Credit

Signs of elevated stress are emerging within the $1.7 trillion private credit market as default rates are rising and more borrowers are choosing to defer cash interest payments, according to a Bank of America Corp. report.

Creditors of the subprime auto lender Tricolor, which filed to liquidate in bankruptcy this month, are staking their claims on the company's remaining assets.

First internet Bancorp, which has recently been grappling with credit quality issues, has agreed to sell an $869 million portfolio of single tenant commercial real estate loans to Blackstone.

Taylan Turan, who was previously HSBC Holdings' global CEO of retail banking, will join the Canadian bank later this month as chief operating officer.

Orlando-based Cogent Bank has hired a team to finance single-tenant net lease properties, an asset class characterized by exceptional credit quality.

The lender, which uses existing credit balances to fund installment loans, has linked to Samsung Pay and plans other partnerships in the future to build a global merchant network.

High interest rates and tough economic conditions played a role in the credit woes that overcame BayFirst Financial's small-dollar lending effort.

A FICO survey shows 33% think exaggerating income on credit applications is acceptable. Ironically, many also prioritize strong fraud prevention from banks.

Federal Housing Finance Agency Director Bill Pulte should direct the agency to examine credit scoring models based on cash flow as a complement to existing systems.

The Columbus, Ohio-based regional bank also benefited from strong performances by several legacy business lines, including auto, mortgages and SBA lending.

Private mortgage insurers must accept the FICO alternative as valid collateral before it can be widely adopted by the mortgage industry.

A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.

The move their regulator Bill Pulte announced introduces competition for one metric but charges from three credit bureaus will remain in place.

An error in data submitted to the Consumer Financial Protection Bureau about consumers with no credit record — known as "credit invisibles" — has skewed the agency's reports, showing that the number of Americans without credit histories is half what it was thought to be.

Many young people begin their journey into adulthood without a solid grounding in the basics of personal finance. Banks and other financial institutions are in a unique position to provide that knowledge.

Although credit bureaus have collected this data for three years, it's only now being factored into assessments of consumer creditworthiness.

The credit bureau is working with Plaid to provide lenders with current and predictive cash-flow data for consumers that don't have an extensive credit record.

The CEO of First Northwest Bancorp is promising to fight a lawsuit claiming the lender helped a client perpetrate a Ponzi scheme that bilked a hedge fund out of more than $100 million.