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Real-time payments would undoubtedly benefit some consumers and companies, but same-day payments can address many current needs. To that end, Nacha is working on a phased-in approach to implementing multiple same-day settlement windows.

Read More from: BankThink

5 years 7 months ago
A risk-based approach to anti-money laundering rules would allow regulators to be sure mobile transactions are being screened for suspicious activity without hindering the technology's potential to do social good.

Read More from: BankThink

5 years 7 months ago
This past Saturday, October 11, 2014, marked an important day in the too-big-too-fail regulatory and industry initiative. The International Swaps and Derivatives Association, Inc. (ISDA) announced on Saturday that 18 major global banks (G-18) have agreed to sign a new ISDA Resolution Stay Protocol, developed in coordination with the Financial Stability Board, to support cross-border resolution and reduce systemic risk. For a copy of ISDA’s press release, click here.
5 years 7 months ago
Before regulators require the country's largest banks to take on more burdensome regulations, they need to reconsider the parameters used to assess the threat of systemic risk.

Read More from: BankThink

5 years 7 months ago
The European Council adopted on September 29, 2014, a Directive requiring large public interest entities with more than 500 employees to disclose in their annual reports “relevant, useful information” necessary for an understanding of such companies’ environmental, social, employee, human rights, anticorruption and bribery matters. These companies will also be required to disclose board diversity matters. The disclosure would focus on the companies’ governing policies, related risks and the management of such risks. The Directive will become law 20 days after it is published in the European Union Official Journal (which is expected in due course). Member states will have two years to transpose the Directive into national legislation. Companies will need to begin reporting as of their financial year 2017.  
5 years 7 months ago
Breaking News This Morning ... Earnings: JPM, Citigroup, Wells Fargo Receiving Wide Coverage ... Early Bird Gets the Earnings Attention: JPMorgan Chase showed a $5.57 billion profit in its third quarter, but whether that's a victory or a disappointment depends on your preferred news source. The Journal's upbeat report emphasizes the bank's return to profitability after "a year-earlier period weighed down by massive legal charges." The Financial Times, on the other hand, leads by noting JPMorgan's net income...

Read More from: BankThink

5 years 7 months ago
In re Beltway Law Group, LLP, 514 B.R. 341 (Bankr. D. D.C. 2014) – A managing partner filed an involuntary chapter 7 petition against a professional limited liability partnership. The bankruptcy court denied the petition and dismissed the case based on its … Continue reading →
5 years 7 months ago
There are so many people that claim that they want to get out of debt, yet they don’t make the first step. They lament over their financial situation. They complain that they’re being held back and there’s nothing that they can do about it. They’ve heard about bankruptcy, but they really don’t want to go+ Read More The post If You Want To Get Out Of Debt, You Have To Make The First Step appeared first on David M. Siegel.
5 years 7 months ago
The idea behind bankruptcy is to assist a person in resolving debt and learning better financial management. Being able to start again is not just about leaving the past behind, it also requires a person to protect their remaining assets. The benefits of this can be maximized by NOT borrowing, selling or depleting these assets... Read more » The post Can I Sell Some of My Assets Before Filing Bankruptcy? appeared first on Allmand Law Firm PLLC.

Read More from: AllmandLaw

5 years 7 months ago
The idea behind bankruptcy is to assist a person in resolving debt and learning better financial management. Being able to start again is not just about leaving the past behind, it also requires a person to protect their remaining assets. The benefits of this can be maximized by NOT borrowing, selling or depleting these assets […] The post Can I Sell Some of My Assets Before Filing Bankruptcy? appeared first on Allmand Law Firm PLLC.

