President Trump has told confidants as recently as Wednesday that he believes he has the authority to replace Jerome Powell as chairman of the Federal Reserve Board, according to people familiar with the matter.
The Columbus, Ohio, bank has hired a former executive from Bank of America to run the new business, which will target physician, dentist and veterinary practices.
Deutsche Bank is being investigated by U.S. federal authorities for potential lapses in money laundering compliance, The New York Times reported, citing unidentified people with knowledge of the inquiry.
Regulators could collaborate on a superagency to streamline laws.
Banks shouldn’t have trouble this year, but the rules may change next year; U.S. authorities are probing possible AML compliance violations at the German bank.
Christine Lagarde, the head of the International Monetary Fund, refuses to attend any meetings in which she would be the only woman; Sallie Krawcheck says the fact that women still are paid less than men is partly the fault of society at large; and more in this week's WIB Scan.
Read More from: Mediatbankry
Banks claim that regulators have been avoiding using a transparent public process to implement new regulations, opting instead to use informal guidance that has the impact of policy.
The Cincinnati bank could add about $30 million a year in noninterest income with its deal for the capital markets firm Bannockburn Global Forex.
Federal Reserve Chairman Jerome Powell says the agency is closely monitoring leveraged lending risks, but suggests further regulations on banks aren’t warranted.
The move to add dozens of branches, many in low- and moderate-income neighborhoods, continues a strategic shift under retail banking chief Pablo Sanchez.
The mortgage agency has hired Eric Blankenstein, who sparked controversy while at the consumer bureau over past revelations of racially charged writings.
Senators will examine the social media giant’s plan to offer a digital currency. House Financial Services Committee leaders have already criticized the idea.
Apple Inc. is ramping up a test of a digital-first credit card with Goldman Sachs Group Inc. by expanding its use to tens of thousands of the iPhone maker’s U.S. retail employees.
An announcement issued today states that an institutional investor group representing over $1.6 trillion in assets under management has launched a letter campaign calling for companies to provide more disclosure on workplace equity policies and practices relating to gender, race, ethnicity, sexual orientation, and other federally protected classes. The signatories believe that this type of information is material to investors and seek “more accurate assessments of the scope and depth of a company’s programs, its performance relative to peers, and improvement trends over time.”
The letter, referred to as the Investor Statement, references studies on the benefits of a diverse workplace, including findings by Equileap, an organization that specializes in providing data and insights on gender equality.
Read More from: Davis Polk Briefing: Governance
Both Chapter 7 bankruptcy and Chapter 13 bankruptcy provide powerful tools for people who are overwhelmed by debt. However, neither type of bankruptcy is a magical solution that puts an instant end to a debtor’s financial problems. In a typical Chapter 7 bankruptcy case, it takes about 4 to 6 months to receive a discharge. A Chapter 13 case is built around a repayment plan that lasts from three to five years.
On first hearing, those time frames can be discouraging to people struggling with past-due bills. Many people don’t take the first steps toward bankruptcy until the situation is dire, meaning that they’re in need of immediate relief and often exhausted from the stress of juggling bills and staving off debt collectors. Some are facing the threat of imminent repossession or foreclosure, or their wages have been garnished, jeopardizing the ability to pay even essential living expenses. In other words, many bankruptcy petitioners need help right now.
Fortunately, filing for bankruptcy does provide most debtors with some quick relief, from the day the petition is filed.
Read More from: Bonds & Botes, P.C.
First Internet is poised to acquire an SBA lending team to help it meet an ambitious loan target for the year — a target the CEO plans on doubling in coming years.
The Meeting of Creditors is an important step in the bankruptcy process. It is a meeting that is Federally mandated by the U.S. Bankruptcy Rules and It is also one of the most misunderstood. This post is meant to clarify what a 341 Meeting is, what takes place at the 341 Meeting and to dispel a lot of common misconceptions about how they work.
Judging by the questions people ask about 341 meetings, people seem to think they’re going to be very scary and intimidating. As long as you’re going in with a trusted bankruptcy lawyer on your side, there is no reason to be nervous.
Here are fifteen things you should know to be comfortable with your 341 meeting for Chapter 7 Bankruptcy cases.
A 341 meeting means you might have to sit down at a conference table with the Trustee. Occasionally, meaning in less than one of every thirty cases, there will be a lawyer representing the companies, banks or creditors that you owe money to. This can sound scary, and many people are worried that these people will try to harass them or intimidate them.
Read More from: The law offices of David M. Offen
Goldman Sachs and Citigroup are among global firms postponing the transfer of several billion euros of capital outside the U.K. despite regulatory pressure to complete the move.
On June 25, the CFPB will be holding a symposium on the meaning of "abusive" in the Consumer Financial Protection Act. "Abusive" is an expansion of the traditional FTC Act couplet of "unfair or deceptive" acts and practices (UDAP) to a triad of "unfair, deceptive, or abusive" acts and practices (UDAAP). Although the Bureau has operated for the past eight years without defining the term "abusive", it has indicated in its long-term rulemaking agenda that it intends to undertake a rulemaking to define "abusive"—presumably in response to US Chamber of Commerce complaints about legal uncertainty chilling business.
The symposium will have two panels, one of academics, one of practitioners. Credit Slips will be well represented on the first panel by me and our former guest blogger, Patricia McCoy. We'll be joined by Howard Beales of GW University's Business School, and the inimitable Todd Zywicki of Scalia Law School.
Read More from: Credit Slips