Consumer lending

Over one-quarter of all mortgages in the areas affected by Hurricane Harvey are likely to become delinquent because of the storm, according to an analysis from Black Knight.

The $426.2 million COLT 2017-2 is backed entirely by loans originated by Caliber, an affiliate of private equity firm Lone Star Funds. There are no loans originated by Sterling Bank & Trust, which accounted for 22% of the collateral for the prior deal.

It’s highly debatable whether the artificial intelligence engines that online lenders typically use, and that banks are just starting to deploy, are capable of making credit decisions without inadvertent prejudices.

Given the scale of damage to the region’s homes and cars, bankers are guarding against an expected spike in missed payments by extending loan terms, deferring payments and making other concessions.

Ginnie Mae will help issuers with certain servicing obligations if more than 5% of their portfolios are in areas Hurricane Harvey has ravaged.

The largest generation of Americans is set to inherit over $59 trillion in assets, but the federal financial regulators are behind in hiring millennials and focusing on issues of concern to them.

Consumer Financial Protection Bureau Director Richard Cordray said his possible political ambitions did not affect the small-dollar rule, while declining to spell out if he was running for office.

As Republicans policymakers pursue efforts to revamp the Consumer Financial Protection Bureau and replace its leadership, state agencies are already preparing to fill any vacuum that might ensue if the CFPB steps back.

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, wrote a letter to CFPB Director Richard Cordray calling on him to clarify whether he is running for political office.

Republicans are already accusing CFPB Director Richard Cordray of misusing his job as a fundraising platform while many agency allies want him to stay.