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Santander Bank fined $10 million for illegal overdraft service practices.

Santander BankThe Consumer Financial Protection Bureau (CFPB) ordered Santander Bank, N.A. to pay a $10 million fine for illegal marketing of overdraft services and using a telemarketing firm that signed some bank customers for the overdraft service without their consent.

Consumer Financial Protection BureauAccording to CFPB Director Richard Cordray “Santander tricked consumers into signing up for an overdraft service they didn’t want and charged them fees.  Santander’s telemarketer used deceptive sales pitches to mislead customers into enrolling in overdraft service. We will put a stop to any such unlawful practices that harm consumers.

1 week 16 hours ago

The movie "Equity" about women on Wall Street (backed by Barbara Byrne and other industry women) is coming soon. The internet reacts to the 'Bro Talk' op-ed about Wall Street's objectification of women. The CFSI is pushing for a more holistic financial health metric. Jill Castilla is big on Pokemon Go and tweeting about it to lure people into the branch. Also, Sheryl Sandberg is rethinking parts of her "Lean In" philosophy.

Read More from: BankThink

1 week 17 hours ago

The Office of the Comptroller of the Currency's recent guidance on internal messaging software could impose significant hardships on banks and runs contrary to prevailing guidance on cybersecurity.

Read More from: BankThink

1 week 19 hours ago

Work injuries can cause a lot of stress.  It helps to know the details of worker’s compensation laws in your state.  Here, Jeffrey Scholnick addresses worker’s compensation time limits and details on time limit extensions.

This article applies specifically to Maryland Workers’ Compensation law.

In order to receive workers’ compensation benefits, you are required to file a claim within a certain time limit.

As noted in a previous post on my website, there are two important deadlines that you need to know about filing a Worker’s Compensation Claim for an accidental injury.

  1. How long after an accident can I file a claim?

Answer- You have to file an Employee’s Claim Form within two years of the accident, but you should really file your claim within 60 days of the accident. Actually, you should file the Employee’s Claim Form as soon as possible.

  1. How long do I have to give notice of injury after an accident?

Answer – You need to give notice of your injury within 10 days of the accident.  I recommend that you tell your boss and and Human Relations Department supervisor on the accident date or as soon as you realize that you were injured in the accident.

Read More from: Scholnick Law

1 week 21 hours ago

In other news, down is up.

White House says Student Loan Debt Good
White House says Student Loan Debt Good

White House Says: Student Loan Debt Good for the Economy

Well, the political class has a dismal record admitting mistakes.  And a history of doubling down on bad ideas.

Their answer for the heroin epidemic of student loan debt is, more and cheaper heroin!

I guess, if you think high habit heroin addicts are good for the economy, that makes sense.

From Josh Mitchell’s Wall Street Journal story:

Read More from: Discharge Student Loan

1 week 21 hours ago

Gail DonaldsonThe majority of our clients file a Chapter 13 to protect something whether it’s their home or car.  Chapter 13 gives you the protection of the automatic stay that prevents creditors from repossessing your car or foreclosing on your home.  But what happens if you filed a Chapter 13 to protect your home and stop a foreclosure and you decide you don’t want the house anymore?  You finally realize that you really cannot afford the required house payment and all of your attempts to modify the mortgage fail.  As long as you have not filed a Chapter 7 within the previous eight years and you make below the means test requirements, you may be able to convert the Chapter 13 bankruptcy to one under Chapter 7.  Chapter 7 allows you to surrender any collateral that you no longer want to keep and get the fresh start the Bankruptcy Code gives you.

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

1 week 21 hours ago

How the Consumer Financial Protection Bureau controls the release of new proposals or rules undermines the public debate over consumer regulations.

Read More from: BankThink

1 week 21 hours ago

include debts

One of the petty struggles I have with clients is convincing them that they need to include all of their debts in bankruptcy.

Sometimes, they will tell me they don’t want to include their car loan in the case because they “need the car”.

Sometimes I find the student loan payment in the budget but not on the list of creditors.

Or there’s a creditor they don’t want to know about the bankruptcy.

Part of the issue is confusion between scheduling a debt and discharging the debt.

When you file bankruptcy, you are required to list all of their debts and risk denial of discharge if you don’t.

1 week 21 hours ago

Receiving Wide Coverage ...

Crackdown: A top banker was arrested on criminal charges Wednesday, but those looking for prosecutions resulting from the financial crisis are still going to be disappointed. Mark Johnson, a top foreign-exchange executive at HSBC is accused of "front running" a currency trade for a client in 2011, which was worth about $3.5 billion. The deal won the bank about $8 million at the time, albeit to the detriment of the company involved....

Read More from: BankThink

1 week 21 hours ago

JCRCoverTMA’s Journal for Corporate Renewal July/August 2016 published an article written by Nava Hazan, Mark Salzberg and Susan Kelly, which discusses how the US Bankruptcy Courts have been open to foreign debtors, as well as the limits to such availability, which was the subject of the recent Baha Mar decision in Delaware.

The article further describes how it is increasingly common for foreign companies to use the English scheme of arrangement in cross-border restructuring matters. Several recent cases show the English judiciary, much like its counterpart in the US, has welcomed this type of cross-border restructuring, even where the nexus of the foreign debtor to the UK is minimal.

Read More from: eSQUIRE Global Crossings

1 week 1 day ago

Chicago — Photo by Grant Swanson

By: Donald L. Swanson

One reason given by the Chicago Bankruptcy Court for the recent revocation of its Local Mediation Rules is this:

–Several Judges in the Chicago Bankruptcy Court have agreed to mediate cases for their colleagues on that Court.

