The Detroit lender disclosed that the consumer bureau had sent a civil investigative demand to Rocket Homes Real Estate for potential violations of the Real Estate Settlement Procedures Act.
The case stemmed from the credit union's claims that the bank's branding would create confusion among consumers.
The Arkansas bank is selling two South Carolina branches to a credit union just two weeks after announcing plans to divest its branches in Alabama.
The coronavirus pandemic has exposed weaknesses even at well-established fintechs. They could become more resilient by partnering with traditional financial institutions.
Facing dire financial straits due to the Covid-19 pandemic, but think you can’t file bankruptcy because you’ve been in bankruptcy court before? We’ve got good news: you may be eligible to file again. It depends on when your last bankruptcy case was, and when you filed. If you filed Chapter 7… You can file for […]
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Goldman's revenue rose and its capital ratios improved in the second quarter; BNY Mellon’s stock dropped more than 5% after it said tighter lending margins may last for a while.
Bankruptcy exemptions help debtors keep some of their property from being seized by the court. In Texas, you may file for exemptions in your homestead, personal property, personal accounts, or vehicles. If you are married, additional exemptions apply.
In bankruptcy filings, all non exempt assets are placed in a bankruptcy estate and managed by the court’s appointed trustee. Bankruptcy exemptions allow filers to keep a portion of their properties without having to think about paying off debts owed to lenders. Knowing which properties fall under bankruptcy protection depends on the filing chapter of the bankruptcy petition and the state where you filed your case.
You need to review state bankruptcy laws and check whether federal bankruptcy exemptions apply before filing bankruptcy. What is unique in Texas is that a filer may choose to apply either state or federal exemptions when they file for bankruptcy.
In Texas, you may file for exemptions in your homestead, personal property, personal accounts, or vehicles. In addition, for married couples, each may claim exemption for properties jointly owned, allowing them to double the exemption limit.
Read More from: AllmandLaw
In keeping with my recent string of one word answers;
Government loans, for all the problems, do have income based repayment plans and some other options not available to private student loan borrowers.
True, there is no statute of limitations, and very little room to make deals to lower balances.
But private student loans are not required to make any deal.
If you qualify for an income based repayment program for your government student loans, they have to give it to you.
That might make sense with interest rates so low.
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While most of the public attention has been on Joe Biden's lead in presidential polls, any true overhaul of the bank regulatory landscape hinges on whether Democrats can retake the Senate — and by what margin.
Republicans still receive more money overall from bankers, but the gap is narrowing ahead of the November elections. Experts say that the trend corresponds with signs of a “blue wave” and that many in the industry prefer Democrats on nonregulatory issues.
On July 15, 2020, the Federal Reserve Bank of Boston issued new guidance expressly permitting tribal businesses that are borrowers under the Main Street Lending Program (“MSLP”) to pay dividends to their tribal government owners. In its amended Frequently Asked Questions (the “July 15th FAQs”), available here, the Federal Reserve announced that the Treasury Secretary exercised his authority under the CARES Act to waive the prohibition against the payment of dividends in the MSLP, permitting tribal businesses that are wholly or majority-owned by one or more tribal governments to make distributions to their tribal government owners. See July 15th FAQ H.15 and H.2. Tribal businesses and organizations seeking financial relief and Lenders seeking to extend credit under the MSLP have advocated for this important clarification so that tribal businesses may gain access to much-needed capital during the economic strain of the COVID-19 pandemic. For example, Sheppard Mullin sought this important clarification with respect to tribal distributions in comments it subm
Read More from: Bankruptcy and Restructuring Blog
The consumer agency alleges Townstone Financial's CEO and president made statements on a radio show discouraging applicants living in Black neighborhoods from seeking home loans.
Gordian Group has a unique investment banking practice in financially challenged and restructuring situations: we only represent financial sponsors and boards of public and private companies seeking to right-size their capital structures, while minimally diluting shareholders. To enable us to render unconflicted advice to our clients, we believe, we alone in our field, eschew financial creditor representations.
Said differently, we garner a disproportionately large piece of the value “pie” for shareholders (and Management), at the expense of junior and senior creditors – the latter usually fully secured. We do this consistent with any fiduciary duties we might have, and we work with counsel to maximize board protection under the business judgment rule.
In distressed situations, it is critical to, among other things:
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The Pittsburgh bank says fewer borrowers are asking for help and that many borrowers who received assistance are making payments again. But with the coronavirus pandemic still raging in much of the country, CEO William Demchak and other bankers are tempering their optimism.
The Minneapolis company said 75% transactions have been handled online since the pandemic hit.
Banks' fear of big penalties, the changing tactics of nimble criminals and a greater openness among regulators to new approaches are among the factors driving big investments.
Updates in the past two months to voluntary ESG disclosure frameworks raise questions for companies about these overlapping and arguably competing standards.
GRI Launches Sector-Specific Disclosure Framework
On July 8, 2020, the Global Reporting Initiative (GRI) published an initial draft of a standard for ESG disclosures for the oil & gas industry. The draft, open for public comment until October 6, 2020, marks the first sector-specific ESG disclosure framework created by GRI, which, unlike the Sustainability Accounting Standards Board (SASB), has before now provided only a uniform framework for all industries.
Read More from: Davis Polk Briefing: Governance
In Bentley v. OneMain Fin. Grp. LLC, 2020 Bankr. LEXIS 1837, Case No 19-8026 (6th Cir. B.A.P., 8 July 2020) the BAP affirmed a bankruptcy court decision that had held OneMain Financial had not violated the discharge injunction. The case involved a surrendered 2001 Dodge Dakota in a chapter 7 case filed in 2018. The schedules showed an $8,000 lien on the vehicle which was valued at $150, and stated an intent to surrender the vehicle to the creditor. Discharge was entered June 11, 2018 with no further action taken on the vehicle. Debtor called the creditor after the discharge asking them to take the lien off the vehicle, noting that the vehicle was totaled. The creditor suggested taking the vehicle to a scrap yard, at which point it would 'consider accepting that to release the lien.'
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Bankers Healthcare Group, which is minority owned by the Tennessee company, is moving beyond its primary strategy of selling health care originations to community banks and will start marketing pools of loans to investors.