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ABI Blog Exchange

Brad Botes and I cover various topics as they relate to our clients and other consumers and small business owners facing financial challenges related to the COVID – 19 global pandemic.

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

4 days 13 hours ago

Answer: No

(This post borrows heavily from the ideas of my co author, Ugo Panizza, of the international economics department of the Graduate Institute in Geneva).

Press accounts of last Wednesday’s emergency ECB Governing Council meeting report that some of the hawks on the Council are resistant to the ECB buying more Euro area sovereign bonds.  The concern being that such purchases might take the ECB’s holdings of particular bond issues to more than a third. If this happens, the ECB would have a blocking minority in any future debt restructuring negotiations where the sovereign is seeking to use its Collective Action Clauses (CACs) to engineer that restructuring.  And (some claim) because voting for a restructuring would amount to monetary financing, the ECB would be forced to vote no and block the restructuring.   Hence, no buying above 33.33% of a bond issue should be done.

Read More from: Credit Slips

4 days 13 hours ago

Bankruptcy court procedure in Michigan is as fluid as.   anything else in these seemingly apocalyptic times. (photo credit: Photo by Fusion Medical Animation on Unsplash) Bankruptcy Courts Are Open But I thought the governor ordered courts closed except for essential stuff? Yes, but, bankruptcy courts are federal...

The post Michigan Bankruptcy Courts And Coronavirus appeared first on Detroit Bankruptcy Lawyer Kurt O'Keefe.

Read More from: Stop Creditor

4 days 13 hours ago

The bank has asked managers review job postings and pull listings for roles that don’t need to be filled immediately, according to people familiar with the matter.

Read More from: BankThink

4 days 13 hours ago

The COVID-19 crisis is forcing many banks to hold their spring shareholder meetings online only.

Read More from: BankThink

4 days 14 hours ago

Damon Silvers, the AFL-CIO's Policy Director and former Vice-Chair of the Congressional Oversight Panel, has a really important column about the oversight lessons from the 2008 bailout. It was a struggle to get the Obama administration to be forthcoming about what it was doing with the bailout. It will be a much bigger challenge in the current political environment. Read Damon's column here.

Read More from: Credit Slips

4 days 14 hours ago

A debt collection moratorium operates as float, which is needed to buy time until the relief checks start flowing. In other words, a debt collection moratorium is a form of stimulus. My New York Times op-ed explaining this is here.  

Read More from: Credit Slips

4 days 14 hours ago

The legislation sponsored by Sen. Sherrod Brown, an Ohio Democrat, would require banks to offer the accounts so that consumers could easily access cornonavirus relief funds without turning to high-cost check cashers.

Read More from: BankThink

4 days 14 hours ago

With economists fearing high unemployment stemming from the pandemic, the housing finance system is grappling with how it will recoup lost revenue from delinquencies, forbearance plans and other tremors.

Read More from: BankThink

4 days 15 hours ago

Financial services personnel were among critical infrastructure groups that the Department of Homeland Security said were crucial for “public health and safety as well as community well-being” during the pandemic.

Read More from: BankThink

4 days 16 hours ago

The mobile-only bank offers many standard neobank features and some added payment options.

Read More from: BankThink

4 days 16 hours ago

If the new accounting standard poses too many risks during an economic crisis, then it's probably not a good idea at all.

Read More from: BankThink

4 days 16 hours ago

Anand Talwar, deposits and consumer strategy executive at Ally Bank, and Jody Bhagat, president of the Americas for Personetics, explain how their technology collaboration has evolved from a virtual assistant to customized, real-time "insights" for customers.

Read More from: BankThink

4 days 16 hours ago

The Fed announced several new lending facilities and virtually “unlimited” purchases of Treasury bonds; Ana Botín will donate the money to a coronavirus fund.

Read More from: BankThink

4 days 18 hours ago

More than one million public servants – nurses, soldiers, first responders, teachers—should be eligible now or soon for student loan cancellation under existing law – the Public Service Loan Forgiveness program. Congress and the Administration can accelerate this process now.

The Education Department and its servicer FedLoan have notoriously rejected 98% of PSLF loan cancellation requests. One of the reasons is a pointless and unhelpful regulation that was not part of the Congressional legislation, but was added by the Education Department – the 15-day rule. The PSLF law calls for public servants to have their loans cancelled after 10 years of repayment. The Department’s regulation defined 10 years of repayment as 120 payments, each made within 15 days of the due date. In real life borrowers make payments early and they make payment late. During the present crisis they cannot be expected to meet this rule.

Congress is already considering a bill that would give the Education Secretary broad authority to waive regulations. The 15-day rule should be the first to go. The Department and servicer FedLoan should work together to clear away ALL regulatory obstacles to full PSLF implementation.

Read More from: Credit Slips

4 days 20 hours ago

This note explains which businesses must close and considers how the restrictions on movement of people impact on essential businesses.

Read More from: eSQUIRE Global Crossings

4 days 21 hours ago

There comes a point in your mandatory two-week quarantine from covid-19 when you realize that working from home isn’t all it’s cracked up to be. To spare myself the indignity of befriending a volleyball and naming it Wilson, I’ve taken up keeping the Bond & Botes Blog updated with issues related to the COVID–19 pandemic as they relate to our clients, and others facing financial challenges. If you’re a Mississippi client, then you probably already know who I am. If not, let me introduce myself. My name is Nathan Rester and I’m the newest associate at Bond & Botes. After graduating from Mississippi State University, I attended law school at the University of Mississippi and officially became a licensed lawyer in September of 2019.

I had been working for Bond & Botes in their Jackson office until about a week ago. Now I’m working from home. If you’re in the same boat, then you’ve probably kept a muted TV on at all times, watching and waiting for any signs that this nightmare is going to end soon.

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

5 days 3 hours ago

Regulators' decision to delay reporting for troubled-debt restructurings should allow banks and credit unions to be more nimble modifying loans impaired by the coronavirus outbreak.

Read More from: BankThink

5 days 5 hours ago

The Prime Minister announced tonight that all shops selling non-essential goods in the UK are to close immediately and except in specific circumstance people will not be allowed to leave their homes – all social gatherings and social events are to stop.  This measure will be reviewed in three weeks.

Read More from: eSQUIRE Global Crossings

5 days 8 hours ago

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