Any amendments to the current regulatory framework must preserve banking regulation and supervision’s vital role in the proper functioning of our economy.
CIBC reported strong first-quarter numbers across the board in the kickoff of Canadian banks’ earnings season.
Hadley Robbins succeeded Melanie Dressel, who died unexpectedly on Sunday. Columbia will begin a search for a permanent CEO.
The House proposal establishes a 10% leverage ratio as the standard for bank strength, but it says nothing about the riskiness of the bank’s business or the size of its exposure to economic downturns.
The Consumer Financial Protection Bureau's arbitration rule will likely be overturned by Congress if the agency moves ahead with finalizing it.
A creditor that wants to get paid in your bankruptcy case must file a proof of claim with the clerk’s office of the Bankruptcy Court. Most creditors must file their claim within a certain amount of time, typically 120 days from the date you filed your Bankruptcy petition. Governmental entities, such as the IRS or the State of Alabama, are given additional time or 180 days from your petition filing date to file a claim. It is extremely important to hire a competent lawyer who will review each and every claim that is filed in your case. The reason is if the creditor files an inaccurate or fraudulent claim, the Attorney needs to object to the claim and ask the court to disallow it.
There are multiple reasons your attorney may need to object to a proof of claim such as
Read More from: Bonds & Botes, P.C.
The oil and gas crisis produced yet another curious set of circumstances and a decision addressing the applicability of the automatic stay to an action against a principal of the debtor. In Luppino v. York, Case No. 16-00409-XR (W.D. Tex. Dec. 8, 2016) (D.I. 13), the United Stated District Court for the Western District of Texas rejected a defendant’s argument that because the LLC in which the defendant was a member was in bankruptcy, a suit against the defendant could not continue because of the automatic stay imposed by section 362(a)(6) of the Bankruptcy Code. This case is another example of the relatively high bar for extending the automatic stay to protect non-debtors.
Read More from: Business Finance & Restructuring News - Weil
Dickinson v NAL (Realisations) Staffordshire Ltd is a useful case on how directors’ duties are looked at following a formal insolvency and ways in which an office holder can challenge transactions if there is evidence of wrongdoing or a concerted strategy to frustrate creditors’ recourse to a Company’s asset base which would ordinarily be available
Read More from: eSQUIRE Global Crossings
The Sixth Circuit BAP has reversed the denial of a motion to dismiss an involuntary petition. A single petitioning creditor initiated the case of In re Zenga based on the putative debtors’ responses to interrogatories which identified 10 creditors. The putative debtors sought to introduce evidence of additional creditors. The bankruptcy court held the prior sworn statements estopped the presentation of contrary evidence. With less than 12 creditors, Section 303(b)(2) permits a single creditor to file the involuntary petition. The bankruptcy court entered the order for relief.
Read More from: Creditors' Sidebar
While it is an unpopular choice, filing for bankruptcy is very common in the U.S. According to government statistics, in 2013, 1,107,699 people and businesses in the U.S. were forced to file for bankruptcy. Although it is an unpleasant experience, filing for bankruptcy does not mean that you will never again attain financial stability.
Bankruptcy protection is intended to offer individuals and businesses a method of discharging some of their debts and an opportunity for a fresh start. One of the initial steps in strengthening your financial life is to rebuild your credit score.
Bankruptcy will have an adverse effect on your credit score. Lenders look at credit scores when making decisions about whether to offer you a mortgage or car loan, and in the event they do, what interest rate to charge you. Credit scores enable lenders to determine the level of risk involved in lending you money.
Read More from: The Law Office of Joel R. Spivack
“There is nothing new under the sun.”
My first-hand knowledge of China is limited: I’ve traveled to Beijing a couple times, spent time (both there and here) with Chinese citizens, practiced law with a Chinese national, etc.
But here is something I’ve never understood:
–How are personal and business disputes handled in China?
China does not follow a “rule of law.” And, therefore, they don’t have a bunch of lawyers or lots of lawsuits. So . . . how do they handle business and personal disputes? It’s always been a mystery to me.
Here’s an article with historical insights on the subject – written a half-century ago:
–S. Lubman, “Mao and Mediation: Politics and Dispute Resolution in Communist China,” 55 Cal. L. Rev. 1284 (Nov. 1967).
As it turns out, mediation has been the primary dispute resolution tool in China for a very long time. This Mao and Mediation article provides the following information and explanations.
Read More from: Mediatbankry
I blog a lot about the 1.3 trillion dollars of student loan debt. Car Debt is headed toward that amount. The country’s auto debt hit a record in the fourth quarter of 2016, according to the Federal Reserve Bank of New York, when a rush of year-end car shopping pushed vehicle loans to a dubious peak [...]
Read More from: Stop Creditor
The Consumer Financial Protection Bureau faces its first jury trial in April in a case that could test whether the embattled agency is overstepping its authority and if it can engage in what critics see as Operation Choke Point-style tactics.
The new group, which will work alongside the bank’s lobbyists and focus on policy at U.S. and overseas regulators, is being run by Kevin Bailey, an alum of the OCC and GE Capital.
Republican lawmakers are citing a recent report that delinquencies rose for loans guaranteed by the Federal Housing Administration as a reason to delay a premium cut, but economists suggest the uptick is related to seasonal issues.
The move will more than double the size of Eldorado's branch network, while allowing MidCountry to exit the market.
Although much of banking is cautiously optimistic about the Trump presidency, the financial firms and organizations that serve the unbanked see the election as a mixed bag at best so far.
The insurance company, facing regulatory scrutiny and lawsuits over a former sales relationship with Wells Fargo, said it may press its partner to cover costs after halting the sales.
The prepaid card issuer has been striving to overcome the setback it suffered from the discontinuation of a popular product in 2015.
The news we heard at Wynn at Law, LLC in February reported that Wisconsin bankruptcy filings last year were at their lowest level since 2007, before the recession. What does that mean to you? Absolutely nothing. Economists care about the number because it means more people are working (maybe) and more people are paying what they owe (probably).
It could also mean that more people in debt sought relief immediately after the mortgage crisis rather than waiting and struggling. There’s no shame in that. And there’s no shame in waiting until now to file if you’ve struggled trying to get caught up. About the only thing that fewer filings in 2016 means to you and me is that the bankruptcy judge may have a little less of a backlog of cases. Maybe.
Read More from: Wynn at Law, LLC