On Jun. 30, 2018. Dollars in thousands.
College prospects cite the financial crisis as one reason they are passing on community bank jobs to join fintechs.
Women in the pipeline get some attention from a room full of top banking industry executives celebrating the Most Powerful Women rankings. California is the first to impose a quota requiring companies to increase the number of women on boards, and the Fortune 500’s newest female CEO starts today.
The tech giants might be moving into small-business lending, but they’re more likely to take business away from large commercial lenders, not community institutions.
The regtech firm Arachnys, which in 2010 entered a field dominated by established data providers, recently raised $10 million after gradually building a collection of 23,000 data sources that helps bankers protect themselves from money launderers and other criminals.
Bank of America is showing more interest in commercial real estate lending while other lenders are pulling back, executives said. But they also said that they learned their lesson from the financial crisis and will proceed cautiously.
The Federal Housing Administration is looking to streamline its single-family loan servicing requirements to align them with industry standards and upgrade outdated technology.
Banks looking to build online-only affiliates to turbocharge deposit-gathering can expect intense competition and heightened regulatory scrutiny.
The consumer bureau’s interim chief told an industry conference that “regulation by enforcement is done.”
For as long as many of us can remember, buyers and sellers in transactions of all types, including 363 asset sales and new money investments, have utilized “Material Adverse Effect” clauses (also known as “Material Adverse Change” clauses) to allocate the risk of changes in a target’s business between the execution of definitive documents and the closing of the transactions contemplated thereby and to define the circumstances in which a buyer need not fulfill its obligation to close a transaction.
More than 17 years ago, in In re IBP, Inc. Shareholders Litigation,1 then Vice Chancellor Leo Strine — now Chief Justice of the Delaware Supreme Court — required Tyson Foods to complete its agreed-upon merger with IBP. He ordered specific performance of the merger agreement notwithstanding Tyson Foods’ claim that IBP had suffered a “Material Adverse Effect,” the absence of which was an express condition to Tyson Foods’ obligation to consummate the merger. In reaching that decision, then Vice Chancellor Strine characterized a standard Material Adverse Effect condition (a “MAE”) as follows:
Read More from: Business Finance & Restructuring News - Weil
Read More from: Shenwick & Associates
It is unusual for creditors to be awarded an administrative expense in chapter 7 cases for post-petition fees incurred in discovering assets for the estate. This was allowed in In re Javed, 2018 Bankr. LEXIS 3135, (Bankr. D.Md., case #17-20067-MMH 11 October 2018). Here, a took a 2004 examination of an individual chapter 7 debtor prior to the meeting of creditors, thereby assisting in the discovery of prepetition transfers from the debtor to family members.
Read More from: Tampa Bankruptcy
Sears, the once iconic and largest retailer in America, filed for Chapter 11 Bankruptcy protection today. While this bankruptcy has been long coming, the impact of Sears’ bankruptcy is profound.
Sears & Roebuck (as it was once known) was founded in 1892 by Richard Sears and Alvah Roebuck as a mail order catalog company, and it quickly changed and revolutionized American culture. The now famous “Sears Catalog” allowed nearly every American the opportunity to take part in the Industrial Revolution. A lifestyle that was once only available to “city folk” was now just a mail delivery away. From kitchen appliances, to G.I. Joe toys to automobiles and even houses, basically every product that could be bought, could be bought through the Sears catalog. Sears & Roebuck was essentially the Amazon of mail order catalogs.
Thus, Sears’ bankruptcy is viewed as heart-breaking by many. “It’s an American tragedy and it need not have happened,” said Arthur Martinez to the Wall Street Journal, who was CEO of Sears from 1995 to 2000.
Read More from: Bonds & Botes, P.C.
Various tax law scholars have commented on the tax fraud allegations in the recent New York Times story. Equally important is the story's reminder that our housing finance system, and the real estate fortunes it has spawned, have depended for nearly a century on the largess of government.
Read More from: Credit Slips
Can community land trusts and Community Reinvestment Act reform fuel investment to stop urban blight?
BofA hasn’t taken advantage of the benefits of owning Merrill Lynch; weakness seen despite stronger bank earnings.
Net income soared 32% thanks to higher interest rates that contributed to a wider net interest margin and its most interest income in a quarter in years.
Treasury Secretary Steven Mnuchin is facing calls to skip the conference as well.
Several female executives accepted leadership roles throughout the industry and in regulatory roles during the past month.
The legislative highlights of his career as House Financial Services Committee chairman were bills too extreme to become law. But the retiring lawmaker says they were still worth pursuing.