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A bill looming in Congress would require the Internal Revenue Service to accept electronic transmission of lending-related forms, which could speed up the lending process by days.

Read More from: BankThink

1 week 5 days ago

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Brad Botes is the “Botes” of Bond and Botes. Makes sense, right? A fellow Chicagoan and life-long suffering Cubs’ fan (or was!), Brad is the leader of all of the Bond and Botes affiliated law firms. I met Brad initially due to our Chicago roots and we both have now been in Alabama for over two decades. Brad and I are both licensed to practice law in Illinois and, while we both still do some legal work there, the bulk of our practice is here in the Deep South.

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

1 week 5 days ago

Politicians clamoring for the largest U.S. institutions to be broken up have failed to consider the prospect of China acquiring a bigger piece of the American banking system.

Read More from: BankThink

1 week 5 days ago

Cynthia LawsonThe Consumer Financial Protection Bureau (CFPB) issued warning letters to 44 mortgage lenders and mortgage brokers. The Bureau has information that appears to show they may be required to collect, record, and report data about their housing-related lending activity, and that they may be in violation of those requirements.

“Financial institutions that fail to report mortgage information as required make it harder to identify and address discriminatory lending,” said CFPB Director Richard Cordray. “No mortgage lender that is required to report their loan data can avoid this responsibility.”

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

1 week 5 days ago

Wall Street Journal Tighter grip: The OCC Friday unilaterally revoked parts of its recent regulatory consent order with Wells Fargo following the bank's phony accounts scandal. The agency ordered Wells to first seek its approval before changing its business plans, hiring or firing senior executives or revamping its board of directors. The bank was also banned from making golden parachute payments to departing executives without OCC approval. Â...

Read More from: BankThink

1 week 5 days ago

Dangerous storm over oceanRecently, in Caesars Entertainment Operating Co. (“Caesars”), U.S. Bankruptcy Judge A.

Read More from: eSQUIRE Global Crossings

1 week 5 days ago

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Leading the Way

By: Donald L. Swanson

The U.S. Circuit Court of Appeals for the Federal Circuit has been a maverick.  For decades it was the lone mediation holdout among all U.S. Circuit Courts of Appeals.

In the mid-1970s, a mediation program is pioneered by one of the Circuit Courts.  By 1987, five of the thirteen Circuit Courts have mediation programs.  By 1992, only five holdouts remain.  And by 1996, every single one of the thirteen Circuit Courts has a mediation program – except for the Federal Circuit.

Read More from: Mediatbankry

1 week 5 days ago

A couple weeks ago, on Last Week Tonight, John Oliver started what promises to be the greatest pyramid scheme ever. In an effort to help him, watch the segment here (warning: language). More seriously, multilevel marketing companies that sell products directly to customers through salespeople working out of their homes (Herbalife, Amway, Nu Skin, the relatively new Rodan + Fields) operate by way of a concerning sales structure. Salespeople recruit salespeople, who recruit more salespeople, who recruit yet more salespeople. The salespeople at the top make money off of the salespeople at the bottom. And the salespeople at the bottom often are left with stockpiles of soon-to-expire product in their homes and garages. Indeed, as noted by John Oliver, in July of this year, Herbalife consented to a $200 million settlement with the FTC in which they agreed to change their business tactics. When asked about Herbalife's business model, FTC Chairwoman Ramirez said, "they were not determined not to be a pyramid."  

Read More from: Credit Slips

1 week 5 days ago
Yesterday I made the post immediately below this one, discussing transparency issues in the bankruptcy proceedings of Hanjin Shipping.  It was read by thousands of people around the World in a matter of hours.  I subsequently invited those following the case closely in the shipping industry to post court filings to a website that can be made publicly available.  I am happy to help, and await a positive response.

Meanwhile, I was pleased to read that with Hanjin Shipping's extension of time to file a plan - from 23 December 2016 to 3 February 2017 - there has also been an extension of time for creditors to act.  As the Korean court orders are not yet readily accessible to me or other people who would like to see them, the information below is based on what Hellenic Shipping News reported:

"1. The claim investigation/adjudication period has been extended from 15 November 2016 to 5 December 2016;

2. Correspondingly, the one month deadline for creditors whose claims have been rejected in the investigation period to appeal that decision will now be 5 January 2016;

3. The first meeting of interested parties has been moved from 9 December 2016 to 1400 hours on 13 January 2017; and

4. The deadline for submission of the draft rehabilitation plan has been extended from 23 December 2016 to 3 February 2017."

Read More from: The COMI

1 week 6 days ago

groceriesEver feel the disconnect between buying your groceries for the Thanksgiving meal, then dropping some loose change into the kettle for the needy?

Lots for my family, but leftovers for those who are hungry, seems to be the message.

Those of us who are prospering are doing well, but lots of neighbors and elders struggle mightily.  The average Social Security check is less than $1300 a month, for instance.

My response: I write a check to my local food bank equal to my spending on my family’s Thanksgiving dinner.

I challenge you to do the same.

It’s one day and one check.  But for that day,  there can be parity between what we give ourselves and what we give others.

It is inexcusable and callous that there are hungry kids around us. Your loose change isn’t going to make much of a dent.

2 weeks 2 hours ago

“Don’t count your chickens before they hatch”.  It’s a time tested bit of folk wisdom.

