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The contradictory nature of data privacy and anti-money-laundering rules in the U.S. and E.U. pose a big challenge for multinational banks. But the financial sector can help fix the problem by establishing industry standards that balance national security with individual rights.

Read More from: BankThink

6 hours 22 min ago
The SEC Office of Economic and Risk Analysis has made available on its website a lengthy working paper on proxy access, specifically on the trade-offs between universal proxy access through federal regulation and the “private ordering” of proxy access through shareholder proposals.
6 hours 49 min ago
Wall Street Journal The Federal Reserve wants big banks to monitor payments in real-time and they want it done now. JPMorgan Chase will meet with Fed officials this week to discuss the bank's response to the Fed's demands; CEO Jamie Dimon has said JPMorgan has assigned 400 people to the project, known in banker parlance as "intraday liquidity." Bank of New York Mellon is also at the top of the Fed's to-do list. ...

Read More from: BankThink

7 hours 10 sec ago
Authored by Adam B. Brandon of Rogers TowersOn July 22, 2015, the Department of Defense (DOD) issued its final rule implementing the Military Lending Act (MLA).  Enacted in 2006, the MLA seeks to protect active-duty military members and their dependents from predatory lending in high-cost consumer credit transactions.  The DOD exercises rule-making authority to delineate which types of transactions are covered by the law. Important provisions for lenders to note include: 36% cap on interest and fees.  The MLA limits the annual interest rate on covered loans to 36 percent.  Known as the Military Annual Percentage Rate (MAPR), this cap includes all interest and fees associated with a loan, including credit default insurance and debt suspension plans.  This definition of MAPR is broader than the APR calculation required by the Truth in Lending Act (TILA) or Regulation Z.

Read More from: Florida Banking Law Blog

8 hours 7 min ago
Defunct for-profit educator Corinthian Colleges Inc. won approval of a liquidation plan that will set aside some money for former students looking to discharge of loans, Daily Bankruptcy Review reports 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.”) The former RadioShack Corp. plans to refund some gift cards in full, DBR reports in WSJ. Sabine Oil & Gas Corp.’s unsecured creditors want to look into the company’s 2012 merger with Forest Oil Corp, DBR reports via WSJ. Bloomberg reports that Peabody Energy Corp. hired Lazard Ltd. to restructure its $6.3 billion in debt.

Read More from: WSJ.com: Bankruptcy Beat

9 hours 2 min ago
Series: Newbie Litigator School This webinar will highlight tips and tools of the trade when taking and defending a deposition. New litigators will gain insight from litigation experts how to effectively participate in a deposition. Read more here.
13 hours 33 min ago
We continue our bankruptcy cram course today with Part 2 of the Lookback Period – Eight Weeks. Property Co-Owner Not Off the Hook in Refusing to Sign Mortgage Ben Farrow’s piece, [Un]signed, Sealed, Delivered: Is It Still Yours? focused on equitable subrogation and how a lender might apply it when a property co-owner refuses to execute a new mortgage when the other co-owner refinances an earlier mortgage that was signed by both parties.  Applying D.C. law, the court in In re Stevenson allowed the subsequent lender to step into the shoes of the original lender under the jurisdiction’s  five-prong test for equitable subrogation:  (1) The new lender paid off the prior mortgage so it could protect its “own interest” by having a first priority mortgage; (2) the new lender did not “act as a volunteer” because the mortgage was consideration for its loan; (3) the new lender was not liable for the prior mortgage; (4) the proceeds from the new loan paid off the entire prior mortgage; and (5) subrogation would “not work any injustice to the rights of others.”  Ninth and Third Circuits Continue to Whittle (Hack?) Away at Equitable Mootness
1 day 1 hour ago
My blogging has been light the past few months as we have been working on the eighth edition of what will now be LoPucki, Warren & Lawless, Secured Transactions: A Systems Approach. For you secured transactions teachers out there, we have returned a first set of page proofs and everything looks on track for publication later this year well in advance of the spring semester. To get back into the blogging swing of things, I go to where else . . . bankruptcy filing data. Back in January, I predicted that total 2015 bankruptcy filings for the U.S. would be "somewhere around 800,000." Revisiting that prediction, the numbers seem right on track to meet it. According to data from Epiq Systems, there have been just short of 495,000 bankruptcy filings through July 31. In recent years, the bankruptcy filings for the first seven months of the year have been 61.2% of the annual total. Extrapolating, that would put us at 808,000 filings for the year. That would be a decline of 11.2% for 2015, on the heels of a decline of 11.8% in the prior year.

