American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.
The British bank recovered after two years of red ink and is close to finishing a major restructuring; DOJ, Treasury and New York state are investigating the credit card lender.
Canada's largest lender reported double-digit profit growth in its latest quarter in part because of CEO David McKay's focus on expanding in private wealth and commercial banking in the U.S.
The debate about which side is right about the appropriate method of opening up financial data access is a distraction from the real issue at stake: the pace of innovation.
The founders of the South Carolina bank, which liquidated after lavish spending and losses depleted its capital, paid a total of $57,000 in fines and face restrictions on future employment.
The fast-moving innovations enabled by blockchain technology defy the ability of state governments to regulate the distributed ledger space constructively and efficiently.
Given the prevalence of cross-border restructurings, the Weil Bankruptcy Blog periodically brings our readers interesting restructuring law updates from around the world. This blog entry describes a development that could have an impact on restructurings in Germany. Cancellation of debt – a key element of most restructurings – generally triggers taxable income. The German Tax authorities had issued an administrative decree (the “German Tax Restructuring Decree” – Sanierungserlass), declaring that, upon the satisfaction of certain requirements and conditioned on forfeiture of any loss carry forwards, the cancellation of debt income (“CODI”) would not be taxed. Reliance on the administrative decree was essential for restructurings since the utilization of loss carry forwards in Germany is limited to 60% of the income to the extent the deductible base amount of EUR 1 Mio. is exceeded. Thus, a significant tax liability might otherwise be incurred.
Read More from: Business Finance & Restructuring News - Weil
Are you looking over your shoulder for the repo man every time you park your car?
You’re not alone.
Delinquent car loans are on the rise: almost 1 in 20 vehicle loans are in default.
If you’re in that group of Americans struggling to pay for your wheels, there are solutions in bankruptcy.
If you can’t make the car payments, your money troubles probably extend beyond the car. Bankruptcy may offer an exit ramp from debt worries.
So, what can bankruptcy do for you and your delinquent car loan?
You can stretch out the repayment period in Chapter 13.
Read More from: Northern California Bankruptcy Lawyer
This news story caught my eye. It struck me as odd. The White House dismissed 6 staffers who were “walked out of the building by security after not passing the SF 86.”
In my experience, the security clearance process does not work in this manner. In practical terms, the way the system works is that someone applies for a job that requires a security clearance. At that point, now that he or she is “sponsored” by the employer for a job that requires a clearance, the facility security officer (FSO) of that employer will put that person in for a security clearance through the Joint Personnel Adjudication Process (JPAS system). It is a slow process but, hopefully within a two month or so time period, an interim clearance will be granted if there are no immediate background issues such as criminal convictions or any derogatory information in the FBI database.
Read More from: Bonds & Botes, P.C.
This is an issue that comes up fairly often, although normally no objections are made for a Rule 2004 examination. As long as the lawyer is not obstructive, it is usually not worth the additional time and expense of filing an objection. In In re Craig, Ch. 7 Case No.
Read More from: Georgia Bankruptcy Blog
It is the rare Chapter 7 case that ends up with sufficient estate assets to pay all claims in full, plus interest as required by 11 U.S.C. §726(a)(5). The question addressed by Judge Sacca in In re Robinson, Ch. 7 Case No.
Read More from: Georgia Bankruptcy Blog
The trade group's "candidate school" will teach members about campaign fundraising and other political basics, in an effort to boost the number of elected officials who understand banking.
Banking loses a pioneering female CEO in Melanie Dressel; B of A’s Michelle Moore says mobile is used by most of its customers; Uber is the Tailhook of the new era, and more.
Screen scraping has plenty of critics, but the alternatives, OAuth and APIs, have their share of detractors, too.
Donald Trump is considering nominating U.S. Bancorp Chief Executive Officer Richard Davis for the Federal Reserve Board, said people familiar with the matter, as the president prepares to start reshaping the central bank’s approach to monetary policy and Wall Street oversight.
The Dallas-based lender is planning to boost originations to borrowers with solid credit scores amid fears that the subprime auto market is overheating.
MUFG Union Bank is launching PurePoint Financial, a largely online savings bank that will still offer opportunities for face-to-face interaction.
A core processing startup gets $16 million and a U.K. challenger bank raises $27.6 million.
“Risk comes from not knowing what you’re doing” – Warren Buffett Can a bankruptcy court deny fees requested by a professional simply because her client chose a poor strategy? The Bankruptcy Court for the District of Idaho recently rejected such a notion, holding that an accounting professional that performed its duties diligently should not be … Continue reading
Read More from: The Robins Kaplan Bankruptcy Blog
The First Circuit’s recent opinion on the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”, 48 U.S.C §§ 2101-2241) outlines initial guidelines for possible future actions against the Puerto Rican government as a result of the Commonwealth’s ongoing debt crisis. Peaje Investments LLC v. García–Padilla, 845 F.3d 505 (1st Cir. 2017). Congress enacted PROMESA in June 2016 to create, among other things, a temporary stay of debt-related litigation against the government of Puerto Rico. The temporary stay was set to expire automatically on February 17, 2017, but has been extended until May 1, 2017. The First Circuit permitted one creditor to move immediately for relief from the stay, but blocked another creditor’s bid. The decision serves as a template for how creditors may move against the Commonwealth when the PROMESA stay expires later this spring.
Read More from: Hughes Hubbard & Reed