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The rankings of the Most Powerful Women in Banking and Finance include some familiar faces but also plenty of newcomers. We also look at the courage women demonstrate balancing work with their personal lives and a call to action from SEC chair Mary Jo White.

Read More from: BankThink

20 hours 2 min ago

The Consumer Financial Protection Bureau's proposal not only requires lenders to determine a borrower's ability to repay, but also forces creditors to follow the bureau's approach to making that determination.

Read More from: BankThink

21 hours 50 min ago

As the Wells Fargo story has played out, pundits have been quick to blame "sales culture" for improper behavior, but that's like blaming automobiles for reckless drivers.

Read More from: BankThink

1 day 20 min ago

Don Lawson KnoxvilleWells Fargo has been in crisis mode since it acknowledged last month that its employees had, over the course of several years, opened as many as 1.5 million bank accounts and 565,000 credit card accounts that may not have been approved by customers. The company agreed to pay $185 million in penalties and fines to settle cases brought by federal regulators and the Los Angeles city attorney, and said it had fired 5,300 employees for ethics violations.

California Treasurer Cut Ties

Today, delivered even more bad news for Wells Fargo. According to The New York Times, California’s treasurer took the unusual step on Wednesday of suspending many of its ties with the bank as it continues to reel from the scandal over the creation of as many as two million unauthorized bank and credit card accounts, citing Wells Fargo’s “venal abuse of its customers,”.

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

1 day 1 hour ago

It’s not always the most expensive bankruptcy lawyers that are the best or the cheapest that are the worst. In most areas, the prices for filing bankruptcy are determined by the market. The filing fees and credit counseling fees are set fees. The attorney fee, in most cases can vary. (The exception is Chapter 13 where, in most jurisdictions, the price is set by the court)

One of the most important things to look for, other than price, is the experience of the lawyer. How many bankruptcy cases do they usually handle per month? How many cases have they filed in the last year ?

Is the lawyer a member of any bankruptcy attorney professional associations ? The National Association of Consumer Bankruptcy Attorneys is the largest professional association of consumer bankruptcy attorneys representing folks filing bankruptcy. If a lawyer is a member, chances are good that they stay current on the law and ways to help you.

1 day 2 hours ago

It's time that financial institutions in America recognize the value that women can bring to the executive suite and boardroom.

Read More from: BankThink

1 day 2 hours ago

Receiving Wide Coverage ...

Call in the SEC: Three Democratic senators, led by Sen. Elizabeth Warren, D-Mass., asked the Securities and Exchange Commission to investigate whether Wells Fargo "violated laws by misleading investors and firing whistleblowers while the bank oversaw the creation of millions of unauthorized, fraudulent accounts," according to the Wall Street Journal. The situation at Wells does "justify an investigation into at least three types of securities law violations," according to the letter the...

Read More from: BankThink

1 day 3 hours ago

Upcoming Committee Formation Meeting: Wednesday, October 5, 2016, 10:00 a.m.

Case Name: Verengo, Inc.
Case Number: 16-12098 (BLS)

Location:Delaware State Bar Association 405 N. King Street, 2nd Floor Wilmington, DE 19801

The petition (including the consolidated list of top 20 creditors), the first day declaration and the docket are available through Upshot Services LLC.

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.

Contact Norman L. Pernick and  Nicholas J. Brannick for more information.

1 day 3 hours ago

Bankruptcy Mediation-FINAL-SM

By: Donald L. Swanson                                                                             
C. Edward Dobbs
, Partner at Parker Hudson Rainer & Dobbs, is a leading expert on ethics rules for bankruptcy mediation. I’ve heard him speak a number of times on the subject. And every time I hear him speak about mediation, I come away a bit scared.

Here’s why:

“A mediator of a dispute arising in a bankruptcy case will find little in the way of definitive guidance on the standards of conduct to govern his or her service.”
But:
“A violation of a standard” may result in “the mediator being disciplined” or “the voiding” of a settlement agreement or “malpractice” or “other liability.”

So says Dobbs in his “Standards of Professional Conduct for Mediators” chapter of “Bankruptcy Mediation,” a book recently published by the American Bankruptcy

Read More from: Mediatbankry

1 day 5 hours ago

Chapter 13 bankruptcy  is a payment plan bankruptcy for

student overburdened with student loan debt
student overburdened with student loan debt

individuals.

Not necessarily a 100% payment plan.

Student Loans In Chapter 13 Bankruptcy

In Chapter 13, creditors in the same class must be treated, that is, paid, the same percentage of its claim.

