Latest news
Latest news
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
Citi prepares consumer ABS from Abound forward flow
More articles
More articles
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The Consumer Financial Protection Bureau (CFPB) has ordered Citi to pay $6.5m for private student loan servicing “failures”, which includes a fine and a refund to affected borrowers. -
Bank of America Merrill Lynch has priced the £350m Taurus 2017-2 CMBS, the first transaction backed by a UK commercial property loan since 2015.
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Cerberus-owned lender My Money Bank, formerly GE Money Bank, has mandated BNP Paribas, Credit Agricole and Morgan Stanley to sell a French auto ABS, SapphireOne Auto 2017-1.
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Bazalgette Finance issued its first benchmark bond on Wednesday, when it found itself the only corporate issuer in Europe on the day before the US Thanksgiving holiday.
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Lending Club has filed deal documents for a securitization backed by prime consumer loans after executives indicated this month that the company will issue two deals before year-end.
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The Senate last week confirmed Joseph Otting as head of the Office of the Comptroller of the Currency (OCC), but his background in community banking raises questions for the future of online lender-bank partnerships, and raises new questions about the proposed special purpose bank charter for marketplace lenders.
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Student loan ABS defaults in the post-crisis period are “significantly” lower than in pre-crisis deals, according to DBRS, but the percentage of loans in forbearance spiked sharply last quarter, driven by borrowers in disaster-hit areas postponing payments.
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The Cleveland Federal Reserve took down a report on marketplace lending following withering criticism from the industry over the central bank’s comparison of the market to pre-crisis subprime mortgage lending.
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The ABS market was abuzz this week after a controversial report from the Cleveland Federal Reserve compared online consumer lending to the pre-crisis subprime mortgage market, drawing criticism from market players for its “inflammatory” assessment. But the report comes at a time of increasing loss rates on consumer loans and a rush by lenders to adjust their loss expectations, writes Sasha Padbidri.
