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Sexism is less blatant than in the "Boom-Boom Room" era, but women aren't yet treated like equals at the male-dominated Wall Street firms. A community bank CEO takes a contrarian approach to underperforming branches, staffing up instead of closing them down, and Bank of the West embeds star employees at nonprofits as leadership training. Also, FinCEN's Jennifer Shasky Calvery in her final congressional hearing, a swipe at Brexit sexism, and is the fact that uniforms are going out of fashion a good thing for gender equality?

Read More from: BankThink

10 hours 32 min ago
A few weeks ago I wrote an article to warn plaintiff attorneys to be careful to ensure that their clients who have previously filed bankruptcy to ensure that all claims they have against third parties are reported on the bankruptcy schedules.  (Plaintiff’s Attorneys Beware: Your Client’s Bankruptcy Case is About to Sock You Right Between the Eyes)  Well,  . . .  it just happened to a lady in Minnesota. (See Cover v J.C. Penny Corporation, Civ No 15-515, District of Minnesota). The significant aspect of this case is that the debtor, April Cover, failed to report a discrimination claim on her bankruptcy schedules but she did verbally tell the bankruptcy trustee about the claim. Not good enough says the Minnesota court.  Actual verbal notice of a claim is not enough.  Audio recordings of the court meeting between the trustee and the debtor disclose that the discrimination claim was reported to the trustee.  There is no question that the debtor disclosed her claim, but without formally amending the bankruptcy schedules a debtor is legally barred from pursuing recovery in subsequent litigation.
10 hours 32 min ago
Bad credit can haunt you for years. It affects everything from your home purchase to your bills to renting an apartment. Some employers even check your report before hiring you. A newly proposed bill aims to improve the system.California representative Maxine Waters recently introduced the “Comprehensive Consumer Credit Reporting Reform Act,” which calls for some pretty significant changes to credit reporting. Ideally, those changes would protect consumers from incorrect information and outdated debt. The bill would also give the Consumer Financial Protection Bureau authority to monitor credit scoring practices. There are a lot of interesting updates proposed in the bill, including section 401, which “shortens the time period that most adverse credit information stays on consumer reports.” In general, most negative items stay on your report for seven years, but the bill would change that to four. In addition, the bill aims to make credit reports more accessible to the consumer, give consumers more time before medical debts are added to a report, and make it easier for student debtors to repair their credit.

Read More from: Shenwick & Associates

11 hours 11 min ago
When Can a Subsidiary Be Liable for the Actions of Its Owners?
11 hours 28 min ago
This is the second article in a blog series on emergency savings and financial security. Check out the first blog article, “Study Finds That Most Americans Can’t Cover Unexpected Emergency Expenses.” Far too many Americans only think about their short-term economic interests and don’t give enough thought to their long-term financial security. Just because a person has a job today does not mean that they will have that same job, or a better job, in the future. As a result, a majority of Americans are unprepared when an emergency strikes and they need quick cash to cover the unanticipated expenses. One of the best ways to protect against a financial nightmare is to make sure you have an emergency fund to help you deal with the unexpected. For example, a study conducted by the Urban Institute found that even a small amount of savings can go a long way toward ensuring that you don’t go bankrupt or lose your home when an emergency arises.
11 hours 51 min ago
H.R. 5278, containing debt restructuring authority and an oversight board for Puerto Rico, inched closer to passage after yesterday's approval by the House Natural Resources Committee. A combination of Rs and Ds rejected amendments that would have unraveled the compromise (scroll here for the amendments and their fates). They indicated an appreciation for the automatic stay, for the downsides of exempting classes of debt from impairment, and even for the assumption of risk taken by recent bond purchasers (bond disclosures quoted!). The discussion reflected the creditor-versus-creditor elements of the problem and the need for a legal mechanism to discourage holdouts and encourage compromise. Even though they have been asked not to call it "bankruptcy" (or to say "control board"), it was clear they know the restructuring provisions come from Title 11 of the U.S. Code.   

