Asta Funding Inc., an Englewood Cliffs, N.J., buyer of charged-off receivables, has expanded its line of credit by 25%, to $125 million.
Gary Stern, Asta's chief executive, said in a press release Monday that the line was worth only $60 million less than a year ago.
"The increases, combined with internal cash flow, have allowed to purchase significant portfolios," including roughly $2.1 billion in the fiscal first quarter, which ended Dec. 31, and $5.5 billion over the past 15 months, he said.
Unexpected changes in spending patterns on the P2P app caused the company to miss internal and analyst targets, resulting in a more cautious shift in its annual guidance and a plummeting stock in afterhours trading.
The Consumer Financial Protection Bureau will not enforce or supervise the 1071 small business lending rule, it announced in a press release. The rule requires collecting data on the race, ethnicity, gender and LGBTQ status of loan applicants.
Executives at the San Antonio bank say their business customers should be able to pass along higher costs from tariffs to consumers. Still, the bank acknowledged the risk of a recession.
The Small Business Administration is backing new legislation that would double the size limit on its manufacturing loans. Supporters say the bill has support on both sides of the aisle in Washington.
Large banks are ramping up AI investment at the same time they are reducing their workforces, though no one seems ready to publicly draw a connection between those two actions.
Ex-National Credit Union Administration board member Todd Harper outlined legal, economic and political dangers of recent firings of independent regulators.
