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A recent FCC ruling lumps legitimate businesses in with the telemarketing abusers and will hold banks to unrealistic standards.

Read More from: BankThink

8 hours 1 min ago
Do shoppers suffer too much in bankruptcy, or should they be expected to share the pain? As a general rule, shoppers do better than other unsecured creditors in bankruptcy because companies want to take care of their loyal customers. Warranty programs, return policies, gift cards and other similar customer loyalty programs are usually assumed and honored in a restructuring. The one area where shoppers have a realistic concern is in the area of data collection. Many companies today collect and hold significant data on their customers that, in the event of a sale in bankruptcy to a third party, can increase recoveries to creditors and other stakeholders. Not surprisingly, shoppers often do not want that data sold. Coming to the right answer requires a balancing of the legitimate privacy expectations of a shopper against the goal of maximizing the value of the estate for all stakeholders. On balance, I believe the sale of this information along with the rest of the business to a third-party buyer should be permitted so long as the sale in bankruptcy ensures that there are certain necessary checks in place. While not an exhaustive list, the following protections may help:

Read More from: WSJ.com: Bankruptcy Beat

8 hours 26 min ago
Authored by Robert E. Pinder of Rogers TowersIt’s official – TRID will take effect on October 3, 2015. As we have previously discussed, ever since the Dodd-Frank Act mandated new, regime-changing, mortgage disclosures, the banking industry has been diligently preparing for the day that the Consumer Financial Protection Bureau (CFPB) implements a Truth-in-Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Mortgage Disclosures Rule – and now we know that that day will be October 3, 2015. TRID was originally slated to go into effect on August 1, 2015 but, on June 17, 2015, CFPB Director Richard Cordray issued a statement proposing a delay of TRID’s effective date until October 1, 2015. Then, on June 24, 2015, the CFPB followed up on the Director’s statement by issuing a proposed rule that would extend TRID’s effective date until October 3, 2015 (the additional 2 day delay allowed for a Saturday implementation, a schedule preferred by industry stakeholders).

Read More from: Florida Banking Law Blog

8 hours 35 min ago
Wall Street Journal Hillary Clinton's connections to UBS, which has made donations to the family's charitable foundation, comes under the spotlight in a lengthy article. While secretary of state, Clinton worked out a deal between UBS and the Internal Revenue Service; the IRS was trying to obtain information on Americans suspected of trying to dodge taxes through secret Swiss bank accounts. Following Clinton's involvement in the matter, which was seen to have greatly helped UBS, theÂ...

Read More from: BankThink

9 hours 1 min ago
Here's an opportunity to supervise a consumer financial protection clinic that has done some great work - information on the position and how to apply here

Read More from: Credit Slips

9 hours 57 min ago
John Greim/LightRocket/Getty Images
A bankruptcy judge won’t let Caesars Entertainment quickly appeal a ruling that lets lawsuits move ahead against its parent company. 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.”) Optim Energy LLC won approval of its bankruptcy-exit plan, WSJ reports. A bankruptcy judge approved a settlement with Bernard Madoff trustee Irving Picard that will give investment firm Plaza Investments International Ltd. at least $58 million, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

10 hours 22 min ago
The SEC has announced an open meeting next Wednesday, August 5, 2015 at 10:00 am, to consider final adoption of the pay ratio rule.  It is scheduled to be the last of three rule-related topics, the others pertain to security-based swap dealers.
1 day 8 min ago
Both well meaning friends and creditors will tell you myths about filing bankruptcy. Dispel the myths about filing bankruptcy and be informed about your financial choices. http://ow.ly/QfqXOFiled under: Uncategorized
1 day 3 hours ago
Wall Street’s credit giants face slim pickings in their search for cheap bonds and loans to buy, but they’re still finding opportunities in European real-estate and the commodities-related sectors like oil-and-gas.
Bloomberg News
That’s according to  senior executives at credit-investing giants Oaktree Capital Group LLC and Blackstone Group LP, who shared thoughts on distressed investing on earnings calls in recent weeks. Wednesday, Apollo Global Management LLC was the latest to weigh in. Here are common themes from the calls: 1. Distress remains hard to find. With interest rates near zero and the U.S. economic climate benign, the default rate among U.S. corporate high-yield debt issuers sits at just 2% the year through June, according to Moody’s Investors Service. As such, “the supply of corporate distressed debt opportunities has been muted,” Oaktree co-chairman Bruce Karsh said Tuesday.

Read More from: WSJ.com: Bankruptcy Beat

1 day 3 hours ago
Debtors and creditors alike should understand that no debt restructuring option is perfect and that different options have advantages and disadvantages. To learn more, click on the link below to an article recently published by the online news site Hotel News Now: http://www.hotelnewsnow.com/Article/16344 The post Alternatives to a Bankruptcy Filing appeared first on Insolvency Insights.

