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

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TD Bank consolidates business lending

The U.S. unit of Toronto-Dominion Bank merged its corporate and specialty team with its commercial banking group, putting the fast-growing operations under the same leadership.

BofA’s goal for digital banking: No customer left behind

About 70% of Bank of America's customers are now “digitally active” and 17 million people use Erica, its virtual assistant. David Tyrie, who was recently promoted to head of digital, would like to get that rate up to 100%.

Wells Fargo trims CEO Scharf’s pay to $20.3 million for 2020

Wells Fargo cut its chief executive's compensation about 12% for 2020, a year in which shares tumbled and the company slashed its dividend and reported its first quarterly loss since 2008.

Huntington's whirlwind courtship of TCF

Stephen Steinour, the head of Huntington Bancshares, approached TCF Financial about a merger three days after the latter's CEO abruptly retired. An agreement was sealed in about six weeks.

Sterling in Michigan settles investor lawsuit over mortgage disclosures

The company also reported a large fourth-quarter loss that reflected a significant increase in its loan-loss provision.

Will You Lose Your COVID-19 Relief Funds?

Will you lose your COVID-19 stimulus money if you file for bankruptcy protection? Simple answer is no. Read below. “Recovery rebates” (“stimulus monies”) received as a result of either the CARES Act or CAA are NOT PROPERTY OF THE BANKRUPTCY ESTATE

Mobile bank MoneyLion in talks to go public via SPAC

MoneyLion, a mobile banking, lending and investment platform, is in talks to go public through a merger with Fusion Acquisition, a blank-check company, according to people with knowledge of the matter.

Diane and Jay were able to ease our fears.

“Diane and Jay were able to ease our fears. ” J.L. Diane and Jay were the absolute best. Going through the bankruptcy process can be quite worrisome. Diane and Jay were able to ease our fears and made the process as smooth as possible. J.L. The post

NCUA’s Harper taps former CFPB official as chief of staff

Catherine Galicia formerly led the Consumer Financial Protection Bureau's legislative affairs division, and has extensive experience in banking and on Capitol Hill.

TCF buys equipment finance business from Truist

The Detroit company, which recently agreed to be sold to Huntington Bancshares, gained $1 billion in loans and roughly 60 employees.

Pandemic drives small Scranton credit union to merge

After rising losses in 2020, First Credit Union of Scranton is seeking members' approval to merge into Penn East FCU.

Data needed on racial makeup of banks' workforces

Laws like the Home Mortgage Disclosure Act require banks to report detailed demographics of borrowers to ensure fair lending practices. If banks are serious about promoting diversity, then they should commit to revealing similar details about their

New Chapter 11 Filing – Greylock Capital Associates, LLC

On January 31, 2021, Greylock Capital Associates, LLC, the parent of Greylock Capital Management, LLC, an SEC-registered alternative investment advisor that advises pooled vehicles and separate accounts for institutional and high net worth investors

New Chapter 11 Filing – Greylock Capital Associates, LLC

On January 31, 2021, Greylock Capital Associates, LLC, the parent of Greylock Capital Management, LLC, an SEC-registered alternative investment advisor that advises pooled vehicles and separate accounts for institutional and high net worth investors

New Chapter 11 Filing – Knotel, Inc.

On January 31, 2021, Knotel, Inc., a New York-based flexible workspace provider, along with numerous affiliates, filed petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case 21-10146)

New Chapter 11 Filing – Knotel, Inc.

On January 31, 2021, Knotel, Inc., a New York-based flexible workspace provider, along with numerous affiliates, filed petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case 21-10146)

Bank regulation focus to shift under Biden; still life for cash?

The administration is expected to stress financial access and consumer protection; economists differ whether the move away from cash was a temporary response to Covid or long-lasting.

Credit union groups start small in returning to live conferences

Some in the industry are planning in-person events, but the largest meetings are still unlikely to reconvene for a while.

Should energy lenders fear Biden's climate policies?

For now, banks say they have no plans to curtail lending to oil and gas firms, but recent moves by the new administration — including a halt in drilling on federal land and an effort to stop the Keystone XL Pipeline — could cause them to re-evaluate

January 2021 Ponzi Scheme Roundup

Posted by Kathy Bazoian Phelps Below is a summary of the activity reported for January 2021. The reported stories reflect at least 3 new Ponzi schemes worldwide, 4 guilty pleas, 16 years of prison sentences and one life sentence, and an average age