Read More from: Credit Slips

1 day 2 hours ago
Some thoughts on the latest dustup over venue in big chapter 11 cases, on Dealb%k.

Read More from: Credit Slips

1 day 2 hours ago
Supporters of the bankrupt Apache Railway in rural Arizona face a Nov. 30 deadline to find $7.2 million to pay off investors who they say will pull the railroad’s steel tracks out of the ground and sell them for scrap. Apache Railway officials negotiated that new deadline with investors, led by Los Angeles investment firm Hackman Capital Partners, who maneuvered to take over the 55-mile railroad because of an unpaid loan. The new deadline gives railroad supporters time to figure out whether they’ve qualified for a U.S. Department of Agriculture loan, which would pay off the investors, railroad lawyer Rob Charles told Bankruptcy Beat. The railroad’s operations, if dismantled, may be worth more than $11 million, leading local residents to worry whether that the economic lifeline will be shut down. Built in 1917, the railroad connects Snowflake, a desert town with a population of 5,590, with a bigger rail line in Holbrook in Navajo County. The effort to save the railroad has support from elected leaders, ranging from the mayor of Snowflake to U.S. Rep. Ann Kirkpatrick (D., Ariz.), who asked U.S. Department of Agriculture Secretary Tom Vilsack about the loan’s status at a congressional hearing in July.

Read More from: WSJ.com: Bankruptcy Beat

1 day 3 hours ago
Enjoy your money without worry about your creditors taking it from you. That describes asset protection. A substantial industry run by expensive professionals will scatter your money between interlocking partnerships and off-shore corporations to keep it away from those who might sue you. And, of course, a bunch of your money lands in their pockets. All to keep your assets safe from unexpected, catastrophic lawsuits. For most of us, we don’t need to go there:  Uncle Sam lays out the first step in asset protection. Retirement plans safe from creditors Federal law puts pensions, 401(k) plans, and employee benefit plans beyond the reach of even a creditor with a judgment. Any plan qualified under ERISA has an anti alienation clause that forbids transfer of plan benefits, except to the beneficiary. It takes no special set up, no costly maintenance, just regular savings in an appropriate plan to put your retirement assets beyond the reach of a financial catastrophey. If you file bankruptcy, ERISA qualified accounts don’t even come into the bankruptcy estate. It takes a plan To get the protection of law for retirement savings, they have to be in a plan.
1 day 6 hours ago
In March 2014 the European Commission issued a Recommendation considering a new approach to business failure and insolvency, targeting efficient restructuring of viable enterprises in financial difficulty and a second chance for honest entrepreneurs. The objective of this Recommendation was: “to encourage Member States to put in place a framework that enables the efficient restructuring of viable enterprises in financial difficulty” and to “give honest entrepreneurs a second chance.” Noting that the differing legal regimes across Europe negatively affect the level of recoveries to creditors,  access to cross border funding, the ability to restructure pan-European corporates, entrepreneurship, employment and innovation, the Recommendation contained detailed provisions seeking to harmonise insolvencies and restructurings throughout the EU and set out minimum standards for how it suggested this could be achieved. Last week the UK Government  published the results of a consultation it held during February and March 2015 into how the Recommendation would affect the UK, if implemented.

