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

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Fresh off IPO, Upstart aims to push boundaries of AI-based lending

The online lender, which raised $240 million, wants to take its artificial intelligence technology for evaluating borrowers to the next level and expand its partnerships with banks, its CEO says.

The Means Test Allows Health Care Before Creditors

The sweetest words in an otherwise miserable bankruptcy means test are found buried in a long paragraph of §707(b)(2)(A)(ii)(1): The debtor’s monthly expenses “shall include reasonably necessary health insurance, disability insurance and health

Wells Fargo to sell student loan book to Apollo, Blackstone

The $10 billion portfolio of what are described as high-quality private student loans will be serviced by Nelnet.

The OCC Is a Problem Agency

It's time to say it loud and clear: the OCC is a problem agency. Here's a list of only some of the issues from the past year: the fair access rule, toleration of rent-a-banks, the valid-when-made rule, the true lender rule (that the FDIC notably didn

Regulatory Comments to the OCC on the Fair Access to Financial Services Rule

I submitted comments to the OCC about its proposed rulemaking regarding Fair Access to Financial Services. I previously blogged on the topic here and here. There are a LOT of problems in this poorly thought-through rulemaking, starting with whether

NCUA's Hauptman elevated to vice chairman

This is the first time the agency has had a vice chairman since 2014.

Fed extends dividend restrictions after stress test results

The Federal Reserve's “mid-cycle” assessment — conducted in light of the uncertainty posed by COVID-19 — showed that several banks would maintain just the bare minimum level of capital under hypothetical scenarios.

Biden’s student loan pledge, Huntington’s TCF deal, banks’ digital scramble: Top stories of the week

What President-elect Biden’s pledge to forgive student loans means for consumer lenders; Huntington agrees to buy TCF Financial for $6 billion; banks play catch-up as customer shift to digital accelerates; and more from this week’s most-read stories.

Toomey's proposal to restrict Fed powers draws Democratic rebuke

The amendment backed by Sen. Pat Toomey and other Republicans to block the central bank from reviving CARES Act lending facilities has emerged as a flashpoint in congressional negotiations over pandemic relief.

Fed developing tools to help banks assess climate risk: Brainard

Speaking at a virtual event hosted by the Center for American Progress, Federal Reserve Gov. Lael Brainard said the agency is also seeking feedback on how the Community Reinvestment Act could be used to encourage lenders to invest in climate

New Chapter 11 Filing – 85 Flatbush RHO Mezz LLC

On December 18, 2020, Hollywood, FL-based 85 Flatbush RHO Mezz LLC and two subsidiaries, the owners of a twelve-story, mixed use property in Brooklyn, NY consisting of a 174 room boutique hotel on the first 6 floors (known as the Tillary Hotel

New Chapter 11 Filing – 85 Flatbush RHO Mezz LLC

On December 18, 2020, Hollywood, FL-based 85 Flatbush RHO Mezz LLC and two subsidiaries, the owners of a twelve-story, mixed use property in Brooklyn, NY consisting of a 174 room boutique hotel on the first 6 floors (known as the Tillary Hotel

NCUA approves smaller budget, but will it stick?

The spending plan passed in a party-line vote, but board member Todd Harper's objections indicate he could push for closer oversight if President-elect Joe Biden elevates him to the chairmanship.

“Have You Sent Us a Bank Statement for Every Account?”

The Hardest Question You’ll Get Asked at Your Bankruptcy Hearing Like most people, you will be stressed when you get ready for your bankruptcy hearing. People are worried they’ll be asked “How did you get into this mess?” Actually, that almost never

CFPB finalizes disclosure requirements for debt collectors

The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.

Should tellers and loan officers be near front of line for COVID vaccines?

Bank and credit union groups are pushing to include the industry’s front-line workers in the next priority group, but even as a recommendation is coming soon from a CDC advisory panel, the decision ultimately will be made state by state.

Warning to Directors of Selling Companies: Breach of Fiduciary Duty Liability May Exist for Failure to Investigate and Ensure Solvency of Company Post-Closing and Propriety and Effect of All Related Transactions (But You Can Protect Yourself)

A recent ruling from the United States District Court for the Southern District of New York sent shock waves through the legal and financial community, with some shouting that this “could be a gamestopper for the private equity business.”1 Although

Wells Fargo hires ex-BofA exec Michelle Moore to run digital platforms

Moore led development of Bank of America's virtual assistant, Erica, and was American Banker's Digital Banker of the Year in 2017.

Bankers all wrong on NCUA's subordinated debt plan

The rule change will allow credit unions to raise more capital to help their members, not line the pockets of investors, as bank lobbyists claim.

DOL Finalizes Proxy Voting and Shareholder Rights Rule

The U.S. Department of Labor (“DOL”) issued a final rule on December 11, 2020 to clarify how and when the ERISA fiduciary duties apply to the exercise of shareholder rights, including proxy voting, proxy voting guidelines and the use of proxy