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

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Treasury Department FCU gets field-of-membership expansion

The Washington, D.C.-based institution could see its membership grow by as much as 72% now that federal regulators have approved the move.

Visa-Plaid deal highlights need for more scrutiny of M&A

The incoming Biden administration must take steps to block mergers that could create monopolies, such as Visa's pending acquisition of a competitor.

Marzol, deputy to FHFA director, plans to retire

Adolfo Marzol came to the agency after a stint at HUD and a 30-year career in the mortgage industry. He will depart on Dec. 18.

Webster Financial to trim branch network by 17%

The Waterbury, Conn., parent company of Webster Bank joins a fast-expanding list of banks reducing the size of their branch networks to save money and focus on digital capabilities.

Citi CEO says long-term productivity may suffer with remote work

Citigroup’s Michael Corbat said he’s worried about potential long-term negative effects after many of his employees spent the vast majority of 2020 working from home.

New Chapter 11 Filing – Francesca’s Holding Corporation

On December 3, 2020, Francesca’s Holding Corporation, a Houston-based apparel, jewelry, accessories, and gift retailer with approximately 558 locations in 45 states, and its subsidiaries filed petitions for relief under Chapter 11 of the Bankruptcy

New Chapter 11 Filing – Francesca’s Holding Corporation

On December 3, 2020, Francesca’s Holding Corporation, a Houston-based apparel, jewelry, accessories, and gift retailer with approximately 558 locations in 45 states, and its subsidiaries filed petitions for relief under Chapter 11 of the Bankruptcy

First Mid in Illinois discloses plan to close branches

The company is looking to shutter 10 of its 63 branches over coming months, reflecting a shift in customer preferences.

Stripe teams up with big banks; Waller confirmed to the Fed by a hair

The payments processor will offer banking products to its customers through Goldman Sachs and Citigroup; but Judy Shelton’s nomination remains in doubt.

Credit union-bank deals could pick up as pandemic recedes

Acquirers shelved plans to buy banks this year as the coronavirus became widespread but a combination of factors in the months ahead could spur the confidence to restart those conversations.

Why is Fannie Mae abandoning a practice that shields it from risk?

Fannie hasn't completed any credit risk transfers to private investors since the second quarter. Some experts worry the decision — likely spurred by the company’s concerns about a recent capital regulation — could put the mortgage giant on unsteady

Boom-year for financial services M&A still has more to come

Thanks to a frenzy of transactions in the past week, 2020 is already the second-busiest year since the financial crisis for deals involving banks, financial technology companies, insurers and asset managers.

Biden’s Heavy Load

In the aftermath of the November elections, we thought it worthwhile to revisit the economic and market risks Biden is facing. Inflation. Thus far this year, we have seen a drop in the dollar vs. other currencies. We have also seen a pretty big

OCC announces effort to support minority-owned banks

The initiative is the latest offshoot of Project REACh, which was developed by the OCC over the summer to bring together bankers, community leaders and civil rights organizers in an attempt to expand access to credit.

Goldman Sachs and Citi to offer bank accounts through Stripe

The banks will aim to attract new small-business customers by targeting the merchants that use Stripe's payment processing platform.

Panel of regulators flags financial stability risks from pandemic

The economic fallout from COVID-19 has highlighted systemic concerns about commercial real estate exposure, business debt and short-term wholesale funding, the Financial Stability Oversight Council said in an annual report.

New York State Uniform Voidable Transactions Act

New York has adopted a new Uniform Voidable Transactions Act (“NYUVTA”), to replace New York State’s existing fraudulent conveyance law, which was over 100 years old. NYUVTA is effective as of April 4, 2020. Transfers that occurred prior to April 4

Share insurance fund reforms can't wait

A number of reasonable changes to the National Credit Union Share Insurance Fund could help NCUA avoid charging premiums.

Coin shortage persists ahead of holiday shopping rush

As Congress moves to spur more coin production, banks and retailers are running campaigns urging consumers to empty their piggy banks to get more change into circulation.

Large credit unions deepen their stake in PPP lending

New analysis from S&P shows credit unions near $1 billion of assets and above continuing to dominate the industry's performance in the Paycheck Protection Program as some CUs dedicate a substantial portion of their portfolios to the effort.