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

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Updated: Guide To Financial Support Measures Across Europe And The Middle East

Our most recently updated guide includes updates for the UK, Italy, Germany and the Czech Republic notably: UK Updates to the Coronavirus Job Retention Scheme (CJRS) Grants under the Self-Employment Income Support Scheme (SEISS) have been extended

JPMorgan bylaws go gender neutral amid diversity pressure

JPMorgan Chase scrubbed its bylaws of gender designations as pressure grows from both society and investors on global businesses to show they are diversifying and becoming more inclusive.]]

U.S. warns banks over ties with sanctioned Chinese officials

The State Department has added 14 Chinese lawmakers, including a member of the Communist Party’s ruling Politburo, to a blacklist under the Hong Kong Autonomy Act. Banks face sanctions if they do business with them.]]

Wells Fargo, BofA push back against proposals for race audits

The two banks are pushing back against shareholder requests for sweeping audits of how they handle racial equity as the industry faces mounting public scrutiny of its historic role in economic disparities.]]

Bill to extend PPP clears House

By an overwhelming majority, the House approved a two-month extension of the Paycheck Protection Program, which still has almost $93 billion left to distribute.]]

Equitable Mootness Strikes Again: The Near Impossibility of Challenging a Debtor’s Critical Vendor Decisions

Although debtors who file for Chapter 11 bankruptcy generally cannot pay prepetition debts until a plan which complies with the “absolute priority rule” is confirmed, there are a number of now well-established exceptions to this rule. As noted

Real estate company agrees to buy Sunnyside Bancorp in New York

DLP Bancshares, an affiliate of DLP Real Estate Capital, plans to use the acquisition to create a national platform for commercial real estate and warehouse loans.]]

United in Alabama to enter new market with bank acquisition

The company will pay $29 million for Town-Country National Bank in Camden, Ala., which will operate as its own subsidiary after the deal closes.]]

Black-run bank channels capital infusion into digital upgrades

M&F Bancorp in North Carolina plans to use some of the $18 million it received from big banks to make overdue improvements to its commercial lending platform.]]

First penalty for pot banking violations lands on credit union

Seven years after regulators issued guidance to financial institutions, a small Michigan credit union was ordered to stop opening new accounts for marijuana businesses.]]

Freddie Mac appoints Mark Grier as interim CEO

The company is still searching for someone to fill the roll on a full-time basis, but the $600,000 annual salary cap may limit the candidate pool.]]

Citi urges dealmakers to send more business to private bankers

Citigroup’s dealmakers have been keeping busy with family offices looking to get in on the blank-check frenzy. Now the lender wants to bring its private bank a piece of the action.]]

Card brands postpone fee hike, but merchants want interchange reform

Mastercard and Visa's one-year delay is only a partial victory for retailers, who want the networks to have less power to set rates. ]]

Blame Treasury, IRS for delay in stimulus payments, banks say

Banks have borne the brunt of the criticism from consumers still waiting for coronavirus relief funds to land in their accounts. But the industry says the lag time is the fault of the government and its antiquated payments system]]

Bipartisan Senate bill would raise loan maturity limits for FCUs

The proposed legislation is similar to a package put forward in 2020 and another introduced in the House in 2019.]]

EMV deadline nears for gas stations, but many won't make it

After postponing enforcement for years, the card brands are implementing an EMV liability shift at fuel stations, which still struggle to make the upgrades necessary for chip-card acceptance.]]

Second Circuit Court Of Appeals: “We Said What We Said” About Brunner Test And Student Loans

In In re Tingling, __ F3d __, 2021 WL 922448 (2nd Cir. March 11, 2021) ( click for .pdf), the Debtor filed an adversary proceeding seeking discharge of her student loans. The Bankruptcy Court determined that the debtor failed to meet the Brunner Test

U.S. small businesses are holding off the debt apocalypse. For now.

Government relief programs and lenders’ forbearance have kept U.S. small businesses from defaulting on their debt en masse as revenue slumped during the pandemic crisis, according to a new analysis.]]

How banks can encourage collaboration among workers stuck at home

Hood Qaim-Maqami, divisional CIO at the Bank of New York Mellon, has ideas about how technology can be used to make people feel connected.]]

Visa, Mastercard to delay merchant fee hikes another year

Visa and Mastercard are postponing plans to boost the fees U.S. merchants pay when consumers use credit cards online, pushing back the changes another year to April 2022 because of the pandemic.]]