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Student Loan Debt Rises to $1.5 TRILLION in May, 2018


Life for the next 20++ years – between a rock and a hard place.

1 day 34 min ago

I’ve long said to bankruptcy clients that bankruptcy can’t fix an income problem, it can just ameliorate an outgo problem.

In the last round of frantic bankruptcy filings a decade ago, one symptom seemed to be that too many families in the Silicon Valley  couldn’t really afford to live a middle class life here.

They filled the gap between economic realities and their expectations with credit cards until the house of cards came tumbling down.  I could provide the tourniquet that staunched the credit card outflow.

But it seems the problem of struggling families isn’t just an outgo problem: it’s income based and it’s everywhere, not just California.

Read More from: The Soap Box

1 day 6 hours ago

Federal Reserve Bank of Cleveland President Loretta Mester warned against dismantling core reforms that have made U.S. banks better able to withstand a financial crisis.

Read More from: BankThink

1 day 21 hours ago

A provision to remove new mortgage recordkeeping requirements would help overburdened community banks lend without disrupting data collection that is used to police discrimination.

Read More from: BankThink

1 day 21 hours ago

The Iowa company said that Bruce Lee will take over its top post next month.

Read More from: BankThink

1 day 21 hours ago

For nearly a decade, the FHFA has restricted Fannie Mae and Freddie Mac from trying to influence the raging debate over whether they should live or die.

Read More from: BankThink

1 day 21 hours ago

Call it mutual respect. Bankers from mutually owned British building societies and similarly structured U.S. thrifts recently gathered in New England to address common challenges and share ideas about staying relevant at a time of rapid change in financial services. Here are the takeaways from their meetings.

Read More from: BankThink

1 day 21 hours ago

Michael Fitzgerald, who was selected to lead United Bank, was CEO of Bank of Georgetown for 11 years before it was sold to United.

Read More from: BankThink

1 day 21 hours ago

While working with new fintechs carries some risk, it can also provide community banks with an affordable way to upgrade products and technology.

Read More from: BankThink

1 day 21 hours ago

Community banks count on personal service as a differentiator to win business. But legacy technology issues can get in the way.

Read More from: BankThink

1 day 21 hours ago

Bank of America on where its AI hopes (and worries) lay; Zelle founder Paul Finch announces his leave from the payments network; the one area where banks and fintechs want more regulation; and more from this week's most-read stories.

Read More from: BankThink

1 day 21 hours ago

Lloyd Blankfein will probably step down as Goldman Sachs' chief executive officer in December, according to a published report. David Solomon has been seen as the heir apparent, but the timing of the changeover had been unclear.

Read More from: BankThink

1 day 21 hours ago

With Congress set to approve a regulatory relief bill and vote on an FDIC chairman, banks will soon see the deregulation they’ve long been anticipating.

Read More from: BankThink

1 day 21 hours ago

Commenters will have more time to weigh in on the plan, by the Fed and OCC, that has triggered divisions among the federal regulators.

Read More from: BankThink

1 day 21 hours ago

Even as Jamie Dimon touts the female leadership at his company, it lags in one key area. But JPMorgan women are making strides in particular with blockchain initiatives, and Amber Baldet finally shares what she is working on. Plus: heels or flats?

Read More from: BankThink

1 day 21 hours ago

Senate Democrats want acting CFPB Director Mick Mulvaney to explain why the agency is no longer policing student loan lenders and servicers.

Read More from: BankThink

1 day 21 hours ago

Deadlines imposed by U.S. and EU regulators are giving banks intercontinental whiplash.

Read More from: BankThink

1 day 21 hours ago

Attorney Ed WoodsIf you are facing a money crisis, you are probably one of the millions of Americans getting phone calls and letters from debt collection companies and law firms. Too often, these phone calls and letters are rude, abusive, and threaten actions against a consumer that cannot be lawfully taken. The two government entities that address these issues are the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB). Over the past twelve months, the FTC reportedly recovered over $64 million from abusive debt collection firms. In the same period, the CFPB received over 84,000 complaints regarding debt collection abuses. Clearly, abusive debt collection tactics continue to be a significant problem for many.

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

2 days 4 hours ago

Though none of it is earth-shaking, there has been a lot of news out of Venezuela recently, so it seemed an appropriate time for an update. The election looms. Henri Falcón leads some polls, though those are presumably unreliable indicators, given what Reuters slyly labels Maduro’s “institutional advantages.” A Falcón victory would increase the odds of a restructuring in the near future. A Maduro win might prompt additional U.S. sanctions; the Wall Street Journal (here, also linked above) speculates that these might finally target oil exports.

Read More from: Credit Slips

2 days 4 hours ago

Upcoming Committee Formation Meeting:  Friday, May 25, 2018 10:00 AM

Case Name: 18-11142 (CSS)

Location: U.S. Trustee Office, 844 King Street, Suite 3209, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick and G. David Dean for more information.

2 days 9 hours ago

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