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Chief Executive Officer Stuart Gulliver is still battling to reverse five years of declining revenue as he pares back HSBC’s sprawling global footprint and reduces expenses.

Read More from: BankThink

5 days 16 hours ago

Citigroup agreed to pay a penalty of almost $5.4 million to settle a South African antitrust investigation that said it participated in an alleged cartel to manipulate the value of the rand.

Read More from: BankThink

5 days 16 hours ago

The Pittsburgh company is acquiring the U.S.-based commercial and vendor-finance operations of ECN Capital.

Read More from: BankThink

5 days 16 hours ago

How to keep score in the industry and identify the truly victorious banks has never been tougher.

Read More from: BankThink

5 days 16 hours ago

She will be joined on the board by Ronald Sargent, a retired chairman and CEO of the office-supply company Staples.

Read More from: BankThink

5 days 16 hours ago


By Ed Adamczyk 

Feb. 17 (UPI) -- Total U.S. household debt climbed to a near-record $12.58 trillion by the end of 2016, a Federal Reserve Bank of New York report says.

February's 33-page "Quarterly Report of Household Debt and Credit" shows that every category of debt measured -- including mortgages, credit cards, student loans and auto loans -- saw an increase.

The total increase of $460 billion in 2016 was the largest in a decade. Mortgage balances, now at $8.48 trillion, made up 67 percent of the household debt.

At the current rate of growth, household debt is expected to break the 2008 record high, of $12.68 trillion, sometime in 2017. The year was marked by the start of a recession.

Read More from: Shenwick & Associates

5 days 17 hours ago

Kathryn DavisPayless Inc. is reportedly discussing a restructuring plan with its lenders. The restructuring plan would involve closings about 1000 of its stores. Currently, Payless operates more than 4400 stores around the country.

Shoe Seller May Be Forced to File Bankruptcy

According to sources familiar with Payless’ financial situation, the shoe seller might be forced to file bankruptcy if it is not able to work out a restructuring plan with creditors. It recently hired a law firm, Kirkland & Ellis to examine its $600 million debt load and look at ways that debt can be managed. Much of this debt was added three years age when the private equity firms Golden Gate and Blum Capital bought Payless.

It appears that Payless is suffering the same fate as some other companies such as Sports Authority and Wet Seal. Many retailers are feeling the pressure from falling foot traffic as more consumers are buying online.

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

5 days 19 hours ago

Pursuit Holdings (NY), LLC f/k/a Pursuit Holdings, LLC has filed a chapter 11 petition before the United States Bankruptcy Court of the District of Delaware (Case No. 17-10389).  Pursuit Holdings appears to be affiliated with hedge fund Sanford Partners, L.P. The petition, which includes a list of the debtor’s largest creditors, is available here.

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

5 days 19 hours ago

 

Ocwen , the mortgage servicing giant will pay $20 million in settlement with California regulators for sloppy practices.

Payment to borrowers will come in the form of loan modifications.  An additional $5 million will be paid to borrowers victimized by Ocwen’s “letter-dating” problem.

The violations of state and federal law at the heart of this action occurred between January 1, 2012 through June 30, 2015.

The California Department of Business Oversight headed up the investigation and negotiated the settlement.

What Ocwen did

A third party auditor conducting the investigation found that Ocwen

5 days 20 hours ago

First half: Brett King says the OCC fintech charter is overdue. Second half: fintech and refugees.

Read More from: BankThink

6 days 4 hours ago

In addition to transforming Columbia Banking System and navigating it through the financial crisis, Dressel was an industry leader.

Read More from: BankThink

6 days 4 hours ago

Why is bankruptcy an acceptable, legitimate means to try to save your home and deal with other debt ?   William D. Cohan, writing in the New York Times, gives us the answer:

“Indeed, for corporations across the country, both big and small, using the bankruptcy process to eliminate unwanted debt and liabilities is such an accepted practice that we don’t really give it much thought anymore. That is the beauty of the corporate bankruptcy process (if you care to look at it that way): Creditors must acknowledge they made poor investments by taking a fraction of their original principal and companies get a second chance.

Why, then, can’t a similar process be put in place to help the millions of American homeowners who for whatever personal reasons — usually no less justifiable than those offered up by G.M. or Chrysler — are unable to make their monthly mortgage payments? Why do the corporate fat cats get a respected and legitimate way to flush their unwanted debts but individual Americans homeowners don’t?”  click here for the full story

6 days 15 hours ago

Attorney Ron SykstusSince all of us are human, we all have normal desires for companionship. Those desires, however, when coupled with bad people and the ubiquitous internet can, unfortunately, sometimes lead to negative consequences.  This is especially true for anyone who holds a security clearance.  Whether the problem is due to drugs, alcohol, financial, criminal issues or sexual behavior, if someone holds a security clearance and that clearance is required for his or her job, then any problem issues for a person can be problems for the government as far as how it views someone who holds a clearance.

Sextortion Sting Operations

Now, what has recently been in the news, are these sextortion sting operations where someone is caught in a compromising situation.  Since the military branches see it as a problem for their service members, then that means that this is something that affects the entire population as a whole. These articles have good advice and counsel on how to approach this situation if someone, unfortunately, finds himself or herself twisted into this type of nightmare scenario.

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

6 days 16 hours ago

retirement regulationCongress has taken the first step to bar states from sponsoring inexpensive retirement plans for employees.

In the name of cutting regulation, H.J. Res. 66 repeals a regulation allowing states to promote retirement savings with plans of their own devising.

The regulation doesn’t require anyone to do anything.  It allows states to experiment with low cost, opt out retirement plans.

Americans are frighteningly unprepared for their old age.  Half of American families have no retirement savings.  The median retirement savings is $5000.

1 week 16 hours ago

This is a joint post by Mark Weidemaier and Mitu Gulati

In a previous post, we talked about how ordinary corporate-law principles, and especially the rules concerning piercing the corporate veil, might play an important role in any debt restructuring conducted by Venezuela or PDVSA, the state oil company. As an example, we cited the fact that PDVSA doesn't own the oil reserves it exploits and the possibility that Venezuela might transfer the right to exploit these reserves to a new entity. Readers who have been following the Venezuelan crisis will recognize that we were not-too-subtly referring to a proposal floated back in October 2016 by Ricardo Hausmann and Mark Walker, writing on Project Syndicate. (Registration required.) In a nutshell, their proposal with regard to PDVSA is that Venezuela can induce PDVSA creditors to participate in a restructuring--conducted either in bankruptcy or through the use of exit consents--by withdrawing or modifying PDVSA's right to exploit hydrocarbon reserves. Essentially, that is, Venezuela can strip the company of its primary productive asset.

Read More from: Credit Slips

1 week 1 day ago

Many customers at Neighborhood National Bank in San Diego offer check-cashing services that draw attention for Bank Secrecy Act compliance.

Read More from: BankThink

1 week 2 days ago

Steven Mnuchin was selected for Treasury Secretary because of his experience at Goldman Sachs and OneWest Bank. But Mnuchin is also known in Hollywood as a "money man." Following are selected films from his many credits.

Read More from: BankThink

1 week 2 days ago

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