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IDEA Boardwalk, LLC v. Revel Entertainment Group, LLC (In re Revel AC Inc.), 909 F.3d 597 (3rd Cir. 2018) – A tenant that elected to retain its rights under a commercial lease after a debtor landlord rejected the lease sought clarification … Continue reading

2 days 9 hours ago

TD and several other banks are licensing credit underwriting and fraud prevention technology from the fintech Avant to get their digital-lending products to market faster.

Read More from: BankThink

2 days 19 hours ago

The findings of a new survey suggest that banks risk becoming irrelevant unless they match the speedier processes that are a key selling point for online lenders.

Read More from: BankThink

2 days 21 hours ago

Civil rights activist Jesse Jackson is pushing a proposal that the billions banks have paid in fines be given to Americans who lost homes or suffered in other ways during the financial crisis.

Read More from: BankThink

2 days 22 hours ago

I hope I'm not stepping on Bob's toes in announcing the public release of the long-awaited report of the ABI Commission on Consumer Bankruptcy. The Commission, with Credit Slips' own inimitable Bob Lawless as its reporter, was formed in December 2016 to explore revisions to the US consumer bankruptcy system that would improve the operation of its existing structure; that is, evolution, not revolution. With this explicitly limited charge, one would not necessarily expect to find much high-level discussion of how the US approach squares with or fits within the many recent global developments in consumer insolvency relief, and one would expect to see a concentration on local solutions for local stumbling blocks.

Read More from: Credit Slips

2 days 22 hours ago

Executives at the Tennessee banks are using the biggest bank merger in a decade to aggressively recruit lenders and clients in Southeastern markets.

Read More from: BankThink

2 days 23 hours ago

Following the Federal Reserve Board, the FDIC signed off on proposed measures to ease resolution planning requirements and tailor supervisory standards for foreign banking companies operating in the U.S.

Read More from: BankThink

3 days 17 min ago

While NCUA lawyers fielded questions about the possibility of redlining, a three-judge appeals panel showed skepticism about other elements of the ABA's arguments against changes to credit union membership rules.

Read More from: BankThink

3 days 18 min ago

Bank of America's Brian Moynihan had a lot to brag about in discussing 1Q results but faced questions about what he would do if economic growth slows and rates hold steady for a prolonged period. Other bank chief executives have gotten, or will get, similar questions this earnings season.

Read More from: BankThink

3 days 1 hour ago

The administration’s move seems aimed at cutting down on regulation. But broader reviews by the White House under the Congressional Review Act could hinder rules the industry supports.

Read More from: BankThink

3 days 1 hour ago

   In Bryan Scott Owens v Owens, 2019 Bankr.LEXIS 1193, Case #17-17628-WHD, Adv 18-1008-WHD (Bankr. N.D. Ga., April 15, 2019) the debtor, Bryan Owens, signed a contract on behalf of a sole proprietorship which owed money to the Georgia Lottery Corporation for proceeds of lottery tickets.  The 1995 contract with the lottery states that the debtor is a fiduciary, and is required to deposit the proceeds of the sales into a dedicated bank account, and that such proceeds shall constitute a trust fund in favor of the lottery corporation until paid to such corporation.   In 1996 Owens subsequently focused his efforts on the truck stop portion of the business, and left another person, Feltrinelli, in charge of the lottery operations.  Feltrinelli subsequently submitted her own application with the lottery asserting she was the owner of the business.  No notice had been given to the lottery, as was required by the contract, of a change of ownership.   In 1999 the lottery attempted to collect funds owed it from the associated bank account, but found there were insufficient funds in the account.  Upon investigation it discovered that the account, set up in Feltrinelli's name since 1993.

  The lottery sued Owens in state court, obtaining a default judgment in the amount of $62,028.  Owens then filed for relief under chapter 7 bankruptcy.  This adversary under §523(a)(4) followed, with a motion for summary judgment by the lottery.

Read More from: Tampa Bankruptcy

3 days 3 hours ago

The Los Angeles bank reported a 5% decline in net income despite strong loan growth as deposit costs rose and fee income fell.

Read More from: BankThink

3 days 4 hours ago

The Dallas regional assured analysts that it has ample sources of liquidity to fund its expected loan growth.

Read More from: BankThink

3 days 4 hours ago

Adolfo Marzol, who has served as an adviser to HUD Secretary Ben Carson, will now report to the new director of the Federal Housing Finance Agency.

Read More from: BankThink

3 days 5 hours ago

The bureau should adopt a clear, consistent framework for determining civil money penalties against financial firms.

Read More from: BankThink

3 days 6 hours ago

NanoMech, Inc., a manufacturer of proprietary lubricants, specialty chemicals, pastes, paints, coatings, and advanced textiles based in Springdale, Arkansas, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 19-10851).  The Petition estimates NanoMech’s assets and liabilities to both be between $10 – $50 million.  According to the First Day Declaration, NanoMech enters chapter 11 intending to either reorganize its capital structure or sell its assets under section 363 of the Bankruptcy Code.  The case has been assigned to the Honorable Chief Judge Christopher S. Sontchi.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

3 days 6 hours ago

NanoMech, Inc., a manufacturer of proprietary lubricants, specialty chemicals, pastes, paints, coatings, and advanced textiles based in Springdale, Arkansas, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 19-10851).  The Petition estimates NanoMech’s assets and liabilities to both be between $10 – $50 million.  According to the First Day Declaration, NanoMech enters chapter 11 intending to either reorganize its capital structure or sell its assets under section 363 of the Bankruptcy Code.  The case has been assigned to the Honorable Chief Judge Christopher S. Sontchi.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

3 days 6 hours ago

Congressional Democrats issued subpoenas to Deutsche Bank and other banks to obtain long-sought documents indicating whether foreign nations tried to influence U.S. politics.

Read More from: BankThink

3 days 6 hours ago

Citi, Goldman, BofA earnings rose despite flat revenues; benchmark would be based on rates set on the American Financial Exchange.

Read More from: BankThink

3 days 7 hours ago

Net interest income at the bank's consumer unit rose nearly 10%. But first quarter could be the last hurrah for that catalyst at BofA and other banks as the Fed pauses its rate-tightening cycle.

Read More from: BankThink

3 days 8 hours ago

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