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The payment processor Galileo suffered what it described as an "operational incident" that caused more than 24 hours of outages at the fintechs Chime and Varo Money.

Read More from: BankThink

1 day 8 hours ago

As some of Facebook's partners pull out of the Libra cyrptocurrency project, Sen. Mike Rounds, R-S.D., encouraged a company located in his state to remain involved.

Read More from: BankThink

1 day 9 hours ago

In her second day of congressional testimony, Kathy Kraninger took heat from Senate Democrats for weighing in on constitutional questions about her agency and for her enforcement track record.

Read More from: BankThink

1 day 10 hours ago

The Senate Banking Committee chairman said he wants to revise legislation enabling banks to serve marijuana businesses to ensure it does not benefit vaping providers that have sparked safety concerns.

Read More from: BankThink

1 day 12 hours ago

The companies say they're working hard to complete their deal this year — including spending millions on retention payments and other items — but there's no guarantee how quickly regulators will make their decisions.

Read More from: BankThink

1 day 12 hours ago

How New York’s Taxi Titans Roiled Cities Hundreds of Miles Away

In the early 2000s, a group of New Yorkers did something unexpected.

They bought a bunch of taxi medallions that allowed them to own and operate vehicles hundreds of miles away, in Chicago. Medallions in that city were considered such an inexpensive commodity that Chicago had, at times, given them away free.

This turned out to be an early sign of a takeover of taxi markets across the country by some New Yorkers who were about to teach drivers in other cities a painful lesson.

The real taxi money wasn’t made by charging passengers; it was made by raising the price of medallions and financing loans to drivers who wanted to buy them.

The scheme started in New York.
In May, The Times’s Brian M. Rosenthal exposed the financial maneuvers that helped lead to the collapse of the taxi industry in New York City.

His series detailed potential market manipulation of taxi medallion prices and showed how some of the people who manipulated those prices also made money by providing drivers with high loan amounts, long loan lengths, steep fees and interest-only terms.

The Department of Justice and the New York attorney general soon opened investigations into the industry. The city arrested a debt collector, waived $10 million in fees owed by medallion owners and strengthened regulations.

Read More from: Shenwick & Associates

1 day 13 hours ago

Pensions and Chapter 7 Bankruptcy filings

With the increase in bankruptcy filings, many clients have contacted us regarding the treatment of their pensions in a chapter 7 bankruptcy filing and whether they should borrow money from their pension prior to filing for bankruptcy.

Under the law in New York both Roth and traditional IRA’s are exempt  up to $1,283,025 in a chapter 7 bankruptcy filing.

401(k)s, 403(b)s, profit sharing plans, SEP & Defined Benefit Plans are completely exempt in a chapter 7 bankruptcy.

Read More from: Shenwick & Associates

1 day 13 hours ago

Venmo’s P2P social payment app has become a major part of PayPal’s retail strategy, a play that’s getting a boost from a Synchrony co-branded credit card.

Read More from: BankThink

1 day 14 hours ago

By: Steven P. Taylor
Law Office of Steven P. Taylor, P.C.

On August 23, 2019, the Honoring American Veterans in Extreme Need Act of 2019 (HAVEN Act) was signed into law.   The Haven Act provides for exclusion of disability benefits paid by the U.S. Department of Veterans Affairs and the U.S. Department of Defense from the calculation of an individual debtor’s disposable income used for bankruptcy means testing for purposes of determining whether a veteran headed for bankruptcy would have to file a Chapter 13 repayment plan case.

According to the 2018 VA Annual Benefits Report,  4.74 million US veterans—or 25 percent of the total veteran population—receive VA disability benefits.   Veterans also make up a disproportionate share of bankruptcy filers. Nearly 15 percent of both Chapter 7 and Chapter 13 bankruptcy filers are veterans, who make up approximately 10 percent of the overall population. Approximately 125,000 veterans in Indiana and across the country filed for bankruptcy in 2017 alone.

1 day 14 hours ago

The four prudential agencies, which will enforce the new credit loss methodology developed by the Financial Accounting Standards Board, said they want to promote consistency.

Read More from: BankThink

1 day 15 hours ago

This post draws considerably from research on Puerto Rico and its current constitutional status with Joseph Blocher (see here).

Tuesday was oral argument day at the Supreme Court in the battle between the Puerto Rican Control Board and a big bad hedge fund, Aurelius.  Aurelius, zealous defender of the constitution that it is, had brought a challenge to the constitutionality of the Control Board. The claim being that the failure of President Obama and the then Congress to follow the strictures of the Constitution for the appointment of principal officers of the federal government (nomination by the President, followed by Senate confirmation) made the Board and all its actions invalid.

I am not a constitutional scholar and don’t have any desire to be one.  Still, the basic issue here seems fairly simple:  Are the members of the Control Board principal federal officers?

Aurelius claims that they are obviously so.  After all, they are creatures of the federal government that put them in place to supervise the fiscal affairs of Puerto Rico and oversee a debt restructuring for the territory.  Plus, they have enormous power over Puerto Rico's fiscal future, are answerable only to the President, and the Puerto Rican people had no say in their selection.

Read More from: Credit Slips

1 day 16 hours ago

The former House Financial Services Committee chairman follows other notable former officials who went to the think tank after government careers.

Read More from: BankThink

1 day 16 hours ago

Within the first 24 months of appointing female CFOs, companies saw, on average, a 6% increase in profits and an 8% better stock return, compared to performance under male predecessors.

Read More from: BankThink

1 day 16 hours ago

The fintech provides API support to Chime, Varo Money and other challenger banks.

Read More from: BankThink

1 day 17 hours ago

Employee programs need to embrace a wide range of groups including women, minorities and the LGBTQ community.

Read More from: BankThink

1 day 17 hours ago

The banking industry will continue its fight against the credit-loss rule; the bank posted gains in consumer, wealth management and commercial lending.

Read More from: BankThink

1 day 18 hours ago

As the administration gears up to end a decade of government control of Fannie and Freddie, are there any good options?

Read More from: BankThink

1 day 19 hours ago

As the administration gears up to end a decade of government control of Fannie and Freddie, are there any good options?

Read More from: BankThink

2 days 5 hours ago

Bank groups that lobbied unsuccessfully for the rent waivers credit unions receive now back a bill that would create equal rates for both industries.

Read More from: BankThink

2 days 5 hours ago

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