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

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How Wells Fargo sped up onboarding process for commercial clients

The bank has been streamlining common activities for commercial clients as part of a yearlong digital transformation.

FHFA proposes living wills for Fannie and Freddie

The proposal would require the government-sponsored enterprises to craft resolution plans similar to regulations imposed on the largest U.S. banks.

ISS Releases Its Compensation-Related Policy FAQs for 2021

On December 21, 2020, ISS released its updated compensation-related FAQs for 2021. For U.S. companies, this set of guidance consists of ISS’ Compensation Policies FAQ, Equity Compensation Plans FAQ, Pay-for-Performance Mechanics and Peer Group FAQ

Make sure math justifies machine learning-based lending decisions

Underpinning the technology with mathematically sound models can make a better case to consumers and regulators for why a loan applicant was denied.

Bankruptcy Relief Provisions Contained in Consolidated Appropriations Act, 2021

Congress passed the long-awaited Consolidated Appropriations Act, 2021 (“CAA”) December 22, 2020, which now is awaiting the President’s signature to become law. The CAA contains several COVID-19-related amendments to the United States Bankruptcy Code

New stimulus package clears path for increased SBA lending

The legislation allows the Small Business Administration to waive fees and raise the guarantee for 7(a) and 504 loans, which could encourage more small businesses to apply for loans as the economy recovers.

CFPB fines Santander Consumer $4.7M for fair lending violations

The Consumer Financial Protection Bureau said that the Dallas-based auto lender knowingly supplied inaccurate consumer data to the three major credit reporting agencies.

CFPB orders Discover to pay $35 million for student lending mishaps

The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action.

BofA chairman of global corporate, investment banking to depart

Bank of America’s chairman of global corporate and investment banking, Anne Clarke Wolff, is leaving the firm.

How to Restore Your Driver’s License in Pennsylvania

There are a number of reasons why a driver’s license may be suspended. For example, maybe the driver was convicted of Driving Under the Influence charge; or, maybe a driver has too many points on his or her driver’s license; or maybe a driver has

1st Advantage FCU in Virginia set for merger growth

Riverside Health System Employees Credit Union has announced plans to merge into the Yorktown-based credit union, which is roughly 100 times its size.

PPP success fuels Umpqua’s commercial lending ambitions

The Oregon bank has launched a new division targeting businesses with up to $15 million in annual sales and tapped the banker who led its Paycheck Protection Program lending, Ashley Hayslip, to run it.

Deutsche Bank says Trump’s personal banker has resigned

Rosemary Vrablic, who worked in the private banking division, helped manage Trump’s relationship with the bank as it lent hundreds of millions of dollars of loans to Trump’s company over a number of years.

Credit Suisse flagged for anti-money-laundering shortcomings

The Federal Reserve and the New York State Department of Financial Services have ordered the Swiss bank’s U.S. arm to improve oversight and better monitor the activities of its customers.

Bankers hope shell-company reforms are prelude to broader AML overhaul

Congress’s passage of a measure requiring startup companies — instead of their banks — to identify true owners was arguably the industry’s biggest legislative achievement in 2020. Now the industry is urging lawmakers to revisit proposals that would

11th Circuit upholds sanctions under 28 U.S.C.S. §1927 and appellate sanctions under Rule 38 against pro se bankruptcy attorney debtor who lost §523 complaint

The appeal in Wizenberg v Wizenberg, 2020 U.S. App. LEXIS 39276, Case No 20-10641 (11th Cir. 15 December 2020) came from a §523(a)(4) action in the debtor-attorney's chapter 7 arising from allegations that the debtor had failed to distribute estate

Not paying attention to Gen Z? Your credit union is already behind.

This oldest consumers in this next group are approaching their mid-20s, so financial institutions must think about tweak their marketing if they hope to reach them in an meaningful way.

Farmers & Merchants expanding in northeast Indiana with Ossian deal

The company will pay $20 million in cash for a bank with two branches and $58 million of loans.

New Chapter 11 Filing – Renovate America, Inc.

On December 22, 2020, San Diego, California-based Renovate America, Inc., an environmentally-friendly home improvement financing company, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of

New Chapter 11 Filing – Renovate America, Inc.

On December 22, 2020, San Diego, California-based Renovate America, Inc., an environmentally-friendly home improvement financing company, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of