Read More from: eSQUIRE Global Crossings

1 day 6 hours ago
Wall Street Journal The paper has a story on Fannie Mae's revamped HomeReady program, designed to give help to low-income families in qualifying for low downpayment mortgages. Details of the program were outlined in American Banker on Tuesday. Wells Fargo expects to implement the program, said executive Brad Blackwell. Wells believes the program will help minority groups, although it may take some time to start working. ...

Read More from: BankThink

1 day 7 hours ago
For some people, filing for bankruptcy comes only when the money is gone and they’ve got no ability to repay their debts. But for one entrepreneur and his wife, filing  their Chapter 11 bankruptcy petition was a way to keep things going and ensure that everyone got paid. Craig Walker and his wife, Susan, filed for Chapter 11 bankruptcy in Colorado, estimating their assets at between $100 million and $500 million and liabilities at between $10 million and $50 million. The Walkers are officers, directors, shareholders or members of several companies, including Integrated Cable Systems Inc. of Longmont and Walker Component Group of Denver, which supplies cables and components used by Vestas Wind Systems’ wind turbines, as well as ranches, two malls, and the banks of Custer Bancorp and First Southwest Bank Corp. By all accounts, things are in fantastic shape. This doesn’t sound as if the couple needs to file for bankruptcy, does it? With plenty of money at their disposal and business interests that keep them financially fit, the last thing you’d expect would be a trip to the bankruptcy court.
1 day 7 hours ago
Retailer USA Discounters Ltd., which has been accused of misleading U.S. service members, filed for chapter 11 bankruptcy protection to wind down, Daily Bankruptcy Review reports 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.”) As DBR reports via WSJ, Relativity Media LLC won permission to continue on a fast sale timeline for its movie and TV business. Puerto Rico’s sewer and water authority, Prasa, is delaying a $750 million bond sale until at least next week, WSJ reports. According to Bloomberg, American Apparel Inc. is looking for advisers to help it come up with a bankruptcy restructuring plan.

Read More from: WSJ.com: Bankruptcy Beat

1 day 8 hours ago
BB Syndication Services, Inc. v. First American Title Ins. Co., 785 F.3d 825 (7th Cir. 2015) – A construction lender sued a title insurance company seeking defense and indemnification in connection with claims in a developer’s bankruptcy.  The district court found … Continue reading →
1 day 10 hours ago
If you want your bank to be one of the best to work for, you can pick up a lot of pointers from those in our third annual ranking.

Read More from: BankThink

1 day 18 hours ago
Whether it's in your branches, through your customer service lines, in your communities, or through mainstream or social media, it's your employees Â-- many of them millennials Â-- who can make or break your reputation with customers and prospects.

Read More from: BankThink

1 day 18 hours ago
The Weil Bankruptcy Blog has been busy writing about all the hottest bankruptcy issues, while at the same time giving you some longer weekends with our Bankruptcy Beach Reading light reading.  In the spirit of the back to school season (which has started for many students around the country even if the New York region still adheres to the post-Labor Day model), for the rest of this week we will be stepping back and giving you the CliffsNotes/Spark Notes/Masterplots (choose your generation) version of our entries over the last eight weeks.  Given the state of the stock market, don’t you think now is the time to start cramming?  Will We Ever Get to Test Whether a Bitcoin Exchange Is an Eligible Debtor?
2 days 2 hours ago
Authored by Samantha Alves Orender of Rogers TowersSecurities claims subject to arbitration proceedings are subject to the same statute of limitations as any other judicial action. In holding that section 95.011, Florida Statutes, applies to arbitration proceedings, the Florida Supreme Court effectively cut the time investors have to file a claim by up to two-thirds. Using statutory interpretation, the Florida Supreme Court in Raymond James Fin. Servs., Inc. v. Phillips, 126 So. 3d 186 (Fla. 2013), concluded that the Florida Legislature intended to subject arbitration proceedings to Florida’s general statute of limitations set forth in chapter 95 of the Florida Statutes. The Court determined the applicability of section 95.011 to “civil actions” should be broadly defined to encompass all civil proceedings, which includes arbitration

Read More from: Florida Banking Law Blog

2 days 3 hours ago

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