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

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Democrats’ sweep helps pot banking’s cause, but battle is far from over

The odds are better now that Congress will pass a bill to help financial institutions serve cannabis businesses, but the question of the legislative path forward has grown murkier.

Biden taps FTC’s Chopra as CFPB chief, Gensler as SEC chairman

The nominees, strongly backed by progressive Democrats to lead two key Wall Street watchdogs, signal that the Biden administration is planning tough oversight after four years of light-touch policies under appointees of President Donald Trump.

Are Funds Received as the Beneficiary of an IRA Property of the Estate in Bankruptcy?

When an individual files a Chapter 7 bankruptcy case, the debtor’s non-exempt assets become property of the estate that is used to pay creditors. “Property of the estate” is a defined term under the Bankruptcy Code, so a disputed question in many

Are Funds Received as the Beneficiary of an IRA Property of the Estate in Bankruptcy?

When an individual files a Chapter 7 bankruptcy case, the debtor’s non-exempt assets become property of the estate that is used to pay creditors. “Property of the estate” is a defined term under the Bankruptcy Code, so a disputed question in many

NRA Filing Illustrates Venue Loophole for Chapter 11 Filers

The National Rifle Association likes guns. Texans like guns. Therefore, when the NRA decided to file bankruptcy, there was a certain logic to filing in Texas. Unfortunately, however, prior to November 24, 2020, the NRA had no legal right to file

NRA Bankruptcy

The National Rifle Association filed for bankruptcy in the Northern District of Texas (Dallas). The NRA's press release says that the purpose of the bankruptcy is to enable the NRA to change from being a New York corporation to a Texas corporation

Capital One fined $290M for ‘willful’ anti-money-laundering failures

The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was

Incoming Citi CEO Fraser signals major changes ahead

Weeks away from succeeding Michael Corbat, Jane Fraser said she’d consider streamlining some units or divesting others as part of her effort to kick-start return on equity.

Wells Fargo pledges to cut $8 billion in overhead. Is it enough?

CEO Charlie Scharf’s long-awaited expense-reduction plan got a chilly reception from investors.

Dissecting the Increase in Chapter 11 Filings

I just finished teaching an intensive one-week course at Cardozo School of Law designed to introduce students broadly to bankruptcy and reorganization. The course covered debt collection, consumer bankruptcy, large public-company reorganization

Chatbot lessons, automated PPP, cross-border M&A: Top stories of the week

South African bank's approach to chatbots offers lessons for U.S. players; small lenders embrace automation for latest PPP round; flush with capital, Canadian banks eye U.S. acquisitions; and more from this week's most-read stories.

Credit union regulator outlines 2021 supervisory priorities

Cybersecurity remains a priority along with CARES Act compliance, flexibility for borrowers impacted by the pandemic and more.

PNC says BBVA deal won’t derail organic growth plans

The Pittsburgh company intends to continue adding commercial offices and retail branches in markets it had been eyeing before agreeing to buy BBVA USA for $11.6 billion.

Former Wells Fargo general counsel fined $3.5 million in OCC settlement

The OCC had hit James Strother and other executives with civil charges a year ago in connection with the bank's phony-accounts scandal. His monetary penalty is lower than what the agency had first floated.

Fintechs competing unfairly with banks, Dimon says

JPMorgan Chase CEO Jamie Dimon fired a warning shot Friday at financial technology upstarts such as Chime and Plaid.

What Is Really Scary About Debt Collectors

When I tell a client to stop paying credit cards, they look at me as though I’d suggested they jump into shark infested waters. “ But they’ll start calling me”, they wail. “ I’ll be sent to collection“. In their mind, “collection” is a real place

JPMorgan Chase: More stimulus needed to prevent loan defaults

Federal relief efforts have minimized loan losses so far, but risks remain in credit card, auto and business lending. Many borrowers will need another lifeline to stay afloat until the economy rebounds, CEO Jamie Dimon says.

Chicago v. Fulton: Everything You Need to Know about the January 2021 SCOTUS Decision

By Jeffrey C. Toole Partner, Bernstein-Burkley, P.C. Under Section 362(a)(3) of the Bankruptcy Code, the filing of a bankruptcy petition automatically operates as a “stay” applicable to all entities of “any … The post Chicago v. Fulton: Everything

Lenders rush to get PPP loans to Black-owned businesses

Businesses owned by minorities and women got a head start this week in a new round of $284 billion funding, and early anecdotal evidence suggests stronger demand coming from these businesses.

Chicago v. Fulton: Everything You Need to Know about the January 2021 SCOTUS Decision

By Jeffrey C. Toole Partner, Bernstein-Burkley, P.C. Under Section 362(a)(3) of the Bankruptcy Code, the filing of a bankruptcy petition automatically operates as a “stay” applicable to all entities of “any act to obtain possession of property of the