Read More from: Discharge Student Loan

1 day 11 hours ago

Lawyer Nick GajewskiFor a large portion of people in America, a home is the most valuable asset they own.  It’s only natural, therefore, that one of the main concerns of potential clients is how the Bankruptcy Court deals with mortgage debts.

Bankruptcy Court Won’t Get Involved in Your Mortgage

The good news is that for the vast majority of Chapter 7 and Chapter 13 cases, the Court will not get involved in your mortgage.  You can usually continue to make your normal mortgage payments as though a bankruptcy case never happened.  In fact, the Bankruptcy Court does not have the authority to alter your monthly mortgage payments.  The amount of your payments is controlled by the original mortgage contract you signed when you bought your house.  The Court will only become involved in a few situations.

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

1 day 23 hours ago

If stories like the Wells Fargo scandal are repeated at other institutions, U.S. banks could soon experience the same reputational and regulatory fate of their cousins in the United Kingdom.

Read More from: BankThink

2 days 50 min ago

A new wave of exciting innovation is presenting businesses with opportunities to improve processes and the consumer experience.

Read More from: BankThink

2 days 2 hours ago

Breaking News This Morning ...

Deutsche sells insurer: Deutsche Bank, which is under heavy pressure to raise capital, said Wednesday it sold its Abbey Life insurance unit to Phoenix Group Holdings for $1.22 billion. The bank's stock, which hit a 33-year low earlier this week, as it faces a potential $14 billion penalty in the U.S. for allegedly selling toxic mortgage-backed securities, in addition to other problems, including a failed stress test and weak quarterly earnings....

Read More from: BankThink

2 days 3 hours ago

HSBC Bank USA, N.A. v. Zair, 550 B.R. 188 (Bankr. E.D. N.Y. 2016) – The debtors proposed a chapter 13 plan that provided for surrendering real property to the first mortgagee, with title to the property vesting in the mortgagee … Continue reading

2 days 5 hours ago

Federal Reserve Headquarters in Washington DCThe Federal Reserve recently made the surprising decision not to raise interest rates this month, instead choosing to push back a rate hike until December. This has raised concerns that the economy could continue to struggle, which could lead to a rise in the total number of bankruptcies filed by individuals who are dealing with enormous debts.

The Fed’s non-decision was made at a two-day policy meeting of members of the Federal Open Market Committee, with members on the 10-person committee voting to maintain the current federal funds rate of between 0.25 percent and 0.50 percent.

In a statement, the Fed indicated that there is a need “to wait for further evidence of continued progress” before significantly raising interest rates to between 0.50 percent and 0.75 percent.

2 days 18 hours ago

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Caesars (photo by Marilyn Swanson)

Judge Goldbar is right.

Bankruptcy Judge A. Benjamin Goldbar, of Chicago, received lots of grief in recent days over the resignation of the Caesars mediator.  The resignation letter focuses on “atypical” language on mediation confidentiality that Judge Goldbar used to support his order terminating a stay of legal action against the Caesars parent company.  Here’s an article on the resignation.

But subsequent developments show that Judge Goldbar was right on the merits of the stay termination.

Judge Goldbar found the stay’s continuing existence to be an impediment to settlement–indicating that the stay’s termination would apply pressure toward achieving a settlement.

So, he terminated the stay (and used the offending mediation confidentiality language as part of the rationale for doing so).  Judge Goldbar is now proven to be correct that stay termination would improve settlement possibilities:

Read More from: Mediatbankry

2 days 19 hours ago
  Judge Gravelle of the Bankruptcy Court in New Jersey ruled that a 2nd mortgage secured by property that was owned by debtor and a non-filing ex-spouse of the Debtor can be stripped in a chapter 13 case.  In re Mensah-Narh, No. 15-33385 (CMG), 2016 WL 5334973 (Bankr. D.N.J. Sept. 23, 2016).  The motion was filed as to the Debtor's residence.  The ex-spouse signed his interest to the Debtor by quit-claim deed after the bankruptcy was filed.  Both the note and mortgage were signed by both the Debtor and the ex-spouse.  There was no evidence the the record as to any requirement in the divorce for him to transfer his interest in the property to the Debtor.
  Section 506(a)(1) of  the Bankruptcy Code permits debtors to modify secured claims by stripping down the secured portion of the claim where the value of the property is less than the secured portion.  Nobleman v. Am Sav. Bank, 508 U.S. 324, 328 n.3 (1991) made this available to debtors in chapter 13 cases.  While this is not available when there is any equity in the property after the prior mortgages per 11 U.S.C. 1322(b)(2); where the mortgage to be stripped is wholly unsecured, the relief is still available.  In re McDonald, 205 F.3d 606 (3rd Cir. 2000).  

Read More from: Tampa Bankruptcy

2 days 22 hours ago

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