Read More from: AllmandLaw

5 years 7 months ago
Financial Poise, The ChamberWise Education Consortium, and West LegalEdcenter are pleased to announce a brand new webinar series for 2014, Finance and Accounting. The first webinar, “The Income Statement” premieres on October 29, 2014 at 10am CT. Webinars in the series include: Speakers include:
  • Richard Claywell, Biz Valuations
  • Gary Frantzen, Alvarez & Marsal
  • Garth Tebay, Tebay & Associates, LLC
  • Todd Zoha, Stage Capital LLC
5 years 7 months ago
In case you were wondering, Columbus Day is in the top ten of “legal holidays” that Bankruptcy Rule 9006 recognizes.  Although the Weil Bankruptcy Blog is observing the holiday, we thought it provided a good opportunity to remind everyone of the diminished significance of legal holidays under Rule 9006. Under current Bankruptcy Rule 9006(a)(1), if today is the last day in a time period set by the Bankruptcy Rules, the Federal Rules of Civil Procedure, any local rule or court order, or in any statute (assuming the statute does not otherwise specify a method of computing the time), you can go watch your neighborhood’s parade because you have an extra day to file your pleading or take some other action. Remember, though, that Bankruptcy Rule 9006 no longer excludes weekends and legal holidays when computing a time period.  Before 1987, weekends and legal holidays were excluded from computing a time period when the period was shorter than seven days.  It was then changed to any period shorter than eleven days in 1987.  In 2009, Congress changed the rule to require that weekends and legal holidays always count when computing a time period.
5 years 7 months ago
SEC Chair White signaled that the proposed rules on CEO pay ratio would be adopted before the end of the year at a Senate Banking Committee hearing last month, or at least that was her “hope and expectation.” Senator Menéndez, Congressional author of the rule under the Dodd-Frank Act, responded that he wanted “more expectation and less hope” for meeting that timetable, indicating that the proposal in its current form reflects the “legislative intent.”
5 years 7 months ago
Here is another story that is being sold to the public to try to create confidence that there will not be a Lehman #2.  Whether one buys it seems to come down to a question of whether banks should be relied on to keep contractual promises that are contrary to their economic interests and, in the short run at least, to those of their shareholders.Per www.businessweek.com:By Gregory Mott  October 13, 2014Eighteen global banks have agreed to swaps contract changes designed to work with government rules for unwinding failed firms, a step that may help end the view that some financial companies are “too big to fail.” Counterparties of banks involved in resolution proceedings will delay contract termination rights and collateral demands under the plan announced by the International Swaps and Derivatives Association. The change is intended to give regulators more time to arrange orderly resolutions, ISDA said in a statement released in Washington on Saturday.“This is a major industry initiative to address the too-big-to-fail issue and reduce systemic risk,” Scott O’Malia, ISDA’s chief executive officer, said in the statement. The agreement will “facilitate cross-border resolution efforts and reduce the risk of a disorderly wind-down,” he said. . .

Read More from: The COMI

5 years 7 months ago
Last week Regions Bank sued Comerica Bank seeking a declaration that Regions is not liable to Comerica in connection with their $53MM syndicate loan to a plant nursery that went very wrong.  Regions Bank v. Comerica Bank, civil action 3:14-cv-3607, pending in the United States District Court for the Northern District of Texas. In short:
  • The two banks loaned $53MM (total) to the plant nursery based on allegedly massively fraudulent inventory numbers.
  • The nursery filed bankruptcy and basically everyone apparently got sued for the alleged fraud.
  • Comerica allegedly has been threatening Regions with a lawsuit for misrepresentation or fraud for talking them into the syndicate.
  • Rather than wait for the lawsuit, Regions filed its declaratory judgment action.
  • In the lawsuit, Regions asserts that Comerica contractually waived any reliance on facts or representations that Regions provided to Comerica.  Thus, argues Regions, Regions cannot be liable to Comerica on account of Comerica relying on any information Regions forwarded to Comerica about the borrower.
There are a number of issues related to the lawsuit that are worthy of analysis.  (There are also a number of one-liners about money not growing on trees).  However, as the case is only a week old it provides a good avenue to illustrate the two levels of reliance waivers in Texas.