The pickle is this:

–such intra-court mediator appointments create a conflict of interest.

This conflict issue comes into focus for me, one day, when I hear a bankruptcy judge (not from Chicago) describing an “uncomfortable” situation as mediator. The uncomfortable situation is this:

–This judge received the mediation appointment from a judge who serves in the same court.

–One mediating party speaks negatively about the “quality of justice” in the court where both judges serve.

–Because of that comment, “I have to excuse myself” for a moment, the mediator/judge explains, because of being “tempted” to make an “imprudent” retort.

Read More from: Mediatbankry

1 week 1 day ago

Confusion among bankers on what real-time ACH payments are and how the transactions are processed is a major barrier to adoption in the U.S. Here's what banks need to know.

Read More from: BankThink

1 week 1 day ago

Pursuant to a provision of the Bankruptcy Code familiar to readers of Weil’s Bankruptcy Blog (see our prior post, To Assume or Not to Assume, that Is the Question: What Act Constitutes “Assumption” Under Section 365(d)(4) of the Bankruptcy Code?), the United States District Court for the District of Delaware recently affirmed a bankruptcy court’s decision deeming an unexpired lease of nonresidential real property automatically terminated when it was not timely assumed and directing the immediate surrender of possession of the leased premises.  In In re Scarborough-St. James Corporation, the district court found that there was no need to determine whether a debtor’s timely and unequivocal statement to a landlord of its intent to assume an unexpired lease of nonresidential real property would satisfy section 365(d)(4) of the Bankruptcy Code because the debtor failed to satisfy such standard. 

Relevant Statutory Provisions

1 week 1 day ago

On August 1, 2016, the newly amended Local Rules of Civil Practice and Procedure of the United States District Court for the District of Delaware will go into effect.  Of particular importance to bankruptcy practitioners, the Delaware District Court has made it clear through the local rule amendments that bankruptcy appeals are not subject to Local Rules 7.1.2 (setting forth, among other things, the timetable for motion practice), 7.1.3 (prescribing the form and contents of briefing and appendices filed with the Delaware District Court), 7.1.4 (governing oral argument), and 7.1.5 (governing reargument requests). Read More ›

Read More from: Delaware Bankruptcy Insider

1 week 1 day ago

Establishing a set of standards of practice for chief risk officers and others would help benchmark the quality control for managing risk in the financial services industry.

Read More from: BankThink

1 week 1 day ago

The infamous Melania Trump speech at the Republican convention shared more than a paragraph or so with Michelle Obama.

It shared Michelle’s  aspirational thought that in America, any child with hard work and perseverance can succeed.

“The only limit to your achievements is the strength of your dreams and your willingness to work hard for them.”

For those who are exceptional, driven, and lucky, it’s true.

But what about those with significant, or even average, talents who don’t have luck or all consuming drive?  Our self satisfaction over the dramatic rags-to-riches story masks the loss to our communities of the less exceptional.

What about those youngsters whose unaddressed health issues, rotten schools, segregated neighborhoods, and grinding poverty simply smother the talent within?  Why is their loss acceptable to us?

1 week 1 day ago

Receiving Wide Coverage ... Catching fire: For a Depression-era law, the Glass-Stegall Act has certainly gone prime time in 2016. Observers spent much of Tuesday scratching their heads over the GOP's decision to include in its party platform bringing back the provision. The law, which separated commercial and investment banking activities, was repealed under President Bill Clinton. The New York Times calls the proposal, which has also been backed by many on the left, "almost aÂ...

Read More from: BankThink

1 week 1 day ago

Allied FlagsThe English Court has recently considered who can be  recognised as  “foreign representatives” under the Cross-Border Insolvency Regulations 2006 (CBIR) in the case of Re 19 Entertainment Limited, about a US company in Chapter 11. The Re 19 Entertainment judgment appears to be the first English case where directors of a company in Chapter 11 proceedings were recognised as “foreign representatives.”

Under the CBIR, an English court can give effect, in its jurisdiction, to a foreign law/court order or the legal status of a foreign representative. If a person is deemed a “foreign representative,” they are entitled to commence and participate in proceedings under the insolvency laws of the enacting state.  This means the proceedings will be supervised and controlled by the foreign court.

Read More from: eSQUIRE Global Crossings

1 week 1 day ago

In re Tosi, 546 B.R. 487 (Bankr. D. Mass 2016) – A mortgagee objected to a proposed chapter 13 plan which provided that the debtor’s title to the mortgaged property would automatically vest in the mortgagee if the debtor and … Continue reading

1 week 2 days ago

The bankruptcy proceedings involving online media purveyor Gawker Media took an interesting turn recently when one of the company’s creditors objected that the Chapter 11 bankruptcy was being improperly used as a shield from personal liability by the Gawker CEO.

The creditor who raised the objection is none other than Hulk Hogan, the former professional wrestler who was awarded a massive judgment against Gawker Media earlier this year. In fact, it was Hogan’s $140 million civil judgment that prompted Gawker to file for Chapter 11 bankruptcy in the first place.

Hulk Hogan’s Lawsuit against Gawker

Hulk Hogan’s high-profile lawsuit against Gawker stemmed from an article that the company published on its main website, That article included a portion of a video that showed explicit images of Hogan having sex. The publication and online dissemination of the Hulk Hogan sex tape caused severe damage to Hogan’s personal reputation and led the ex-wrestler to file a civil suit against Gawker Media and Gawker CEO Nick Denton. A jury ultimately found in Hogan’s favor and ordered Gawker Media and Denton to pay a combined $140 million in damages. (Denton is personally liable for at least part of the $115 million in compensatory damages awarded by the jury.)

1 week 2 days ago