Read More from: Insolvency Insights

1 day 3 hours ago
The American Bankruptcy Institute Commission to Study the Reform of Chapter 11 released its long-awaited, much-anticipated Final Report and Recommendations on December 8, 2014. Since the release of the Report, the Weil Bankruptcy Blog provided our readers with summaries of the most interesting and important issues addressed in the Report.  The ABI Commission was established in recognition of the “general consensus among restructuring professionals” that the time has come to evaluate U.S. business reorganization laws as a result of numerous changes that have occurred since the Bankruptcy Code was enacted in 1978. Some of the changes cited by the ABI Commission include the following:
  • more complex corporate structures with more leverage and, in particular, secured debt;
  • companies’ asset values driven less by hard assets and more by services, contracts, intellectual property, and other intangible assets;
  • greater prevalence of multinational operations; and
  • changed composition of creditor classes in light of claims trading and derivative products.
1 day 4 hours ago
Earning a substantial return on your investment feels good. You know what feels better? Donating money without an expectation of earning anything in return. When teenager Farrah Soudani was critically injured in the Aurora, Colorado, movie theater massacre in November 2012, her family, friends and social networking connections donated $171,525 in 15 months, via 6,088 donations, on the GoFundMe crowdfunding platform to help pay her medical expenses. Read more here.
1 day 5 hours ago
Do shoppers suffer too much in bankruptcy, or should they be expected to share the pain? Customers have become more vocal about their losses in retail bankruptcy cases and have been more willing to take legal action to have their claims heard. The Federal Trade Commission and state attorneys general have also intervened on behalf of consumers either to protect the privacy of customer data or to collect the value of unredeemed gift cards—notably, in the ongoing RadioShack bankruptcy. Customer consternation when a retailer files for bankruptcy is understandable, but the potential losses customers may bear doesn’t justify giving such creditors additional safeguards in the bankruptcy process. The march to protect special interests could disrupt the level playing field the bankruptcy code seeks to establish.

Read More from: WSJ.com: Bankruptcy Beat

1 day 5 hours ago
While rising rates may temporarily improve net interest margin and profits, they will not increase bank stock prices for at least three reasons.

Read More from: BankThink

1 day 6 hours ago
Do shoppers suffer too much in bankruptcy, or should they be expected to share the pain? All bankruptcy filings follow an orderly, court-driven process designed to fairly address the claims of all stakeholders. Unfortunately, companies don’t have the power to favor consumers over other creditors. However, consumers are better served by measures that smart business owners will take to keep customers happy. Ultimately, the future viability of a business emerging from bankruptcy will rest in the hands of its customers. While the law itself is generally focused on the settlement of creditor claims, maintaining customer goodwill should be of paramount concern to any potential successor owner. Thus, most of the protections afforded to customers during the bankruptcy process don’t stem from a legal obligation, but rather from practical considerations.

Read More from: WSJ.com: Bankruptcy Beat

1 day 6 hours ago
Among its other effects, the Puerto Rico debt crisis has dramatically increased the number of public figures and politicians whose verbal repertoire includes the term "chapter 9." Bondholders' resistance to chapter 9 access for Puerto Rico municipalities is fueled in part by an earlier public debt crisis: Detroit. As suggested in my Credit Slips posts, Detroit made some new law but its major lasting legacy is procedural. I just posted a draft article, based on original empirical research, documenting that procedural blueprint, Federalism Form and Function in the Detroit Bankruptcy. It shows the paths by which the federal court became a major institutional actor throughout Detroit's restructuring.

Read More from: Credit Slips

1 day 7 hours ago
Do shoppers suffer too much in bankruptcy, or should they be expected to share the pain? With the recent increase in retail bankruptcies, more shoppers understand that they share the pain that lenders, suppliers and even employees and retirees now expect when they hear of a bankruptcy filing. While this heightened sensitivity is not without good reason, shoppers actually fare pretty well in comparison to other creditors, since as customers they are not just creditors but also an important asset! Several of the most prevalent consumer concerns include the redemption of unused gift cards, the recovery of deposits if goods aren’t shipped and the protection of personally identifiable information to avoid identity theft and new, perhaps unwanted, solicitations.

Read More from: WSJ.com: Bankruptcy Beat

1 day 7 hours ago
Regulators have given the merger between CIT Group and OneWest Bank the green light Â-- so long as CIT comes up with a revised Community Reinvestment Act plan. This condition is good news for the low-income communities impacted by the merger and sets a strong precedent for regulators' review of future bank deals.

Read More from: BankThink

1 day 8 hours ago
Wall Street Journal The rate of home-price appreciation has slowed, according to the S&P/Case-Shiller Home Price Index for May, which economists say is a good sign more potential buyers will soon be able to afford to buy. After home prices increased at low double-digit percentage rates per month in 2013, price gains per month this year have hovered just above 4%. A recent report from the National Association of Realtors was somewhat misleading. NAR said median...

Read More from: BankThink

1 day 8 hours ago
(by Elizabeth Carden of the ABI) (by Dave’s iPhone) The American Bankruptcy Institute held its 20th Annual Southeast Bankruptcy Workshop on Amelia Island last week. At the conference, we heard Prof. Michelle Harner, the Reporter for the ABI Commission Report, talk about the Commission’s recommendations regarding “structured dismissals.” That’s fitting because that is the focus of this post in Plan Proponent’s series on the plan confirmation-related recommendations in the ABI Commission Report (and, in particular, its Exiting the Case piece). In this post, we’ll wrap-up the Exiting the Case piece by covering Section G of the Report regarding “Orders Resolving Chapter 11 Cases.” Background

Read More from: Plan Proponent

1 day 10 hours ago

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