Read More from: Tough Times for Lenders

5 years 7 months ago
Last week Regions Bank sued Comerica Bank seeking a declaration that Regions is not liable to Comerica in connection with their $53MM syndicate loan to a plant nursery that went very wrong.  Regions Bank v. Comerica Bank, civil action 3:14-cv-3607, pending in the United States District Court for the Northern District of Texas. In short:
  • The two banks loaned $53MM (total) to the plant nursery based on allegedly massively fraudulent inventory numbers.
  • The nursery filed bankruptcy and basically everyone apparently got sued for the alleged fraud.
  • Comerica allegedly has been threatening Regions with a lawsuit for misrepresentation or fraud for talking them into the syndicate.
  • Rather than wait for the lawsuit, Regions filed its declaratory judgment action.
  • In the lawsuit, Regions asserts that Comerica contractually waived any reliance on facts or representations that Regions provided to Comerica.  Thus, argues Regions, Regions cannot be liable to Comerica on account of Comerica relying on any information Regions forwarded to Comerica about the borrower.
There are a number of issues related to the lawsuit that are worthy of analysis.  (There are also a number of one-liners about money not growing on trees).  However, as the case is only a week old it provides a good avenue to illustrate the two levels of reliance waivers in Texas.

Read More from: Tough Times for Lenders

5 years 7 months ago
Bloomberg News reported that students from affluent families are taking out loans for college at twice the rate of two decades ago. Fifty percent of graduates in the class of 2012 whose parents had incomes of more than $125,700 left college with loans, up from 24 percent about 20 years earlier, making them the fastest-growing borrowers group, according to a study released today by the Pew Research Center. For graduates whose parental income was below $44,000, the rate rose to 77 percent from 67 percent. Nationally, the $1.2 trillion in outstanding education loans, which topped U.S. credit card debt in 2010, continues to rise. Graduates of the class of 2012 who took loans for a bachelor’s degree owed $29,400 on average, up from $23,450 in 2008, according to the nonprofit Institute for College Access & Success in Oakland, Calif.
5 years 7 months ago
Per www.nytimes.com: By and  SEPT. 29, 2014Inside the Federal Reserve Bank of New York, time was running out to answer a question that would change Wall Street forever.At issue that September, six years ago, was whether the Fed could save a major investment bank whose failure might threaten the entire economy.The firm was Lehman Brothers. And the answer for some inside the Fed was yes, the government could bail out Lehman, according to new accounts by Fed officials who were there at the time.But as the world now knows, no one rescued Lehman. Instead, the firm was allowed to collapse overnight, a decision that, in cool hindsight, let problems at one bank snowball into a full-blown panic. By the time it was over, nearly every other major bank had to be saved.Why, given all that happened, was Lehman the only bank that was not too big to fail?

Read More from: The COMI

5 years 7 months ago
Per www.irishexaminer.com:Wednesday, October 8, 2014By Caroline O’DohertyThe State agency set up to help free ordinary people from unmanageable debts has a fraction of the clients it expected despite the massive level of household mortgage, loan and credit card arrears in the country.Lorcan O’Connor, director of the Insolvency Service of Ireland (ISI), admitted the numbers using the service were “exceptionally low” as he announced a number of incentives to persuade people to come forward. Until the end of next year, the application fee, which can be up to €500, is being waived for all new applicants, and a payment of €750 will be made towards the costs incurred by a personal insolvency practitioner (PIP) in preparing a debt resolution plan that is subsequently rejected by the creditors. Latest figures show just 80 personal insolvency arrangements have been approved since the ISI began a year ago. PIAs are for people with combined mortgage and other debts they cannot pay and were expected to be the ISI’s main business. Just 58 debt settlement arrangements — for people with more €than 20,000 in unsecured debts such as credit card arrears and overdrafts — have been approved as well as 172 debt relief notices for people with unsecured debts of less than €20,000. That’s a total of 311 arrangements when the ISI expected to be handling 7,000 a year.

Read More from: The COMI

5 years 7 months ago