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Is being customer-centric a goal at your bank? YouÂ'll need to master these five practices to align employee behavior with your desire to improve the customer experience.

Read More from: BankThink

11 hours 23 min ago
Want customers and noncustomers to hold your bank in high regard? Then get executives to offer thought leadership on social issues, rather than just having them be a mouthpiece for quarterly earnings. That's what the Reputation Institute recommends, as leadership replaces performance as a key driver of bank reputations.

Read More from: BankThink

11 hours 23 min ago
MORTGAGE SERVICERS ARE VIOLATING CFPB RULES DUE TO ONGOING TECHNOLOGY FAILURES AND PROCESS BREAKDOWNS Consumer Financial Protection Bureau (CFPB) released a special report focused on mortgage servicers. The report found that some mortgage servicers continue to use failed technology that has already harmed consumers. Mortgage servicers bully innocent homeowners. According to the CFPB Mortgage servicers are responsible for collecting payments from the mortgage borrower and forwarding those payments to the owner of the loan. They handle customer service, collections, loan modifications, and foreclosures. Even before the financial crisis, the mortgage servicing industry at times experienced problems with bad practices and sloppy recordkeeping. As millions of borrowers fell behind on their loans because of the crisis, many servicers were unable to provide the level of service necessary to meet homeowners’ needs.
11 hours 32 min ago
On June 15, 2016, National Public Finance Guarantee Corporation, an indirect subsidiary of MBIA Inc. (“NPFG”) commenced an action in the United States District Court for the District of Puerto Rico against the Governor of Puerto Rico and certain other officials in an action styled under the caption National Public Finance Guarantee Corporation v. Alejandro Gracia Padilla et. al, No. 16-CV-2101 (FAB), seeking a declaratory judgment that Puerto Rico’s Emergency Moratorium and Financial Rehabilitation Act (the “Moratorium Act”) adopted by Puerto Rico is preempted by the Bankruptcy Code and violates the United States Constitution.
16 hours 43 min ago
In recent memory, the city of Chicago had a slogan that was plastered all over town.  You would see it in campaign ads, hear it on the radio, see it written in the newspaper and talked about in City Hall. Chicago was declared the “city that worked.” It was the model case, the shining example+ Read More The post Chicago, The City That Works: Not So Much During Saturdays Hours appeared first on David M. Siegel.
16 hours 43 min ago
In the first decision, on June 9, 2016, the United States Supreme Court affirmed the judgment of the Supreme Court of Puerto Rico that Puerto Rico and the United States are not separate sovereigns for purposes of the Double Jeopardy Clause contained in the Fifth Amendment of the U.S. Constitution in the appeal styled under the caption Commonwealth of Puerto Rico v. Sanchez Valle, No. 15-108. Opinion. Sanchez Valle was the first of two appeals heard by the U.S. Supreme Court this term involving Puerto Rico. On June 13, 2016, the US Supreme Court also confirmed the decisions by the Court of Appeals for the First Circuit and by the United States District Court for the District of Puerto Rico that Puerto Rico’s Debt Enforcement & Recovery Act (DERA) was unconstitutional in the appeals styled under the caption Puerto Rico v. Franklin California Tax-Free Trust, 15-233, and Acosta-Febo v. Franklin California Tax-Free Trust, 15-255 (the “Franklin Fund Appeals”). Opinion. We previously covered the First Circuit’s decision here.
16 hours 46 min ago
Earlier this month, Judge Sontchi dismissed an intercreditor adversary complaint filed in 2014 by the Energy Future Holdings (“EFH”) first-lien trustee against the second-lien noteholders.  At issue in this decision, Delaware Trust Co. v. Computershare Trust Co. (In re Energy Future Holdings Corp.) was whether the first-lien trustee could, pursuant to the terms of the intercreditor collateral trust agreement (“Collateral Trust Agreement”), recover from the second-lien noteholders (who had received a partial paydown of their notes by the debtors) approximately $488 million, the amount of a premium payable under the first-lien indenture upon an early, voluntary repayment of the first-lien notes (the “Applicable Premium”).  The court found that because the debtors had no obligation to pay the Applicable Premium, the Collateral Trust Agreement did not provide for turnover of the Applicable Premium amount from the second-lien noteholders.  Background
18 hours 53 min ago
A recent decision from the Bankruptcy Court for the District of Delaware further puts into doubt so-called bankruptcy blocking tactics. And the opinion from In re Intervention Energy Holdings, LLC, No. 16-11247, 2016 Bankr. LEXIS 2241 (Bankr. D. Del. June 3, 2016), is especially notable because it relies on federal public policy, rather than state law, in concluding that a provision in a limited liability company governance document was void because it “eviscerated[d] the right of that entity to seek federal bankruptcy relief.” While the Intervention Energy court’s reasoning was limited to its particular facts, and although the court explicitly declined to determine the scope of limited liability company members’ freedom to contract under applicable state law provisions, the opinion raises an additional uncertainty regarding the use of contractual blocking tactics.

