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

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NCUA board members call for reforming de novo process

In remarks during CUNA’s online Governmental Affairs Conference, Vice Chairman Kyle Hauptman and board member Rodney Hood lambasted the lengthy process necessary for launching a new credit union.

Debtors Sign Federal Tax Returns Digitally; Why Not Petitions and Schedules?

Reprinted with permission from the ABI Journal, Vol. XXXVIX, No. 1, January 2020. Here is a link to the original publication. Debtors sign their federal tax returns digitally all the time. The Internal Revenue Service (IRS) allows digital signing

'Capital holiday' expiration looms; retail stock traders target Rocket Cos.

Investors are worried that failure to extend relaxed bank capital rules might fuel Treasury bond selling; the heavily-shorted stock has been whipsawed in volatile trading this week.

UK Spring Budget 2021 – The Long Road to Recovery: Taxation

The UK Spring Budget Statement delivered by Chancellor of the Exchequer, Rishi Sunak, on Wednesday 3 March 2021, laid bare the scale of the economic damage done by COVID-19. The Chancellor’s focus was on initiating an investment-led recovery, to

Shore Bancshares to enter new Maryland market with Severn acquisition

The company would gain its first branches around Annapolis after it buys Severn in a deal valued at $146 million.

CFPB officially proposes delay of QM changes

The agency issued a proposal moving the compliance date for the Qualified Mortgage rule revamp to October 2022.

Fed digital currency gains steam with Democrats in power

As the Federal Reserve continues to explore issuing a digital U.S. dollar, the Biden administration and key congressional leaders are endorsing the idea as a way to expand banking access for underserved consumers.

Challenger bank helps customers erase carbon footprints

Aspiration makes donations to a tree-planting charity based on debit card spending, buys carbon offsets for gas purchases and rates retailers' environmental records.

Credit unions expect hybrid work model after COVID ends

The industry quickly pivoted to remote work once the pandemic hit, but panelists who spoke during CUNA's online Governmental Affairs Conference predicted many institutions will utilize a mix of working from home and in the office once things return

Gordian Perspectives for March 2021

Biden and Corporate Distress Clouds Forming In the aftermath of the Presidential Election, we wrote a piece discussing some of the economic challenges facing the Biden Administration, and how Biden’s actions may stir inflation and create sets of

Former FDA chief urges rethinking COVID risk metrics

Dr. Scott Gottlieb, a commissioner of the Food and Drug Administration under former President Donald Trump, said during CUNA's online Governmental Affairs Conference that now that many vulnerable populations have been vaccinated, the threat from the

Fed’s Beige Book shows businesses optimistic on vaccine take-up

The U.S. economy expanded modestly in the first two months of the year and sentiment among business owners is picking up as vaccinations bolstered the prospects for economic growth, the Federal Reserve said.

The Consent Trap

A new decision from the Fifth Circuit holds that implied consent cannot overcome a formal denial of consent to entry of a final judgment by a magistrate judge, even when the objecting party expressly consented. PNC Bank v. Ruiz, Case No. 20-50255

SEC Chair Nominee Gensler and SEC’s 2021 Examination Priorities Highlight ESG and Climate Risk

SEC Chair Hearing. Yesterday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a nomination hearing to consider Gary Gensler’s candidacy for Chair of the Securities and Exchange Commission, or SEC. Throughout the hearing, Gensler

Investor group buys CalFirst to prepare for more acquisitions

DMG Bancshares, formed by banking veteran Don Griffith, wants to buy more West Coast banks. For California First, the sale ends a four-year period in which it substantially shrank its loan book after it was ordered to shed leveraged loans.

Davis Polk Client Memo: Federal Reserve Finalizes Board Effectiveness Guidance for Large Financial Institutions

The Federal Reserve’s final guidance on board of directors’ effectiveness ( Board Effectiveness Guidance) is a key milestone in its multi-year review of the practices of boards of directors, particularly at the largest banking organizations. This

Banks lobby Congress to postpone PPP deadline

The Small Business Administration is still writing rules for the Paycheck Protection Program two months after its relaunch. Lenders fear they may not have enough time to review those rules before the program’s March 31 expiration date.

The Fed needs to close backdoor to its payment rails

Some bank regulators are allowing companies that offer digital currencies to apply for a charter, potentially giving them a path to the Federal Reserve system without proper oversight.

The national debt is big and getting bigger. Does it matter?

As government debt swells, the outer limits of what the U.S. can safely borrow are becoming less and less clear.

Thrivent hires former MUFG Union executive to run proposed bank

Brian Milton, who ran MUFG Union's digital bank, was named head of banking and would become CEO of Thrivent Bank, which plans to have a digitally focused platform and operate as an industrial loan company.