Violations of Bank Secrecy Act and anti-money-laundering compliance remains a hot topic for financial institutions as regulators can bar them from branch building and bank acquisitions. Here are some notable regulatory actions that are still unresolved.
As president of the secondary marketing agency, Tozer has helped the mortgage market to continue functioning and keep up with changes following the financial crisis.
JPMorgan Chase, Bank of America and PNC reported lackluster revenue growth as higher trading fees and increases in commercial lending barely compensated for consumer-side challenges.
The company would prefer buying banks with $5 billion to $10 billion in assets unless it finds an appealing alternative in a strategic market such as Raleigh or Nashville.
The San Francisco bank said Friday that it plans to close at least 400 branches over the next two years, part of an effort to reduce annual expenses by $2 billion.
The bank is first to fail in New Jersey since 2012.
California-based ATopTech, Inc., a developer of technology and manufacturing software solutions for engineers in the physical design of integrated circuits, has filed a voluntary petition for chapter 11 bankruptcy relief in the United States Bankruptcy Court for the District of Delaware (Case No. 17-10111). The petition lists between $10 and $50 million in both assets and liabilities. According to the First Day Declaration, the Debtor enters Chapter 11 with a stalking horse bidder and intends to sell its business pursuant to section 363 of the Bankruptcy Code at an auction to take place in mid-March of 2017. The case has been assigned to the Honorable Mary F. Walrath. Epiq is the proposed claims agent. The company has issued a press release that can be found here.
Read More from: Cole Schotz P.C. Bankruptcy & Restructuring Law Blog
Bank of America, the second-largest U.S. lender by assets, said fourth-quarter profit rose 43% as revenue from fixed-income trading increased and expenses dropped.
PNC’s fourth-quarter profit improved on higher lending to corporate customers for real estate and other loans.
JPMorgan Chase said profit rose 24% as bond-trading revenue climbed more than analysts estimated and expenses fell.
Big banks report; Why Goldman is different
The Seattle company warned that fourth-quarter profit could fall more than 80% from a year earlier.
Fourth-quarter profit dropped 5.4% as revenue from its mortgage business declined, Wells Fargo said Friday.
The Open Financial Exchange has 7,000 installations. More than a decade ago, the industry saw the data standard as the solution to screen scraping, a practice that bedevils them today.
Loans increased, the margin widened and credit quality continued to improve.
The San Francisco private bank reported double-digit gains in originations and noninterest income that led to a nearly 30% increase in profits last quarter.
Read More from: Nebraska Debt and Bankruptcy Blog
It is not going to be a very happy new year for many Macy’s employees as the iconic brand announced last week that it will be closing 68 stores and cutting 10,000 or more jobs. In a recent press release, Macy’s stated that the closure of the 68 stores, out of their total of 730 stores, would allow them to reorganize their field structure that supports the remaining stores, reinforcing the strategy of fewer stress with better customer experience. All 68 stores should be closed by mid-2017.
Macy’s expects the closings and job cuts to generate annual expense savings of approximately $550 million beginning as soon as this year. The company will invest some of these savings into digital business. This seems to be a growing trend among retail store fronts as consumers do more shopping online now. I am certainly guilty of online shopping as it is a big time saver and you have greater selection at your fingertips!
Read More from: Bonds & Botes, P.C.
Good intentions go wrong in a hurry when there’s a joint bank account and a bankruptcy.
The bankruptcy trustee sees a pile of money in the bank to which the debtor has access.
If the debtor can get the money, the trustee contends, so can a bankruptcy trustee for the benefit of creditors.
Well and good, if the money belongs to the debtor. But what if it’s really someone else’s money?
Who doesn’t have a joint bank account with someone they care about?
Most often, it’s the adult child’s name on an elder’s bank account. It’s simple, convenient, and reassuring that if the elder loses capacity, a trusted party has access to pay the elder’s bills.
Read More from: Northern California Bankruptcy Lawyer
In its latest “junk fax” case, the Sixth Circuit Court of Appeals reversed a district court’s denial of class certification and dismissal of a lawsuit alleging that Top Flite Financial, Inc., a mortgage company, violated the Telephone Consumer Protection Act (“TCPA”) by hiring a third party to send unsolicited fax advertisements on its behalf. See Bridging Communities, Inc. v. Top Flite Financial Incorporated, Case No. 15-1572, 2016 U.S. App. LEXIS 22297 (6th Cir. Dec. 15, 2016).
According to the complaint, Top Flite allegedly hired Business to Business Solutions (“B2B”), a well-known fax-broadcasting company, to send unsolicited fax advertisements to the plaintiffs and a class of similarly-situated parties without their consent or an established business relationship. The district court first denied class certification because individual questions of consent (a defense to the claims) precluded a finding of predominance under Fed. R. Civ. P. 23(b)(3). Then, after the plaintiffs failed to accept a Rule 68 offer of judgment from Top Flite, the district court dismissed the lawsuit as moot. The plaintiffs appealed both rulings.
Read More from: Creditors' Sidebar