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

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Credit unions can't fulfill mission without embracing diversity

An industry founded to provide affordable financial services to those of modest means needs to do a much better job of recruiting Black, Latino and other minorities to the workforce and the member base.

UPDATED Global Insolvency Report: Impact of Covid-19 on Insolvency Laws

The most notable changes to our updated guide this week are those impacting Japan where: There has been no further extension to the subsidy program for businesses facing severe conditions There has been no further extension to the national rent

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

Our most recently updated guide includes updates for the UK, EU, France, Germany and the Czech Republic notably: UK Updates to the Coronavirus Job Retention Scheme (CJRS) Claims for certain grants under the Self-Employment Income Support Scheme

New Chapter 11 Filing – CMC II, LLC and Affiliates

On March 2, 2021, CMC II, LLC of Maitland, FL, along with several affiliates, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10461). CMC II is part of a family of

New Chapter 11 Filing – CMC II, LLC and Affiliates

On March 2, 2021, CMC II, LLC of Maitland, FL, along with several affiliates, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10461). CMC II is part of a family of

Consolidated Appropriations Act of 2021 Expands Protection for Consumer Debtors

By Lara Martin Associate, Bernstein-Burkley, P.C. Keri Ebeck Partner, Bernstein-Burkley, P.C. The recently enacted Consolidated Appropriations Act of 2021 (“CCA 2021”) affects many provisions of the bankruptcy code, including a … The post

Consolidated Appropriations Act of 2021 Expands Protection for Consumer Debtors

By Lara Martin Associate, Bernstein-Burkley, P.C. Keri Ebeck Partner, Bernstein-Burkley, P.C. The recently enacted Consolidated Appropriations Act of 2021 (“CCA 2021”) affects many provisions of the bankruptcy code, including a significant, albeit

Court Order For Mediation Of Plan Confirmation Disputes (In re Garrett)

By: Donald L Swanson Every now and then, something happens that can serve as a model or form or checklist for similar situations. Chapter 11 plan confirmation disputes are often complex and involve multiple parties. In the case of In re Garrett

The Fed is dialing up the pressure on banks to ditch Libor

The Federal Reserve is intensifying its scrutiny of banks' efforts to shed their reliance on the London interbank offered rate, and has begun compiling more detailed evidence on their progress, according to multiple people with knowledge of the

New bill provides some exemptions from credit union commercial loan cap

Bipartsan legislation introduced Monday would permit loans made as part of the COVID-19 relief effort not to county against limits on member business lending.

Walmart's banking ambitions; Klarna arms up

After hiring two Goldman executives, the retailer could be looking to partner with more banks or become one; the buy now-pay later company is now worth $31 billion and seeking acquisitions.

Who Owes Michigan Student Loan Debt?

Because some folks did get value for their student loan debt. Michigan Student Loan – Think First! The ones who were taken in deserve relief. The highest-income 40% of American households (those with incomes above $74,000) owe almost 60% of

Interagency breakthrough on CRA looks to be in reach

During the Trump era, the bank regulators couldn’t see eye to eye on how to modernize the Community Reinvestment Act. But a looming leadership change atop the Office of the Comptroller of the Currency is boosting optimism that they can harmonize

Millions Are Hounded for Debt They Don’t Owe

A powerful story from one man who refused to be bullied to one of the devious debt collectors: Millions Are Hounded for Debt They Don’t Owe. One Victim Fought Back, With a Vengeance Article by Zeke Faux, Bloomberg Business week. Andrew Therrien

Square’s long-planned bank opens for business

The payment processing company will offer loans and deposit accounts to its small-business customers through a Utah-based industrial bank.

Amalgamated makes environmental, social values part of bottom line

The bank’s new holding company, Amalgamated Financial Group, is the first publicly traded financial services company to become a public benefit corporation. It says the legal designation will help officers and directors balance the interests of

First International in North Dakota buys mortgage lender

The bank's purchase of Sodak Home Loans in Sioux Falls, S.D., adds to a string of bank deals for mortgage lenders this year.

COVID recovery top of mind as credit unions’ premier event kicks off

The pandemic is likely to dominate the discussion during CUNA’s online Governmental Affairs Conference, but perennial issues such as the industry’s tax exemption will also be spotlighted.

New indictments issued in case of failed Chicago bank

Four former employees and several clients of Washington Federal Bank for Savings face charges of falsifying records to conceal the embezzlement of $31 million prior to the bank's December 2017 collapse.

Looming risk for borrowers, renters when relief ends, CFPB says

In an analysis of the pandemic's impact on the housing market, the agency said nearly 10% of households could be at risk of eviction or foreclosure despite government programs to enable homeowners to delay their payments.