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The National Association of Federally-Insured Credit Unions and the Credit Union National Association sent a joint letter to Sen. Orrin Hatch on Wednesday defending the credit union charter and its tax status.

Read More from: BankThink

1 day 16 hours ago

The internet giant, SunTrust, Ally and other backers have invested $16 million in a new funding round for Greenlight Financial Technology, further blurring the lines between banks and tech companies.

Read More from: BankThink

1 day 16 hours ago

Bank consolidation in the city has picked up in recent months despite erratic oil prices and flooding tied to Hurricane Harvey.

Read More from: BankThink

1 day 16 hours ago

The Consumer Financial Protection Bureau is seeking comment on how to engage the public in field hearings and town hall meetings as part of a broad review of all of the bureau's processes.

Read More from: BankThink

1 day 16 hours ago

The Puerto Rico-based bank failed in 2015. The FDIC, its receiver, is seeking unspecified economic and punitive damages from 16 lenders, including Bank of America, Barclays and Credit Suisse.

Read More from: BankThink

1 day 16 hours ago

As they cement major partnerships, launch overseas operations and court banks and other institutional investors, top cryptocurrency exchanges now see regulatory approval as a competitive advantage.

Read More from: BankThink

1 day 16 hours ago

The Treasury Department struck a middle ground in recommendations for Dodd-Frank Act wind-down powers, resisting calls to repeal those powers but still addressing concerns that they are too generous to large firms.

Read More from: BankThink

1 day 16 hours ago

A community group has secured a grant from the W.K. Kellogg Foundation to probe banks’ small-business lending practices. It follows a 2017 pilot study in which the group found that white shoppers posing as business owners were three times more likely to be invited for follow-up appointments than their black counterparts and twice as likely to be offered help in completing loan applications.

Read More from: BankThink

1 day 16 hours ago

Deutsche Bank on Wednesday became the first large bank to announce a wholesale relocation of client business out of the U.K., but B of A has extended the lease on its London headquarters, and Northern Trust is searching for a new lease in the city.

Read More from: BankThink

1 day 16 hours ago

The prepaid card issuer has bounced back from the hit it took after discontinuing a product that proved to be popular with fraudsters.

Read More from: BankThink

1 day 16 hours ago

The Chicago bank is denying a report that its CEO, Steve Calk, made $16 million in mortgage loans to former Trump campaign chairman Paul Manafort in exchange for a job in the White House.

Read More from: BankThink

1 day 16 hours ago

If so, what would it look like? And what is cognitive corporate banking?

Read More from: BankThink

1 day 16 hours ago
   Judge Grandy in Illinois rejected a chapter 13 trustee's request to require debtors to pay interest to unsecured creditors on a 100% plan if they were extending the payment over a longer term than would have been required if they paid all of their disposable income. In re Eubanks, No. 17-40227, 2018 WL 947646  (Bankr. S.D. Ill. Feb. 16, 2018).  The debtors proposed a plan with a five year repayment schedule paying 100% to the unsecured claims.  The means test, form 122C-1 and 122C-2 showed $1,443.71 disposable income, but the plan proposed to only pay $1,220/month for 60 months.


  The requirements as to disposable income in chapter 13 is set forth in Section 1325(b)(1) of the Bankruptcy Code.  This reads:


Read More from: Tampa Bankruptcy

1 day 21 hours ago

Life in the Sweatbox

(reprinted from Credit Slips)

Pamela Foohey, Indiana University Maurer School of Law
Robert M. Lawless, University of Illinois College of Law
Katherine M. Porter,  University of California – Irvine School of Law
Deborah Thorne,  University of Idaho

Date Written: February 20, 2018  94 Notre Dame Law Review __ (forthcoming 2018)

1 day 21 hours ago
   A credit union found out the hard way that the sole fact that a debt was incurred fairly recently before filing chapter 7 does not make it nondischargeable.  In IN RE: BYRON STEWART DEBTOR LOUISIANA CENTRAL CREDIT UNION PLAINTIFF V. BYRON STEWART DEFENDANT, No. 17-11031, 2018 WL 909970 (Bankr. E.D. La. Feb. 14, 2018), a credit union sued a debtor under §727(a)(4) and (a)(5) as well as §523(a)(2)(A) and (a)(6) over a refinancing of a loan done 62 days prior to filing a chapter 7 petition.

Read More from: Tampa Bankruptcy

1 day 22 hours ago

By Andrew Kreighbaum

The Department of Education signaled Monday that it is interested in tweaking the standards used for determining whether student loan debt can be discharged in bankruptcy.

That could point to an opening for potential bipartisan cooperation between the department and Democrats like Senator Elizabeth Warren, who have long sought to loosen bankruptcy law so student borrowers can discharge their debt.

However, what steps the department might take in that regard, including issuing new guidance or working with Congress to change the law, are unclear.

In a Federal Register notice, it requested public comments on the process for evaluating claims of “undue hardship” -- the standard student borrowers must clear to be able to discharge their loans through bankruptcy.

Read More from: Shenwick & Associates

2 days 51 min ago

Mary-Conner-PoolA recent article on bankrate.com outlined 15 signs of serious debt trouble.  If you recognize these signs with your financial struggles, it might be a good idea to meet with a bankruptcy attorney to discuss your financial options.

Read More from: Bonds & Botes, P.C.

2 days 1 hour ago

The squeaky wheel should NOT get the oil...

At least, not until you’ve assessed all the other demands for oil.

That’s a quaint way of saying that your decisions about which of your creditors to pay when you can’t pay everyone should not be based on who is on the phone.

The creditors who call you are the ones with few other tools in their toolbox to collect the money you owe.

They hope to get you to write them a check for money they can’t easily get any other way.

Just because they squeak, doesn’t mean they should  get paid first.

Important creditors don’t need to call

The debt collector on the phone certainly feels like he has invaded your sanctuary.  Life is challenging enough without your money problems interrupting home life.

Read More from: The Soap Box

2 days 2 hours ago

liens on your homeCan “they” put a lien on me?

If you have debts you can’t pay, it’s a critical question.

The man sitting across the desk from me owed a fistfull of taxes.  He proposed to transfer his interest in the family home to save the house from the tax lien which was filed against him.

He thought that the lien on the house would vanish once the home wasn’t in his name any longer.

And that sort of follows from the idea that the lien is “on” the person.

But that’s not how liens work.

Liens are creatures of law:  whether you think about them as barnacles, leaches, or ticks, the idea is the same.

They attach to assets and follow the asset wherever it goes.

Liens on property

Liens are interests in the property owned by a person against whom a lien has been filed.

The lienholder has rights in the property.  Those rights are different from the rights of the legal owner, but they are powerful still.

Read More from: The Soap Box

2 days 3 hours ago

california map with roadsWhat do you do when creditors from your spouse’s past threaten?

Chances are your first reaction is to put the title to your biggest assets in just your name.

Whew! Safe.

Not.

Just because  the deed to the house now reads Jane Doe instead of John Doe and Jane Doe it’s easy to think the house is Jane’s separate property and  the operation of California community property law has been beaten back.

Wrong.

Character matters, even for property

Why does it matter whether the house or a business is community property?  Because the character of the property determines which creditors of the married couple can levy on the asset to pay a debt.

Community property is available to creditors of either spouse, for debts incurred during their marriage and before marriage.

Ouch!

Registered domestic partners are also presumed to have community property and are subject to the benefits and burdens of community property.

Read More from: The Soap Box

2 days 3 hours ago

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