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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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Post-PPP effect, pay gap disclosures, OCC horse race: Top stories of the week

Exploring whether PPP runoff will expose revenue weakness at banks; Citi, BNY Mellon earn top grades for transparency on how they pay women and employees of color; three new candidates emerge to head OCC; and more from this week's most-read stories.]

Premier Members commits at least $50K to Boulder crisis fund

The Colorado credit union has pledged to match at least $50,000 in donations to a local foundation assisting with the community's recovery following a mass shooting at a grocery store that left 10 people dead.]]

Momentum growing for Congress to step in on Libor transition

The heads of the Federal Reserve and Treasury are urging passage of legislation that would replace Libor with the Secured Overnight Financing Rate in certain contracts. That would spare banks litigation over trillions of dollars of contracts when

For mortgage lenders, changes driven by the pandemic are here to stay

Credit unions were already transforming their home loan operations before COVID-19, but many of the adjustments made as a result of the outbreak are likely to become permanent.]]

Time for Fed to tap brakes on relief programs

By purchasing additional assets and securities, the Federal Reserve provided the financial markets with enough liquidity to weather the pandemic recession. But with the economy starting to recover, it needs to reduce such funding before it creates

11th Circuit – Creditor Cannot Pursue Pre-Petition Fraudulent Transfer Claims Against Debtor for Non-Dischargeable Debt; Establishes Standard of Review for In re Jet Florida.

In SuVicMon Development, Inc. v. Morrison, __ F.3d __, 2021 WL 1136546 (11th Cir. March 25, 2021) ( click here for .pdf), the plaintiffs are three corporations that sued the Debtor for fraud and securities violations in state court. Plaintiffs

JPMorgan plans to hire 300 Black, Latinx wealth advisers by 2025

JPMorgan Chase said it plans to hire 300 additional Black and Latinx wealth advisers by 2025 to serve more clients from those communities and allow employees from diverse backgrounds to advance in their careers.]]

Everence Federal Credit Union promotes chief lending officer to CEO

Matthew Gehman will take the helm at the Lancaster, Pa., institution on April 1, succeeding W. Kent Hartzler, who has been CEO since 2007.]]

New Chapter 11 Filing – Greensill Capital

On March 25, 2021, Greensill Capital Inc. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-10561). Greensill’s petition indicates that Greensill Capital

New Chapter 11 Filing – Greensill Capital

On March 25, 2021, Greensill Capital Inc. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-10561). Greensill’s petition indicates that Greensill Capital

Digital fraud focuses on younger consumers

The abrupt shutdown of retail a year ago led to a rise of digital shopping — and fraud. And the most tech-savvy consumers may be the most vulnerable, according to TransUnion data.]]

Foreign creditors in Mexican Bankruptcy proceedings.

Foreign creditors have the same rights and opportunities as the national creditors before a bankruptcy proceeding in Mexico, although there are some exceptions. Creditors are a key factor in bankruptcy. The following is an initial and broad

Citi hires Goldman's Erika Irish Brown to lead diversity efforts

Brown, who was most recently Goldman's chief diversity officer, will join Citigroup in the coming months as chief diversity, equity and inclusion officer and global head of talent.]]

Fed to lift bank payout restrictions; Senate approves PPP application extension

The move is a vote of confidence in the banking industry and the economy at large; borrowers would have until May 31 to apply for a loan.]]

A new kind of shared branching for trio of Calif. credit unions

While many institutions are part of nationwide shared-branch networks, three Southern California credit unions have agreed to share one facility. The arrangement is believed to be the only one of its kind.]]

The mounting costs of protracted mortgage forbearance

The FHFA’s forbearance extension to September is forcing nonbank servicers to buy out more delinquent loans. It's also upended loss estimates for investors and made racial and income disparities in the mortgage market worse.]]

Senate Democrats initiate reversal of OCC 'true lender' rule

Democrats have proposed a Congressional Review Act resolution to strike down the OCC rule, arguing it enables "rent-a-bank" schemes.]]

Fed will lift limits on capital distributions for some banks — but not until 3Q

For banks that pass this year’s stress tests, the Federal Reserve said it will eliminate the restrictions on dividends and share buybacks while subjecting those institutions instead to the stress capital buffer.]]

Big banks are scaling back fossil fuel lending, but for how long?

The Rainforest Action Network says the 2020 decline stemmed more from weak energy demand during the pandemic than banks’ pledge to reduce financing to firms that contribute to climate change.]]

Congress passes two-month PPP extension

Lawmakers approved a bill that will allow the Paycheck Protection Program to remain open until May 31. It was originally set to expire on March 31.]]