The Mississippi company said it decided to take aggressive measures to reduce its exposure to energy firms.
The Birmingham, Ala., company more than doubled its loan-loss provision from three months earlier and its chief financial officer said that more than half of its loans to oil and gas companies could eventually become criticized.
Government stimulus efforts, including the Paycheck Protection Program, have fueled a deposit surge. The challenge for banks is figuring out how to put that new money to use.
Wells Fargo buys $14B of delinquent mortgages tied to pandemic; CFPB launches investigation of Quicken Loans real estate affiliate Rocket Homes Real Estate; Truist accelerates cost-cutting plans; and more from this week’s most-read stories.
Some 60% of Ally’s auto originations in the second quarter were used-vehicle loans, the highest percentage in the company's history.
Members of Congress question whether the company is doing enough to protect inexperienced customers engaging in high-risk investing.
Treasury Secretary Steven Mnuchin did not define "small," but advocates have been urging Congress to convert all Paycheck Protection Program loans of less than $150,000 into grants.
Some 3,400 additional staffers in the treasury management group will be required to get pre-clearance before making trades. The policy change was driven in part by increased regulatory scrutiny, the bank said.
This story Cancel Student Loans In Bankruptcy? You May Not Qualify Forbes July 16, 2020 originally appeared
Cancel Student Loans In Bankruptcy? You May Not Qualify
Can you discharge your student loans in bankruptcy? A new proposal says yes, but not everyone qualifies.
Here’s what you need to know.
Rep. Mary Gay Scanlon (D -PA) introduced new legislation today that would make it easier for you to discharge student loans in bankruptcy if you are struggling financially and have been impacted by Covid-19. Here’s the good news: the COVID-19 Student 5 Loan Relief Act of 2020 would apply to both private student loans and federal student loans, and be available to all Americans impacted by Covid-19.
Discharge student loans: the fine print
Now, here’s the fine print: you may not qualify to discharge your student loans in bankruptcy under this proposal. According to the bill, to qualify:
your income has been reduced due to the Covid-19 pandemic; or
the primary income earner in your family died; or
you have become permanently disabled
Most Popular In: Personal Finance
Read More from: Shenwick & Associates
You can’t decide between bankruptcy chapters until you really understand how Chapter 13 works to keep you in control.
Control of your assets, control of your payment plan, control of who gets paid.
You want to be at the helm of your case. Chapter 13 can do that.
Chapter 13 bankruptcy is about protecting assets, I read somewhere on the internet.
That sells Chapter 13 short by half in my view.
It’s not just about assets.
Many of my Chapter 13 clients have no meaningful assets to protect. Assets to protect isn’t what made 13 right for them.
It’s that Chapter 13 kept them in control.
Read More from: The Soap Box
This post appeared in the New York Times on 7/17/20
The Eye of the Bankruptcy Storm
Chesapeake Energy was among the companies to file for bankruptcy protection in recent weeks.Credit...Brett Carlsen/Reuters
July 17, 2020Updated 7:28 a.m. ET
Read More from: Shenwick & Associates
Fintechs like Greenlight and gohenry have drawn millions of teens with features like savings goal tracking and customizable debit cards.
The coronavirus relief law allows forbearance plans for up to a year on federally backed mortgages, but House Democrats say homeowners have had difficulty getting relief.
The proposed Chicago de novo would focus on serving female entrepreneurs.
Bank of America was the latest large bank to report a second-quarter drop in the key earnings metric after a March surge in credit line utilizations gave way to rapid payoffs in May and June.
Rho initially focused on startups, but now it’s targeting businesses with 100 or more employees.
The North Carolina regional created by the merger of BB&T and SunTrust is saving money by shedding office space and reworking vendor contracts, but it was forced to put its systems integration on hold for up to a year to prioritize tech upgrades tied to the pandemic.
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.