Monzo has been adding roughly 200,000 users a month in the U.K., and is hoping to replicate that success as it launches in the U.S.
USA Today just came out with an interesting expose about reverse mortgages and their negative impact, especially in low-income, African American, urban neighborhoods (highlighting a few in my backyard here in Chicago). I have long been interested in reverse mortgages, touted in TV ads by seemingly trustworthy spokespeople like Henry Winkler and Alex Trebek as sources of risk-free cash for folks enjoying their golden years, and I am always on the lookout for explanations of the pitfalls. Most of these breathless critiques strike me as overkill, but the USA Today story reveals fairly compelling real stories of a few of the ways in which a combination of financial illiteracy and sharp marketing tactics can lead to bad outcomes ranging from rude awakening (heirs having to buy back their childhood homes) to tragedy (simple missed paperwork deadlines leading to foreclosure and an abusive accumulation of default and attorney fee charges).
Read More from: Credit Slips
The Commodity Futures Trading Commission’s (CFTC) Market Risk Advisory Committee (MRAC) held a public meeting yesterday focusing on climate-related financial risks. The meeting featured presentations by regulators, market participants and academics.
CFTC Commissioner Rostin Behnam, the sponsor of MRAC, stressed the economic costs of natural disasters in his opening remarks, also noting that climate change affects several parts of the U.S. economy. CFTC Chairman J. Christopher Giancarlo emphasized in his opening remarks that the CFTC supports the work of MRAC and all five of the Commission’s advisory committees, including looking at climate change and other externalities like Brexit and new asset classes such as cryptocurrency.
Read More from: Davis Polk Briefing: Governance
Despite renewed calls from Democrats looking to USPS to offer banking services, policymakers should instead consider reforms that would permit private-sector firms like Walmart and Amazon to offer a wider array of financial products.
Lenders should get a boost from refinances and purchase loans; BB&T and SunTrust Banks’ name choice questioned.
Read More from: Mediatbankry
If you have read this blog before, you know my
number one solution is to restore bankruptcy
dischargeability to student loans.
In the administration’s budget proposal released Monday, officials made brief mention of a “request to create an educational finance system that requires postsecondary institutions that accept taxpayer funds to have skin in the game through a student loan risk-sharing program.”
(from my favorite blog Instapundit)
This prior Instapundit posts states another of my recurring themes:
Read More from: Discharge Student Loan
Some of the biggest industry moves in May and early June were not executive promotions, but rather departures.
Stress tests have come a long way since first unveiled to shore up confidence in banks. But some critics fear that proposals to make the system more efficient would compromise its safety.
Judging by day one on social media, you’d think the new Truist brand was a flop. But marketing and branding experts say the name has a lot going for it. What matters most will be how the two banks advocate for the name.
Sen. Bernie Sanders lashed out at Jamie Dimon on Twitter after the chief executive officer of JPMorgan Chase criticized socialism during an appearance in Washington.
Bills to fix the National Flood Insurance Program and combat the money-laundering risks from shell companies enjoyed bipartisan support during a House Financial Services Committee debate.
The combined company will be known as Truist, which plays off “trust,” a word the banks’ original names had in common.
The Los Angeles company has established a network that is designed to help verify the identities of consumer and small-business borrowers. It says 20 lenders are participating and that it is trying to recruit more.
CEO Greg Carmichael said Wednesday that online-only banks "aren't relationship-based" and that Fifth Third would stick to its plan of attracting new depositors by selectively expanding into new markets.
The Proxy Advisors (Shareholders’ Rights) Regulations 2019 (“Regulations”) in the United Kingdom went into effect this past Monday. Proxy advisory services typically include research reports on public companies as well as proxy voting recommendations on how the proxy advisors’ clients, namely shareholders, should vote on all shareholder proposals, including those that are submitted by the public company’s management.
General Overview. The new UK regulations are “intended to make sure that proxy advisors’ clients will be able to better understand what standards of conduct the proxy advisor adheres to, how the proxy advisor ensures an adequate standard of quality in its advice and how it manages conflicts of interest, in order to help the market for proxy advisor services to function effectively.”
The Regulations primarily establish a transparency framework rather than a conduct regime or expectation level regarding the controls or quality of proxy advisory services.
Read More from: Davis Polk Briefing: Governance
The head of the Federal Deposit Insurance Corp. previously had said regulators were weighing numerous options for addressing criticism of their 2018 proposal.
With several top candidates reportedly turning down the job, some insiders are reportedly lobbying the board to appoint C. Allen Parker as the bank's next CEO.
An April 16, 2019 ruling in the U.S. Bankruptcy Court for the Northern District of Texas in the case of In re: Essential Financial Education, Inc. held that an involuntary bankruptcy petition filed under 11 U.S.C. §303 may not dismissed when it serves a legitimate purpose and is not merely an extension of a two-party dispute. The Essential Financial Education, Inc. decision gives creditors another factor to consider before filing an involuntary petition. Ultimately, Essential Financial Education, Inc. provides a reason why, with proper planning, filing an involuntary petition could be a good collection tool for creditors.
Under §303 of the Bankruptcy Code, creditors can file an involuntary bankruptcy petition under either Chapter 7 or 11 against a debtor who has more than 12 creditors if they meet three criteria:
Read More from: Insolvency Insights
Bankruptcy is a big decision to make as it can save you from financial ruin. If you’re thinking about filing for bankruptcy due to your medical debt , you should take a deeper look and review the pros and cons of filing bankruptcy.
The first thing to realize is that filing bankruptcy for medical reasons is just like filing for any other reason, its exactly the same process and will affect your credit in exactly the same way. How will your credit be affected? Well, a bankruptcy can affect your credit score for up to 10 years, but on the positive side, from the day you file bankruptcy you can begin rebuilding your credit and with your financial problems behind you you actually may end up in a better position in the long run or at least in a pretty good position in a fairly short time.
Read More from: AllmandLaw