Read More from: eSQUIRE Global Crossings

19 hours 57 min ago
A more nuanced view than the two opposing camps supporting or denigrating Dodd-Frank seeks to make banks profitable while ensuring consumers are protected and benefit from economic growth.

Read More from: BankThink

21 hours 23 min ago
Jeffrey D. Pawlitz has joined law firm King & Spalding as a partner in the financial restructuring group. Mr. Pawlitz, who most recently worked with Kirkland & Ellis in Chicago, will be based in New York. He has advised managers and directors in chapter 11 cases and out-of-court restructurings. He has also advised private-equity firms and hedge funds. Mr. Pawlitz has worked on well-known chapter 11 cases including Caesars Entertainment Operating Co., Dolan Co. and Friendly’s Ice Cream Corp. Jessica Peterson McKinlay has joined law firm Dorsey & Whitney and will be of counsel in the financial restructuring group. She has represented debtors, creditors, trustees and others in bankruptcy court and related litigation. Most recently, she was a shareholder in the bankruptcy and creditors’ rights group at law firm Durham Jones & Pinegar.

Read More from: WSJ.com: Bankruptcy Beat

21 hours 51 min ago
On May 20, 2016, the Board of Governors of the Federal Reserve released their annual survey regarding the financial health of the U.S. Economy.  The report is titled the “Report on the Economic Well-Being of U.S. Households in 2015”.  This is a study the Federal Reserve conducts every year as a way of assessing the current financial health and well-being of U. S. Households.  Around this time last year, I wrote a blog post about the 2014 findings.  As with last year, a couple of items in the 164 page report caught my attention.  The findings in this year’s report are eerily similar to Unexpected $400 Expense Causes Financial Hardship for Most

Read More from: Bonds & Botes, P.C.

22 hours 35 min ago
Class action lawsuits are supposed to promote judicial efficiency, yet they mostly benefit plaintiff's lawyers while providing little for the people who are actually in the class.

Read More from: BankThink

23 hours 53 min ago
Receiving Wide Coverage ... Profiteering: For as much heat as the big banks get, some financial firms continue to operate with very little oversight at all. That's one takeaway from a New York Times series unveiled this weekend, Bottom Line Nation, which looks at the role private equity companies are playing in all facets of American life – from the emergency services industry to the mortgage business. ...

Read More from: BankThink

1 day 44 min ago
[wsj-responsive-image P="//si.wsj.net/public/resources/images/BN-OQ864_0626ha_P_20160626150922.jpg" J="//si.wsj.net/public/resources/images/BN-OQ864_0626ha_J_20160626150922.jpg" M="//si.wsj.net/public/resources/images/BN-OQ864_0626ha_M_20160626150922.jpg" caption="In a March 30, 2004, file photo, John Q. Hammons poses for a photo in his new 8,000 seat baseball stadium in Springfield, Mo. Hammons, a prominent hotel developer and southwest Missouri philanthropist, died May 26, 2013. A hotel company he founded filed for bankruptcy." credit="Associated Press" placement="Inline" suppressEnlarge="false" ] A Missouri-based hotel company founded by hotelier John Q. Hammons filed for chapter 11 bankruptcy protection with assets and debts each more than $1 billion, according to court papers. Read the Daily Bankruptcy Review article via The Wall Street Journal. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Read More from: WSJ.com: Bankruptcy Beat