But applying that kind of thinking when you’re filling out bankruptcy schedules is foolish.

Worse, it can get you booted out of court.

Count your “chickens”

Bankruptcy starts with a list of what you own and what you owe when you file your case.

The bankruptcy bargain is this:

2 weeks 4 hours ago
Hanjin Shipping Co., Ltd. was widely considered to be Korea's largest shipping company and the World's seventh largest shipping company when it filed for protection in Korea on August 31, 2016 under the Debtor Rehabilitation and Bankruptcy Act.  Hanjin Shipping also sought bankruptcy protection in other countries.  For example, just a few days after seeking protection in Korea, Hanjin Shipping filed for protection under chapter 15 of the Bankruptcy Code in the United States in Newark, New Jersey.  With bankruptcy protection in place in multiple countries, Hanjin Shipping reportedly went on to unload most customer cargo valued at $14 Billion that was at sea, return ships it had chartered, and sell off most of its fleet.

The Hanjin Shipping bankruptcy cases have been hard to follow because only limited information has been made publicly available.  This is unfortunate.  In most Chapter 11 bankruptcy cases of a similar magnitude in the United States court filings are made available by debtors to their creditors and other interested parties on websites that readily searchable - at no cost.  While Hanjin Shipping's bankruptcy proceedings are at advanced stages, hopefully the courts presiding over the proceedings will order the creation of such websites, so customers and other interested parties have ready access to court filings.

Read More from: The COMI

2 weeks 15 hours ago
Hanjin Shipping Co., Ltd. was widely considered to be Korea's largest shipping company and the World's seventh largest shipping company when it filed for protection in Korea on August 31, 2016 under the Debtor Rehabilitation and Bankruptcy Act.  Hanjin Shipping also sought bankruptcy protection in other countries.  For example, just a few days after seeking protection in Korea, Hanjin Shipping filed for protection under chapter 15 of the Bankruptcy Code in the United States in Newark, New Jersey.  With bankruptcy protection in place in multiple countries, Hanjin Shipping reportedly went on to unload most customer cargo valued at $14 Billion that was at sea, return ships it had chartered, and sell off most of its fleet.

The Hanjin Shipping bankruptcy cases have been hard to follow because only limited information has been made publicly available.  This is unfortunate.  In most Chapter 11 bankruptcy cases of a similar magnitude in the United States court filings are made available by debtors to their creditors and other interested parties on websites that readily searchable - at no cost.  While Hanjin Shipping's bankruptcy proceedings are at advanced stages, hopefully the courts presiding over the proceedings will order the creation of such websites, so customers and other interested parties have ready access to court filings.

Read More from: The COMI

2 weeks 15 hours ago

Might as Well Win it

Do you know where you want to be in 20 years? What does that picture look like?

2 weeks 21 hours ago

Appellate CourtThe Third Circuit Court of Appeals, in an opinion authored by Judge Thomas Ambro, has reversed two district court opinions and refused to allow a company to use a Chapter 11 bankruptcy filing as a means to reduce interest on its debt obligations.  Specifically, the court held that filing for bankruptcy would not excuse a debtor from its obligation for a “make-whole” payment otherwise due to its lenders.

Read More from: eSQUIRE Global Crossings

2 weeks 23 hours ago

Monica Penny and Bond & BotesBond & Botes, P.C., is pleased to announce the winner of our undergraduate Financial Hardship Scholarship for 2016.

Monica D. Penny, a 2016 graduate of Brewbaker Technology Magnet High School, is starting her collegiate academic journey at Alabama State University, Montgomery. The $2,000 Bond & Botes scholarship will go toward Penny’s first-year tuition.

The law firm honored Penny’s academic achievements in an award ceremony on Oct. 21 at the Bond, Botes, Shinn & Donaldson, P.C., office in Montgomery. Attorney Bradford W. Botes extended congratulations from all the firm’s attorneys and staff members.

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

2 weeks 1 day ago

Banks should focus on strategies to ensure their sales incentives programs actually help drive profits. Otherwise, their rewards programs are at risk of adding zero benefit to their bottom line.

Read More from: BankThink

2 weeks 1 day ago

community property surprise

But it belongs to my spouse, sputtered the hapless debtor at the bankruptcy hearing.

Not so, says the bankruptcy trustee.  It was purchased during marriage, wasn’t it?

And so, the trouble begins for those who don’t understand community property.

Turns out the debtor left out of his schedules the bank account in his wife’s name.  Ooops!

Which motivates a trustee to keep digging for what else was left out of the bankruptcy papers.  Not where you want to be.

2 weeks 1 day ago

For all of the sophisticated ways criminals might try to launder money, banks still need to defend against low-tech methods that arenÂ't easy to track.

Read More from: BankThink

2 weeks 1 day ago

Attorney Ed WoodsLast week, Reuters reported that John Williams of Williams Scott & Associates LLC was convicted in federal court of conspiring to commit wire fraud. Mr. Williams was sentenced to five years in prison. He was also ordered to pay almost $4 million in restitution. Who is John Williams? I didn’t know either. But the point of this blog is to highlight what Mr. Williams reportedly did. No doubt, there are many others out there doing the same or similar things. As consumers, we must all be vigilant and on guard against these types of situations.

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

2 weeks 1 day ago

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