Consumers may face heavy debt-collection pressure in the next recession, CFPB warns

Consumers could face added pressure to settle debts in a future economic downturn as higher volumes of debt are turned over to collectors and alternatives for handling delinquencies remain scarce, the Consumer Financial Protection Bureau said Friday.

BBVA issues bond worth GBP 300 million to shore up capital position

Banco Bilbao Vizcaya Argentaria said Friday that it issued a GBP 300 million bond (nearly $379 million) in order to improve its capital position to meet a European Union rules change.

Erie Insurance Group put on negative outlook by AM Best as weather-related claims grow

AM Best has placed Pennsylvania-based Erie Insurance Group and its subsidiaries on a negative credit outlook, citing lagging underwriting performance due to weather-related losses, the ratings agency said Friday.

Commercial mortgage security defaults loom if workers stay home long-term, Moody’s says

Corporate America’s flight from offices isn’t expected to be permanent, but if the transition to remote working becomes more entrenched, commercial-backed mortgage securities could seek a dramatic surge in default risk, Moody’s said in a new report Thursday.

Financial Stability Board, Basel Committee call for smooth transition from LIBOR

Financial authorities should nail down rigorous plans to smooth the transition away from the world’s most widely used interest rate benchmark, two major global regulatory bodies cautioned on Thursday.

Vanguard to launch its first ESG corporate bond fund for US investors

Vanguard Asset Management, with an eye toward the voracious demand for environmental, social and governance-focused investing, will launch its first U.S.-based corporate bond fund screened for these values, it said Thursday.

Mortgage credit availability falls for fourth straight month as lenders remain wary of recovery

Mortgage credit availability hit a six-year low in June as lenders remained skittish about making large home loans amid continued economic uncertainty, the Mortgage Bankers Association said Wednesday.

Banking trade group opposes proposed rule allowing credit unions to raise unsecured debt

A leading U.S. banking trade group is asking federal regulators to drop proposed rule changes that would allow credit unions to raise unsecured debt, warning that such changes could result in credit unions that are run more “bank-like.”

Goldman Sachs rolls out corporate bond ETF with smart beta approach

Goldman Sachs’ asset-management arm said on Thursday that it was launching a new exchange-traded fund for investment-grade corporate bonds that uses a smart beta approach.

US bank earnings could drop 69% in the second quarter, Goldman Sachs says

Earnings for the top seven U.S. banks are likely to plunge almost 70% year-over-year in the second quarter, with near-zero interest rates cutting deep into income, analysts from Goldman Sachs projected.

ICE releases beta of forward-looking interest rate benchmark as LIBOR era closes

Intercontinental Exchange released the beta version of its new interest rate benchmark Tuesday, which provides reference rates similar to the soon-defunct London Interbank Offered Rate.

US housing market shows strength as buyers capitalize on low interest rates

The U.S. housing market continued on the path to recovery, buoyed by low interest rates and an improving job market, according to data released by the Mortgage Bankers Association this week.

Basel Committee tightens international risk weight, credit valuation standards

Global banking policy leaders have finalized revisions to the Basel III financial reform, emphasizing new standards for measuring credit valuation adjustment risk, the Bank for International Settlements said Wednesday.

Australian banks extend loan repayment deferrals to aid borrowers squeezed by pandemic

Australia’s banks will extend loan repayment deferrals for up to four months to help consumers struggling to pay off their debt through the coronavirus pandemic and to avoid a “cliff” come September, when the original relief program was set to expire, the country’s banking trade association said Wednesday.

Generali completes €600 million buyback of debt, placement of new green bonds

Generali has repurchased nearly €600 million ($676 million) in conventional debt in a bid to drive down its interest expense, while furthering its green investment initiative with a new bond issuance.

Dai-Ichi Life invests in first bond tied to reducing plastic waste

Dai-Ichi Life, Japan’s third-largest life insurer by revenue, said Tuesday that it purchased in the first-ever bond tied to goals for reducing plastic waste, helping the carrier fulfill its sustainability initiatives.

More than 100 investors said to be interested in buying parts of Wirecard

Wirecard’s administrator reportedly said Tuesday more than 100 investors were interested in acquiring parts of the German payments firm, which filed for insolvency last month after a sprawling accounting scandal was revealed.

Malaysian central bank cuts rates to record low to spur growth

Malaysia’s central bank cut its key interest rate to a record low on Tuesday in an effort to stimulate the nation’s economy, which has been weighed down by lockdown restrictions and has fallen into its worst recession in decades.

BBVA sees strong demand for inaugural green CoCo bond

Spanish banking giant Banco Bilbao Vizcaya Argentaria, S.A. said Tuesday that it rolled out the first green contingent convertible bond from a financial institution, raising €1 billion (nearly $1.13 billion) amid strong investor demand.

UAE central bank to launch overnight deposit facility

The Central Bank of the United Arab Emirates said Monday that it will launch a new overnight deposit facility next week whose interest rate will become the bank’s main policy rate and signal “the general stance” of its monetary policy.

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