The settlement is the latest development in probes by governments around the globe into banks’ manipulation of benchmark interest rates.
The agency has provided new information about changes large and midsize banks are making in the wake of the Wells Fargo scandal, but Senate Democrats continue to press for more details.
Blue Lion Capital, which has been a vocal critic of the Seattle company's strategy, also wants management to consider selling its MSR portfolio.
Wells Fargo on the receiving end of USAA's long-standing intellectual property threat; millions are mad about Erica, Bank of America's virtual assistant; relief may be in reach for bankers fed up with SARs; and more from this week's most-read stories.
From a major CFPB deadline to a long-anticipated fintech report, there's a lot to watch for in the days to come.
No plan will be implemented as long as Fannie Mae and Freddie Mac remain in conservatorship, but a capital framework for the companies could still have a substantive impact.
Bank of America is in expansion mode and wants to add 10,000 retail and other workers who better reflect the communities it serves.
Kathy Kraninger, an obscure official at the Office of Management and Budget, is President Trump's leading candidate to become director of CFPB, according to sources.
The new guidelines are a prelude to a much larger effort by regulators to modernize implementation of the Community Reinvestment Act.
C.G. Kum, who has been the Los Angeles company's CEO the past five years, plans to retire in May.
Weil Summer Associate MJ Koo contributed to this post
In a recent decision, the Fifth Circuit narrowly held that federal law does not prevent a bona fide shareholder from exercising its voting right in the company’s charter to prevent the filing by the company of a bankruptcy petition merely because it is also an unsecured creditor. In re Franchise Servs. of N. Am., Inc., 891 F.3d 198, 203 (5th Cir. 2018). Although the Fifth Circuit did not make a broad ruling on the legality of provisions that give parties the ability to block a company’s filing of a voluntary bankruptcy petition (often called “golden shares” or “blocking provisions”), it touches on interesting issues of creditor and shareholder rights in that regard.
The Fifth Circuit Court of Appeals’ decision affirmed a bankruptcy court’s decision to uphold the validity of a blocking provision given to the equity holder of the debtor.
Read More from: Business Finance & Restructuring News - Weil
According to new research published in a recent Politico article, Millennials are facing an uphill battle when it comes to retirement savings and building wealth. Alicia Munnell, Treasury Department veteran and member of the Council of Economic Advisers and the Federal Reserve Bank of Boston, suggested that as long as Millennials are willing to work longer than previous generations, retirement problems we may face aren’t “insurmountable”. How much longer? Try at least until age 70.
After reviewing some of the research, the main takeaway is rather simple: Even though Millennials have college degrees at a higher level than Gen-Xers or late baby boomers, they are behind in most other economic categories. As I have written before, Millennials entered the market place for employment at a really bad time (end of the dot.com bubble, great recession, etc.). Still, Munnell points to three problems that explain why Millennials are saving less and falling behind building wealth when compared with earlier generations. Let’s break them down quickly.
Read More from: Bonds & Botes, P.C.
Readers respond to a bill designed to modernize the anti-money-laundering rules, applaud the acting head of the CFPB’s decision to fire the members of the bureau’s advisory councils, opine on when a bank ought to communicate it has been hacked and more.
Largest banks would be limited on how much risk they could have with each other; the credit bureau has hired the former head of the computer giant's Watson unit.
CPR has its place when human life is involved. Human life is precious.
But if what’s dying is the legal right to collect a debt, not so fast.
You don’t want to breathe new life into an old debt that is legally dead.
Yet you can do that, unintentionally reviving a debt that is legally dead or giving it new life when it’s approaching its life’s end.
California statute of limitations can be tricky. I intended to explain in this post the law and how to keep from unwittingly extending your legal exposure to a debt.
I’ve concluded that the law is simply too complicated and evolving to provide a nuanced, reliable guide to avoiding screw ups.
Read More from: The Soap Box
Proposed changes to Dodd-Frank's ban on proprietary trading are unnecessary and put the markets at risk.
The Israeli-owned company, which spent the last half-decade addressing stagnation, is open to acquisitions or going public.
Setting the record straight on what happened to the Reserve Primary Fund at the height of the crisis.
The Atlanta bank has financed construction and other activities tied to nursing homes and related facilities mainly in its East Coast markets. It says the timing is good to tap into demand elsewhere in the country.
The OCC chief’s bizarre statements in House testimony produced shock waves that reached the Senate Banking Committee Thursday.