Citizens Financial dropped the most in the 24-company KBW Bank Index after some branch workers told a newspaper they faked information about customers attending its "Citizens Checkup" program.
The New Jersey company added a representative of Blue Harbour Group in Connecticut to its board.
Wells Fargo engaged in an "extensive and pervasive pattern" of discriminatory and illegal lending practices for years, the OCC said in slashing a key rating of how the bank serves communities.
Digital currency proponents now pin their hopes on a bitcoin futures contract; bank reaches $110 million settlement with customers over phony accounts but gets "needs to improve" CRA rating.
The OCC’s draft fintech charter requirements are far from perfect. States can seize this chance and collectively create a better regulatory environment for fintechs.
The U.S. Supreme Court ordered closer scrutiny of a New York law that bars merchants from imposing surcharges on credit card purchases, giving a group of retailers a partial victory by saying the measure might violate their free-speech rights.
James Lockhart, former director of the FHFA, is replacing Wilbur Ross, who resigned when he became Commerce secretary, on the New Jersey company's board.
Technology innovation and the level of consumer understanding about fintech options are critical missing pieces of Community Reinvestment Act policy.
New York State Department of Financial Services Superintendent Maria T. Vullo speaks out on cybersecurity regulation, cracking down on bad actors in the industry and the OCC's fintech charter.
The exchange, founded by a bitcoin pioneer in 2014, is facilitating more than $50 million worth of transactions each month, as the "gold rush" in blockchain-based assets takes hold.
The subprime auto lender funded loans through a group of car dealers that it knew had track records of high default rates and fraud, authorities in Massachusetts and Delaware said.
Data and analytics tools can help banks detect financial patterns that may indicate that human trafficking is occurring.
First Bank, based in New Jersey, will pay about $27 million for Bucks County Bank in a deal that is expected to close in the third quarter.
Low scores make it harder for banks to get regulatory OKs to expand, but Wells is in retrenchment mode anyway.
On March 22, 2017, the Supreme Court in Czyzewski v. Jevic Holding Corp., 580 U.S. __ (2017) held that a bankruptcy court does not have the power to approve a structured dismissal of a bankruptcy case that violates the Bankruptcy Code’s priority scheme unless the affected parties consent.
The federal Bankruptcy Code is nearly 40 years old, and as one might expect, bankruptcy practice has evolved in a myriad of ways since its enactment. One such Darwinian creation is the development and increasing use of the so-called “structured dismissal” as the means to resolve a chapter 11 bankruptcy case. The Bankruptcy Code contemplates in Sections 305 and 1112 that a chapter 11 bankruptcy case may be resolved by dismissal, but provides in Section 349 that the effect of such a dismissal will be to restore the parties to the status quo ante as if the bankruptcy was never filed – that is, unless the bankruptcy court “for cause, orders otherwise.”
Read More from: Bankruptcy and Restructuring Blog
Pratt’s Journal of Bankruptcy Law just published the latest installment of Firm Member Terence G. Banich’s column “From a Litigation Perspective …” in which Mr. Banich discusses why the Barton Doctrine is a “penetrable shield.”
Read More from: Shaw Fishman Blog
The Supreme Court ruled today in Expressions Hair Design v. Schneiderman. The Court unanimously ruled for the merchant plaintiff that was challenging New York State's no-surcharge law on the basis that a law criminalizing credit surcharges (but not cash discounts) was impermissibly vague. The Court declined to rule on the plaintiff's First Amendment challenge because the Second Circuit Court of Appeals had held that New York law regulated conduct, not speech, so the Court of Appeals had never considered whether there was a First Amendment violation if the pricing was a form of speech. The Supreme Court determined that the law regulates speech and remanded the First Amendment issue to the Court of Appeals.
Five Justices were on the majority opinion with a pair of concurrences driven by procedural concerns (Alito + Sotomayor) or a fear that the case will be used as a precedent for attacking economic regulation via the First Amendment (Breyer).
Just a cross-posting note: Jonathan Lipson and I comment on the U.S. Supreme Court's Jevic decision at the Harvard Law School Corporate Bankruptcy Roundtable.
Last year, California-based clothing retailer Pacific Sunwear, better known by its shortened name PacSun, drastically reduced its debt from $88 million to just $30 million by giving stock to senior lender Golden Gate Capital as part of a Chapter 11 reorganization plan: a debt reduction of $58 million. Retail analyst Poonam Goyal was quoted in Bloomberg Markets as calling PacSun’s story “every distressed retailer’s dream.” If your business is undergoing financial hardship – or if you are a California resident whose debt exceeds the limits permitted for Chapter 13 – Chapter 11 may be able to help you substantially reduce the amount you owe various creditors while keeping your company afloat. Our Roseville Chapter 11 attorneys discuss who can file for Chapter 11 in California, how Chapter 11 works, and when it might make sense for an individual to file under Chapter 11.
Read More from: St. Petersburg Bankruptcy Law Blog