Read More from: Credit Slips

11 hours 59 min ago
I get asked the question, “What if I die before my case is completed?”  You might be thinking to yourself why would it matter at all what happens as it won’t affect the deceased person.  Well, these clients have often worried about these bills so long that they don’t want their heirs or loved ones having to do the same with their debt after they die.  But in reality it really is a good question as a debtor’s death does have consequences for his or her survivors.  Fortunately, absent a co-signing with the heir, when people die, their debts are not passed on to their heirs.  The creditor, however, can still go after the property of the deceased to satisfy the debt.  This can affect how much property the heirs of the deceased will receive. The answer though ultimately depends on whether they are filing a Chapter 7 or Chapter 13 Bankruptcy case. Death Before Chapter 7 Discharge

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

12 hours 11 min ago
Click Here to View Bernstein-Burkley’s Spring 2016 Newsletter Included in the newsletter: When Extending Credit to a Customer, Begin with the End in Mind Travis Knobbe Joins as Partner, Expanding Firm’s Litigation Practice Group The Five Minute Legal Master Series: The Appeals Process Congratulations to Robert Bernstein who was recently inducted as a fellow by the American College of Bankruptcy Bernstein-Burkley was named a Tier 1 law firm by US News – Best Lawyers 2016 “Best Law Firms” Four Bernstein-Burkley partners have been recognized by the 2016 Super Lawyers List The post Bernstein-Burkley Spring 2016 Newsletter appeared first on Bernstein-Burkley, P.C..

Read More from: Bernstein-Burkley, P.C.

13 hours 28 min ago
In the ongoing melee between the two major players, strong authentication has been put on the backburner in favor of the respective economies of implementing chip card technology.

Read More from: BankThink

13 hours 32 min ago
Authored by Courtney GaverIn a win for creditors, the Supreme Court of the United States has taken an expansive view of the type of fraud that will prevent a debtor from discharging his debts in bankruptcy. The Court’s decision in Husky International Electronics, Inc. v. Ritz settles a circuit split over whether the Bankruptcy Code prohibits debtors from discharging debts obtained by purposeful concealment where the debtor does not make a misrepresentation to the creditor. The facts of Husky center on an individual who served as the director and part owner of the debtor corporation. The corporation owed the plaintiff creditor nearly $164,000. Instead of paying the debts, the director transferred large sums of cash from the corporation to other entities he controlled. The plaintiff attempted to hold the director personally liable for the corporation’s debts which resulted in the director filing for Chapter 7 bankruptcy protection. In bankruptcy, debtors are prohibited from discharging debts “obtained by . . . false pretenses, a false representation, or actual fraud.” 11 U.S.C. § 523(a)(2)(A). The director argued that because he did not make any misrepresentations the conveyances did not rise to the level of “actual fraud.”

Read More from: Florida Banking Law Blog

14 hours 15 min ago
[wsj-responsive-image P="//art.wsj.net/api/photos/35478770/smartcrop?height=499&width=749" J="//art.wsj.net/api/photos/35478770/smartcrop?height=639&width=959" M="//art.wsj.net/api/photos/35478770/smartcrop?height=853&width=1280" caption="This photo shows the Cathedral of Our Lady of the Rosary in Duluth, Minn., Monday, Dec. 7, 2015. A bankruptcy judge ordered the diocese into mediation with abuse victims." credit="Associated Press" placement="Inline" suppressEnlarge="false" ] A bankruptcy judge ordered the Roman Catholic Diocese of Duluth, Minn., and lawyers for more than 100 clergy sexual abuse victims to a three-day mediation session in July. Court papers filed this week show that Judge Gregg Zive, a Nevada bankruptcy judge, will serve as the mediator at a conference slated to begin July 19, at the U.S. Bankruptcy Court in Minneapolis. The Diocese of Duluth, which is home to more than 55,000 parishioners, filed for bankruptcy in December after a jury awarded more than $8 million to a man who said he was sexually abused in the late 1970s by a priest working in the diocese. The diocese has said it knew nothing about the abuse and couldn’t have prevented it.

Read More from: WSJ.com: Bankruptcy Beat

15 hours 18 min ago
Recent legislative proposals to make piecemeal changes to the government-sponsored enterprises could set broader GSE reform on the wrong path.

Read More from: BankThink

16 hours 2 min ago
Receiving Wide CoverageÂ... Citigroup was fined $425 million by the U.S. Commodity Futures Trading Commission Wednesday, for claims that it tried to manipulate several interest-rate benchmarks between 2007 and 2012. However, it appears the bank could avoid any criminal charges, as the Department of Justice said it had closed its investigation already told Citi it would not prosecute over Libor. Wall Street Journal, Financial Times, New York Times. Wall Street Journal Â...

