Wealth management

The 2020 budget would add the Consumer Financial Protection Bureau and FSOC to congressional appropriations, charge lenders for FHA upgrades and require universities to have skin in the game on student loans.

While student, auto and credit card balances are at or near record levels, housing debt is shrinking, credit quality is weakening a bit and lending standards, at least in some sectors, are tightening.

Barclays, BMO, Citibank, Goldman Sachs and ING contributed to the online student lender, which last year made over $1 billion in loans.

U.S. student loan debt outstanding reached a record $1.465 trillion last month and one particular set of borrowers is having a hard time paying back their loans.

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.

The report from an advocacy group that focuses on college affordability says that schools need to do a better job of educating students about their eligibility for federal loans, which typically carry lower interest rates than loans from banks and other private-sector lenders.

Seth Frotman, whose student lending unit had been gutted in May, said the bureau's current leadership "has abandoned its duty to fairly and robustly enforce the law.”

Concerns over widening spreads in global credit portfolios are at a peak level in the post-crisis era, according to a quarterly survey of global credit-portfolio managers.

The holdings demonstrate “resiliency over several credit cycles, with low realized principal losses and robust returns for CLO equity,” managers say.

Senate Democrats want acting CFPB Director Mick Mulvaney to explain why the agency is no longer policing student loan lenders and servicers.