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

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Industry was strong enough without dividend, buyback curbs: Quarles

The Federal Reserve imposed the restrictions after conducting supplemental stress tests tied to the pandemic. But Vice Chair of Supervision Randal Quarles says it is now clear banks would have had sufficient capital regardless.

Merck Sharp & Dohme FCU names next chief executive

Dana DeFilippis will take the helm at the Chalfont, Pa.-based credit union next month. She succeeds retiring CEO David Whitehead.

Bank of America cuts staff in investment banking and trading

Bank of America cut some of its staff in the global banking and markets division this week. The latest cuts mark an end to BofA's pledge not to eliminate any jobs in 2020 as the global pandemic flared.

JPMorgan Chase's Duckett to depart for top job at TIAA

The CEO of Chase Consumer Banking and a member of JPMorgan’s leadership team, Thasunda Brown Duckett has been tapped to replace Roger Ferguson as CEO of the retirement services provider.

FHFA announces further extension of COVID-related mortgage relief

The agency will allow an additional three months of forbearance for loans backed by Fannie Mae and Freddie Mac, giving homeowners up to 18 months to suspend payments due to the pandemic.

Pandemic slowed membership, lending to slowest growth rate in years

A new report from CUNA Mutual Group shows just how much COVID-19 and the economic slowdown impacted the credit union industry in 2020.

Davis Polk Client Alert: SEC to Review Climate-Related Disclosure

Yesterday, the SEC released a statement on climate change disclosures. The statement directs the SEC staff to review company disclosures against its 2010 climate change disclosure guidance. In light of these events, this client alert provides our

Changes in 2021 for the UK Restructuring and Insolvency Market – Part 2

Following on from part 1 of our predictions for 2021 for the UK restructuring market part 2 looks at CVAs, directors duties and HMRC and insolvencies. We had hoped to cover off everything in 2 parts, but 2021 looks to be a busy year so we will

Zelle teams with Clearing House to speed P2P payments — and woo small banks

Early Warning's person-to-person payment network predicts that faster settlement through The Clearing House's Real Time Payments will enhance its appeal.

JPMorgan exits Mexico private banking, refers clients to BBVA

JPMorgan Chase is shutting its private banking business in Mexico, according to people with knowledge of the matter, as wealthy clients in some of Latin America’s largest economies move their money to international financial capitals.

New Chapter 11 Filing – Stream TV Networks, Inc.

On February 24, 2021, Stream TV Networks, Inc., a Philadelphia-based media technology company founded in 2009 to develop and commercialize technology that would enable viewers to watch 3D content without 3D glasses, filed a petition for relief under

New Chapter 11 Filing – Stream TV Networks, Inc.

On February 24, 2021, Stream TV Networks, Inc., a Philadelphia-based media technology company founded in 2009 to develop and commercialize technology that would enable viewers to watch 3D content without 3D glasses, filed a petition for relief under

Will Subchapter V’s $7.5 Million Eligibility Limit Be Extended In Time?

By: Donald L Swanson March 27, 2021, is the sunset date for Subchapter V’s eligibility debt limit of $7.5 million. At the stroke of midnight, that coach will turn back into a $2.7 million pumpkin. So . . . where is the action in Congress to extend

Fed payments system goes down for hours; mortgage apps drop on rate hike

The cause of the disruption is unknown, although the Treasury said it wasn’t a cyberattack; applications fell 11% after the average 30-year fixed-rate loan rose to 2.81%.

How does an English administrator obtain recognition of their appointment in an EU member state?

Since 31 December 2020 insolvency proceedings opened in England will no longer benefit from automatic recognition in an EU member state. Instead an application will need to be made for recognition in the relevant member state where there are cross

Student Loan Relief – Fairness

I have been blogging about across the board student loan. relief proposals – which it appears the prez will not do. Student Loan Fairness? Joe Biden recently said that he is “unlikely” to cancel student loans through executive order. From a columnist

States failed to fulfill consumer protection promise in Trump era

As the Consumer Financial Protection Bureau slowed its pursuit of bad actors, state attorneys general vowed to pick up the slack. Here’s why they fell short — and why they are poised to get aggressive again.

Vernon Hill named CEO of Republic First in Philadelphia

The founder of Commerce Bank in New Jersey and Metro Bank in the United Kingdom has served as Republic First's chairman since 2016.

Avoid COVID Mortgage Relief Scams

If you are behind on your mortgage, beware of mortgage relief scams. There is free foreclosure help. If anyone tries to charge you in advance for help or guarantees that they can stop your foreclosure, they’re not legitimate. Here are some red flags

Capital One starting to raise credit limits in hunt for growth

Capital One Financial has begun to lift borrowing limits for certain customers as it seeks to restart growth in its sprawling credit card business.