MARKET EVENT: Private Credit Consumer Expansion [ONGOING] | IMPACT: NEUTRAL | SUMMARY: Exploratory bank-private-credit partnerships are shifting rejected consumer borrowers and other risky assets toward opaque nonbank lenders, creating modest platform upside but asymmetric downside through adverse selection, liquidity mismatch, and correlated losses. [Historical Parallel: 1980s U.S. Securitization and Shadow-Banking Expansion (1980s-1990s)]