1 day 1 hour ago
BANKRUPTCY COURT ORDERS BERNADETTE GUZMAN BARBA TO CEASE PREPARING BANKRUPTCY DOCUMENTS UNTIL REINSTATED  LEGAL DOX BY BERNADETTE, PHOENIX, AZ  – 2:16-mp-00002-DPC BANKRUPTCY COURT: IT IS ORDERED FINDING THERE HAS BEEN A VIOLATION UNDER 11 U. S. C. § 110(I)(1) IN CONNECTION WITH THE SERVICES BERNADETTE GUZMAN BARBA PROVIDED AND WAS TO PROVIDE TO MR. XXX  AND AWARDING SANCTIONS IN THE AMOUNT OF $2,000.00 TO BE PAID IN MONTHLY INSTALLMENTS IN THE AMOUNT OF $500.00 OVER THE NEXT FOUR MONTHS. PAYMENTS ARE TO BE DELIVERED TO XXXX.  IT IS FURTHER ORDERED DIRECTING MS. BARBA TO MAKE A COMPLETE DISGORGEMENT OF ALL FEES PAID BY THE OTHER DEBTORS AS EVIDENCED BY THE NOTICE OF RECIPIENTS DATED MARCH 29, 2016, AT DOCKET #5. THE PAYMENTS ARE TO BE MADE IN NO FEWER THAN THREE DEBTORS IN AGGREGATE AMOUNTS OF NO LESS THAN $550.00 PER MONTH WHICH PAYMENTS ARE TO COMMENCE AFTER MR. XXX HAS BEEN FULLY SATISFIED. IT IS FURTHER ORDERED ENJOINING BERNADETTE GUZMAN BARBA FROM ENGAGING IN ANY FURTHER BANKRUPTCY DOCUMENT PREPARATION WORK UNTIL SUCH TIME AS THE BOARD OF LEGAL DOCUMENT PREPARERS APPROVES HER RECERTIFICATION APPLICATION. UPON THAT RECERTIFICATION, SHE IS DIRECTED TO FILE AN APPROPRIATE MOTION WITH THIS COURT REQUESTING THAT SHE BE ALLOWED TO AGAIN PREPARE BANKRUPTCY DOCUMENTS IN THE DISTRICT OF ARIZONA.
2 days 12 hours ago
Prior to May 19, 2016, enforcing security against a financially-troubled O&G borrower in Alberta was a difficult proposition because the Alberta Energy Regulator (AER) had promulgated regulations to the effect that it would not license acquirers of producing wells unless potential environmental liabilities for the costs of abandonment, remediation and reclamation for non-producing wells were covered, either by the acquirer assuming the liabilities or posting the necessary R&R bonding. And because security enforcement typically occurs precisely when the borrower is in financial difficulty, the regulations scared away some buyers altogether, led to the continuing buyers to lower their purchases prices (because they had to assume the liabilities) and sometimes even required the foreclosing creditors themselves to provide the necessary bonding. That all changed on May 19. Or did it?

Read More from: Basis Points

3 days 18 hours ago
Gawker Media Group will head to bankruptcy court Monday in hopes of putting itself up for sale following a crippling legal judgment. The media company will ask the Manhattan bankruptcy court to sign off not only on its sale timeline, but also the stalking horse, or lead, offer from Ziff Davis LLC. Gawker, which publishes blogs under the banners of Gizmodo, Jalopnik and Jezebel, filed for bankruptcy earlier this month with a $90 million offer from Ziff Davis, the digital-media company and magazine publisher. The offer, however, is subject to higher bids. Gawker has mapped out a timeline that calls for other offers by July 27, and if needed, an auction to be held on July 29. The sale has already faced opposition from Hulk Hogan. Lawyers for the former professional wrestler, whose real name is Terry Bollea, recently filed a challenge to the sale plan, saying it would unfairly trade away potentially valuable legal rights that could ultimately boost Gawker creditors’ payout at the end of the bankruptcy. Mr. Bollea is a key creditor in Gawker’s bankruptcy proceeding because he won a $140 million judgment against Gawker and Chief Executive Nick Denton in a privacy lawsuit. Also Monday, teen retailer Pacific Sunwear of California Inc. will ask the Wilmington, Del., bankruptcy court to move its bankruptcy proceedings along. The teen retailer is specifically seeking approval to put its reorganization plan to a creditor vote.

Read More from: WSJ.com: Bankruptcy Beat

3 days 20 hours ago
The recent White House fintech summit was helpful in exposing companies to regulators, and vice versa, but we need to strengthen the lines of communications even more.

Read More from: BankThink

3 days 21 hours ago
iON Worldwide, LLC, a maker of point-of-view video cameras, has filed a chapter 11 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 16-11543).  The company indicates that it will seek to enter into a financial restructuring pursuant to the terms of a restructuring support agreement and has obtained debtor-in-possession financing.  The petition includes the consolidated list of top 20 creditors. Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino for more information.
3 days 21 hours ago
Chapter 13 Trustee, EDKY: Trustee's Blog The interest rate on secured IRS claims increased to 4%, effective with cases confirmed on or after April 1, 2016.  The rate is adjusted by the IRS quarterly, but had remained at 3% for more than four years.  The higher interest rate could make a difference in feasibility, so make sure you use the new interest rate in your calculations. Per 11 U.S.C. § 511, the interest rate payable on secured tax claims is determined by applicable nonbankruptcy law as of the calendar month in which the plan is confirmed.  You cannot modify the interest rate on a secured tax claim through the plan. By the way, the IRS tax lien (if notice is properly filed) encumbers everything, including exempt property.  11 U.S.C. § 522(c)(2)(B).  Keep that in mind when determining the secured value of the IRS’ secured claim. View original post
3 days 22 hours ago

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