Read More from: BankThink

16 hours 32 min ago
[wsj-responsive-image P="//art.wsj.net/api/photos/31690525/smartcrop?height=499&width=749" J="//art.wsj.net/api/photos/31690525/smartcrop?height=639&width=959" M="//art.wsj.net/api/photos/31690525/smartcrop?height=853&width=1280" caption="New York financier Lynn Tilton speaks with her attorneys after her hearing at the U.S. District courthouse in New York, May 11, 2015. Alvarez & Marsal is seeking more information on the Zohar investment vehicle she founded.. " credit="Reuters" placement="Inline" suppressEnlarge="false" ] Alvarez & Marsal wants a court order to force Lynn Tilton and her Patriarch Partners firm to cough up more information on the Zohar investment funds Ms. Tilton founded. The Wall Street Journal has the Daily Bankruptcy Review article here. (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.”) WSJ reports on the approval of a bipartisan Puerto Rico rescue bill by a House committee.

Read More from: WSJ.com: Bankruptcy Beat

17 hours 54 min ago
Student Loan Discharge is an issue this election Happy Horses in a Field year.  So, we will get bills introduced about Student Loan Discharge. And another bill. And more bills.  Which have no chance of passing because this is late into an election year, when all our public servants do is work to keep their seat at the public trough. Such bills are the equivalent of what the horses in the picture leave behind on the ground. Nevertheless, let’s look at a recent Student Loan Discharge proposal. Student Loan Forgiveness Tax Repayment Act This one is bi-partisan!  One could define this as having at least one scoundrel from each party behind it.  So, call me a cynic.
The bill, the Stop Taxing Death and Disability Act, would save families from big tax bills when federal student loans are forgiven after death or disability.
This one is also, a re-tread, having been introduced in – you guessed it, the last election year, 2014. So, good idea, yes.  Chance of passage, not so much. Still, keep your eyes on the current crop of idiots running for office and what they say about Student Loan Discharge. The Supreme Court Does Not Want To Say Anything

Read More from: Discharge Student Loan

1 day 57 min ago
POT OF GOLD By Donald L. Swanson A sale in bankruptcy of assets owned by Norton Networks Inc. results in a $7.3 billion (yes, that’s $7,300,000,000) pot of gold for creditors. Guess what: creditors can’t agree on how to divide the pot. So what do creditors do instead? They spend $2 billion from the pot of gold on professional fees to fight over the pot. And the fight isn’t finished. It’s not as if the parties have refused to negotiate. They’ve held at least four rounds of mediation. But all mediation rounds fail. So . . . the parties are still battling . . . and using up the pot of gold in the process. The U.S. bankruptcy case is pending in Delaware at Case No. 09-1018 (yes, the “09” in the case number reveals the 7-year age of the case). The Bankruptcy Court, in its Opinion dated May 12, 2015 (Doc. 15,544) on how the $7.3 billion sale funds should be allocated and distributed, makes this finding: –The parties “have submitted widely varying approaches” for deciding the distribution issue, “leaving virtually no middle ground.” Both sides have “strong criticism” of the other’s distribution methodology and are “sparing no expense” in fighting the battle. How could this using-up-the-pot-of-gold happen? Here are two explanations: 1. Vexing complexity.

Read More from: Mediatbankry

1 day 4 hours ago
Perhaps Next Time the Debtor Will Speak Up a Little Sooner
1 day 10 hours ago
One of the goals of the Bankruptcy Code is to provide a debtor with a fresh start. The discharge of prepetition debts at the conclusion of a bankruptcy case is one of the most important ways to attain this fresh start.  On May 16, 2016, the Supreme Court made it harder for debtors to obtain a fresh start by broadening an exception to discharge. Section 523(a)(2)(A) of the Bankruptcy Code provides that an individual debtor is not discharged from any debt “for money, property [or] services … to the extent obtained by false pretenses, a false representation, or actual fraud[.]” Circuits split as to whether actual fraud under Section 523(a)(2)(A) requires an affirmative misrepresentation; the Fifth Circuit had held that this was a necessary element to prevent discharge, but the Seventh Circuit had held that “actual fraud” encompassed a broader range of behaviors. The Supreme Court resolved this split, rejecting the Fifth Circuit’s narrow interpretation and finding that the term “actual fraud” does not need to include an affirmative misrepresentation by the debtor. With this broader reading, debtors will be unable to discharge prepetition debts where there is evidence that they inappropriately siphoned of their assets prior to filing for bankruptcy. Husky Int’l Elecs., Inc. v. Ritz, No. 15-145, 2016 WL 2842452 (U.S. May 16, 2016). Background.
1 day 12 hours ago
When it comes to earning consumer loyalty with user-friendly mobile banking tools, everyday interactions can matter more than momentous ones.

Read More from: BankThink

1 day 13 hours ago
The debate over speeding up payments transactions should consider the necessity of allowing consumers time to rethink and abort their purchases.

Read More from: BankThink

1 day 16 hours ago

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