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

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UK Government Consultation- Restoring Trust in Audit and Corporate Governance- A Directors’ Duties and Insolvency Perspective

The Government has issued a consultation paper regarding statutory audits and financial reporting. The consultation makes proposals in relation to four areas, namely directors, auditors and audit firms, shareholders and the audit regulator. We have

News: How a Federal Agency Excluded Thousands of Viable Businesses From Pandemic Relief by Lydia DePillis at ProPublica

How a Federal Agency Excluded Thousands of Viable Businesses From Pandemic ReliefThe Small Business Administration refuses to give pandemic relief loans to people who have filed for bankruptcy, even if their businesses can survive.www.propublica.org

Mastercard ties executive bonuses to environmental, social goals

Executive vice presidents and above will be evaluated on how they contributed to progress on efforts to curb the firm’s use of carbon, improve financial inclusion and reach gender-pay parity, CEO Michael Miebach said in a memo to staff.]]

Succession plan in place at Marshfield Medical Center Credit Union

David Murphy, the credit union's vice president of risk and finance, will succeed Carol Adler, who is retiring.]]

Wells Fargo selling trust unit to Computershare for $750 million

Wells Fargo, disposing of units to simplify operations, agreed to sell its corporate trust business to Australia’s Computershare Ltd. for $750 million.]]

Fraser calls for better work-life balance; Wirecard implicated in pot scheme

Citi CEO says staff will be required in the office only three days a week after the pandemic; the company was allegedly involved in a plan to trick U.S. banks into processing marijuana sales.]]

Examination and Prosecution Risks Will Increase for Australian Directors and Third Parties Amid the Economic Uncertainty

For the past year, many Australian businesses, ranging from very significant publicly listed corporations, to much smaller family businesses, have benefited from public and private relief measures intended to soften the impact of COVID-19. Although

Can cash incentives help credit unions recruit new members?

Some institutions have experimented with cash-based rewards to kick-start membership growth, but it's unclear whether the strategy will be widely adopted.]]

Indiana Supreme Court Declines (1) to Clarify Meaning of “Tolled Interest” and (2) to Further Protect Stimulus Payments under its 2020 Emergency COVID-19 Pandemic Orders

In a pair of decisions issued March 19, 2021, the Indiana Supreme Court declined (1) to clarify the meaning of "tolled interest," and (2) to further protect stimulus payments under its 2020 emergency COVID-19 pandemic orders.

What sold Banc of California on buying Pacific Mercantile

The $235 million acquisition will bring CEO Jared Wolff's company a trove of cheap deposits and the chance to slash costs without having to significantly change its business model.]]

10 ways to make investing more inclusive

Free investment education and testing for risk tolerance are among the ways financial firms can better reach underserved consumers, former SEC chief Jay Clayton and Operation HOPE’s John Hope Bryant say.]]

Seacoast lines up another bank acquisition in South Florida

The company agreed to buy Legacy Bank of Florida for $102 million.]]

Illinois caps consumer rates at 36%, adopts state-level CRA

Two banking bills signed by Gov. J.B. Pritzker carry implications for payday lenders, auto title lenders, credit unions and nonbank mortgage lenders. Pritzker, a Democrat, said the bills will address racial-equity gaps in the state.]]

Citi, BNY Mellon earn top grades for pay gap disclosures

Bank of America, Wells Fargo and JPMorgan Chase also received high marks for transparency in reporting how they are paying women and employees of color, but Goldman Sachs, KeyCorp and Citizens Financial Group still have work to do, according to the

Fed, Treasury vow to evaluate climate change risk to financial system

Top officials at the U.S. central bank and Treasury Secretary Janet Yellen reaffirmed their commitment to understand how extreme weather events affect financial institutions and the economy as a whole. Many Republicans, however, worry the Federal

The fintech partnership helping Sterling Bancorp reach kids

The New York company is seeding savings accounts offered by the challenger bank Goalsetter as a way to help minority communities as well as use technology to start building long-term relationships with young consumers.]]

CEO of Teachers Credit Union steps down unexpectedly

Paul Marsh resigned as president and CEO of the South Bend, Ind., credit union on Tuesday after 30 years there. An interim chief has been named and the board is searching for a permanent successor.]]

Industry urges OCC to halt proposal restricting use of bank premises

The agency's plan would strengthen requirements that banks use a minimum amount of their real estate for the business of banking, but three grade groups say banks need flexibility in the pandemic to manage occupancy.]]

NFTs and payments: A frontier with lots of promise—and risk

Non-fungible tokens are taking the digital world by storm. They could displace traditional payment rails, but they could also be a handy tool for cybercrooks. ]]

HMRC holds the trump card when it comes to UK business recovery

HMRC expect all UK taxpayers to pay the tax they owe, in full and on time, whenever they are able to do so. However, in circumstances where a taxpayer is unable to meet its liability, HMRC are able to exercise a discretion to allow the taxpayer to