As federal watchdogs step back from regulating "Buy Now, Pay Later" loans, state authorities are stepping in. This week, the attorneys general from California and several other blue states joined the fight.

Late-payment rates among U.S. borrowers rose again in the second quarter, according to a report from the New York Fed. The trend reflects a sharp increase in student loan delinquencies, which have been climbing as pandemic-era policies have expired.

Mounting liabilities are raising the stakes for an economy that has come to rely more and more on high-end consumer spending to power expansion.

Bank earnings have been largely positive in the second quarter despite concerns that tariffs would increase inflation and stifle economic activity. Payment divisions at banks reaped the rewards, too.

Historically high interest rates and falling late-payment rates suggest that credit card issuers are tightening their underwriting standards amid economic uncertainty.

The B, C and D tranches maintain minimum subordination percentages, 12.5%, 8.1% and 4.3%, respectively, allowing them to provide credit support for the class A notes.

A federal judge in Texas found that the Consumer Financial Protection Bureau had violated the CARD Act by barring banks from charging late fees for credit cards.

Amid troubling news of tariffs and layoffs, dropping delinquencies offer a rare sign of consumer health.

CEO Richard Fairbank told analysts executives have their "microscopes" out for any signs of trouble, but consumers remain "in a great place."

There is a three-year revolving period when the transaction will not make any principal payments to the notes unless an early amortization event occurs.

The buy now/pay later company beat analysts estimates on revenue and net income and is trying to get more frequent usage out of its customers.

A reserve account is initially 0% at closing. The target will shift between 1%, 2% and 3%, depending on whether the three-month average excess spread falls below certain thresholds.

The trust features early amortization event triggers, including excess spread percentages falling below the required amount for that period or principal payment rates falling below 10%.

The company, which helped consumers strategize their credit card payments and pivoted to a B2B model earlier this year, has sold its intellectual property two months after it folded.

Those metrics were merely a return to solid pre-pandemic levels and do not suggest a deterioration, says Moody's. Yet a broader, and more weakened employment picture is emerging, SMBC Nikko Securities says separately.

Since July 21, 2021, the cutoff date before its last deal, Avant's active credit card accounts increased 388%, to its current 1 million accounts.

The class A and class B notes benefit from credit enhancement levels of 12.50% and 8.75%, respectively, and the class A notes benefit from the subordination of class B certificates.

Investment banking fees shot up at the nation's largest bank, thanks to rebounds in M&A and the equity capital markets segment. And despite higher credit costs in the company's card business, a top bank executive expressed confidence in the health of U.S. consumers.

The deal benefits from excess spread, overcollateralization, and senior/subordinate enhancements.

Initially, the reserve account starts at 0.0%, but it will be funded to either 1.00%, 2.00% or 3.00%, depending on the level of the notes' three-month average excess spread.