N.Y. appeals court sides with lenders in foreclosure case
The decision provides more clarity to noteholders in the state about when the six-year statute of limitations to bring a foreclosure action begins. ... Read full article
News Topic: Consumer ABS
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The Fed should tailor its business loan programs for consumers
The Term Asset-Backed Securities Loan Facility is just one example of a fund that could be retooled. ... Read full article
LendingClub's new pitch to institutional investors
The company has rolled out an online platform for firms considering marketplace loans as an asset class. ... Read full article
Apple, Goldman to test joint credit card: Report
The move, reported by The Wall Street Journal, could be part of a deeper foray into cobranded cards by Goldman, which has been expanding into consumer finance through its Marcus unit. ... Read full article
Laplanche's new venture readies 1st exit for loan investors
The $286.4 million deal is an important test for Upgrade, which has raised $142 million of equity over the past two years but has yet to turn a profit. ... Read full article
Who won, who lost in Supreme Court’s credit card ruling
American Express prevailed Monday in an eight-year antitrust battle with the government. Here’s a look at how other card networks, banks, retailers and consumers will be affected. ... Read full article
Marketplace lenders develop new wrinkles to attract more funding
LendingClub, Marlette and others are looking at additional changes to both their securitization and whole-loan-sale programs that could further broaden their investor bases. ... Read full article
OnDeck swings to profit, eyes second bank partnership
The online small-business lender is enjoying a payoff from its year-old push to cut costs and tighten underwriting standards. It is also set to announce another lending agreement with a major bank this year, its CEO said Tuesday. ... Read full article
LendingClub's pullback amplifies consumer debt-load worries
The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt. ... Read full article
Amex will need to convince justices that its rules help consumers
In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain. ... Read full article
Should CFPB have more power over credit reporting agencies?
CFPB Director Richard Cordray is using the Equifax breach to suggest the CFPB be given power to examine credit reporting agencies for potential cybersecurity lapses. ... Read full article
Auto finance startup gets a boost from Volkswagen
Irvine, Calif.-based AutoGravity has received $30 million in equity financing from VW Credit, according to a source familiar with the matter. ... Read full article
Credit card issuers face peril from rise in store closures: Report
Synchrony Financial and Alliance Data Systems are particularly vulnerable to recent shifts in Americans’ shopping habits, according to new research from Moody’s Investors Service. ... Read full article
Pay attention: Lending Club's first securitization is a big deal
Sponsoring securitizations of the loans funded on its platform will give Lending Club more control over its reputation in the market and make it less beholden to direct loan buyers. ... Read full article
The other big risk in auto lending
GrandSouth Bancorp's issues with floor-plan loans to car dealers serve as a reminder of another pitfall in auto lending besides consumer loans. ... Read full article