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The CFPB made changes to a rule that allows financial firms to be exempt from sending annual privacy notices to customers if they meet certain conditions.

Read More from: BankThink

5 days 21 hours ago

The bureau is expected to choose an option that could trigger court challenges after a judge yet again refused to halt the rule’s compliance date.

Read More from: BankThink

5 days 21 hours ago

Stephen Calk, the CEO of The Federal Savings Bank, expedited approval of a mortgage to the onetime Trump campaign chair in hopes of winning a job as Treasury secretary or housing secretary, a former bank employee testified Friday.

Read More from: BankThink

5 days 21 hours ago

The agency's settlement with Robert Moseley, Sr., and Robert Moseley, Jr., was enforced by the U.S. District Court for the Western District of Missouri.

Read More from: BankThink

5 days 21 hours ago

In In re Nine West Holdings, Inc., the United States Bankruptcy Court for the Southern District of New York overruled the U.S. Trustee’s objection to the debtors’ application to retain Alvarez & Marsal North America, LLC (“A&M”) to provide the debtors an interim CEO and certain additional personnel pursuant to section 363(b) of the Bankruptcy Code1. The U.S. Trustee filed the only objection to the debtors’ retention application, arguing that A&M and the interim CEO were “professional persons” under section 327(a) of the Bankruptcy Code2 and must be retained pursuant to this section rather than section 363(b).

6 days 3 hours ago

Attorney Ed WoodsI recently read an article in the New York Times about the incidence of bankruptcy filings among older Americans.  I know from my own practice that I’ve seen more older clients in recent years than I did early in my career. Maybe this is a result of what the article discussed, or maybe not. At any rate, it’s an interesting topic.

Bankruptcy Filings Among Older Americans

According to the article, the rate of bankruptcy filings among those 65 or older has tripled since 1991, the year I first entered law practice. The article mentions several possible causes. Among these are vanishing pensions, rising healthcare costs, and inadequate savings. Also contributing to this phenomenon is the trend away from traditional pension plans to 401k type plans. This trend makes the individual more responsible for saving for retirement. Some people find this very hard to do given their current financial picture.

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

6 days 7 hours ago

One of the bedrock pieces of the discharge of taxes in in bankruptcy is the requirement to have filed a return. No return, no discharge of that year’s taxes. But it gets more nuanced:  in California when the feds audit the debtor and change any of the elemental figures in a filed return return, the taxpayer […]

The post Tax Audit Aftermath-Did You Tell The State? appeared first on Bankruptcy Mastery.

Read More from: Bankruptcy Mastery

6 days 8 hours ago

tax audit

We’re all about sharing these days, aren’t we?  So, did you share with the state tax authorities the outcome of your IRS audit?

While telling the Franchise Tax Board that you owe more taxes to the feds may seem like inviting trouble, you gain by doing so.

How?

You set those taxes owed to California up for discharge in bankruptcy.

And that’s a nice card to have up your sleeve.

Here’s why.

Taxes discharged in bankruptcy

A central requirement to wipe out tax liability in bankruptcy is the filing of a return.  Bankruptcy Code 523(a).

Taxes that are unassessed but still legally assessable when you file your bankruptcy case don’t get discharged.

Read More from: The Soap Box

6 days 8 hours ago

The funds have brought in record amounts thanks to lowered fees and more salespeople; ex-Goldman managing director says in suit he was blamed for trades.

Read More from: BankThink

6 days 9 hours ago

Customers Bancorp said Flagship Community Bank has temporarily withdrawn its application with the FDIC to acquire the digital bank.

Read More from: BankThink

6 days 9 hours ago

Hutchinson, Shockey, Erley & Co. in Chicago focuses exclusively on municipal securities.

Read More from: BankThink

6 days 9 hours ago

The agency’s move to offer a national charter for fintech firms will undermine state authority and give certain firms an unfair advantage.

Read More from: BankThink

6 days 9 hours ago

Upcoming Committee Formation Meeting:  Friday, August 17 10:00 AM

Case Name: 18-11975 (MFW)

Location:The Doubletree Hotel, 700 King Street, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

6 days 10 hours ago

Upcoming Committee Formation Meeting:  Friday, August 17 10:00 AM

Case Name: 18-11975 (MFW)

Location:The Doubletree Hotel, 700 King Street, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

6 days 10 hours ago

Just a quick post for now, as the court is keeping its opinion under seal for the time being. Crystallex, a creditor of Venezuela, has been trying to enforce its claims by attaching PDVSA's equity interest in PDV Holding, the ultimate U.S. parent of CITGO. For more background, there have been a number of posts already here on Credit Slips. The district judge overseeing the action in Delaware has just granted Crystallex's request.

Read More from: Credit Slips

6 days 10 hours ago

Upcoming Committee Formation Meeting:  Thursday, August 16 10:00 AM

Case Name: 18-11818 (KJC)

Location: The Du Pont Hotel, 42 W. 11th Street, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

6 days 11 hours ago

Upcoming Committee Formation Meeting:  Thursday, August 16 10:00 AM

Case Name: 18-11818 (KJC)

Location: The Du Pont Hotel, 42 W. 11th Street, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

6 days 11 hours ago

Montana Sen. Jon Tester was among a handful of Democrats central to passing regulatory relief this spring. Bankers need to back his re-election regardless of party affiliation.

Read More from: BankThink

6 days 21 hours ago

While Workers United will no longer own more than half of Amalgamated's stock, it will remain the bank's biggest investor.

Read More from: BankThink

6 days 21 hours ago

A week after the Treasury Department laid out a plan for federal fintech regulation, it is already unclear which agency is leading the charge.

Read More from: BankThink

6 days 21 hours ago

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