulatory problems.

Both Kroll and S&P expect losses on collateral in the subprime consumer lender's latest deal to be higher than its 2017 deals; Kroll alone assigned a lower rating to the senior tranche.

The deal comes a year after the captive finance company began excluding low-FICO loans from its primary auto loan ABS platform.

The Federal Trade Commission, which issued a formal complaint against SoFi, is urging other lenders to review their advertisements for false claims about the benefits of refinancing.

Sales of older vehicles are on the rise and prices are headed back up, so there's more collateral available and it is also performing better.

In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.

Both S&P and Moody's have cut expected losses on $732 million deal, yet credit enhancement on the senior tranches is unchanged from the prior deal.

The credit quality of loans backing the Cailfornia-based lender's $183 million securitization is better than that of its inaugural deal, which was only rated 'A' by Kroll.

Citigroup spent years reeling in customers with promotional rates, many of which have expired or soon will. The bank thinks it can keep a large number of those customers and make more money off of them.

The California-based CDFI has a growing portfolio of renewal loans from prior borrowers eligible for higher credit limits.

The bureau says it lacks explicit authority to conduct routine supervision of lenders’ compliance with service member protections, but the decision has sparked pushback from the Defense Department and groups representing military personnel.