It's Tax Day! When the new tax bill was debated late last year, a few reports noted an unintended consequence of the bill's expansion of the standard deduction might be decrease people's charitable contributions, in turn harming nonprofits. After the bill passed, I continued to hear comments about the increased standard deductions' potential to cause financial problems for nonprofits, and saw estimates of a loss of $2 billion to the sector. Financial problems, of course, make me think of bankruptcy. And nonprofits make me think about religious organizations, which are the nonprofits I've studied the most in the context of bankruptcy. Tax Day seems like an appropriate day for some thoughts about the tax reform's possible connection to nonprofits' chapter 11 filings, particularly churches' chapter 11 filings.
Read More from: Credit Slips
The Consumer Financial Protection Bureau (CFPB) has two sets of new amendments to its RESPA and TILA mortgage servicing rules that will go into effect on April 19. One set of these amendments affects borrowers who are in or have been in bankruptcy.
This set of amendments gives homeowners who are in or have been in a bankruptcy the right to receive monthly mortgage statements. In 2014, the CFPB issued a periodic mortgage statement rule that requires mortgage servicers to send monthly statements with detailed information about a borrower’s loan. The rule has a broad exemption for a borrower who was in a bankruptcy case or had a mortgage debt that was discharged in bankruptcy.
Under the new rule, a servicer can only avoid sending monthly statements if both elements of the following test are met: First, the borrower must be a debtor in an active bankruptcy or has discharged his or her personal liability on the mortgage loan in a bankruptcy. Secondly, one of the following must have allow occurred:
Read More from: Bonds & Botes, P.C.
Chris Marshall, a former CFO at Capital Bank Financial, will help Tax Guard recruit bank and nonbank clients. The firm uses technology to let lenders know if potential clients owe money to the IRS.
Fed vice chair wants to put stress test scenarios out for comment by banks; C&Is outstanding at record level in March.
Profits soared at the Dallas bank as recent interest rate hikes and ongoing expense cuts outweighed weakness in the company’s loan book and in its fee income.
Lawmakers should not toss out an agency rule aimed at curbing auto dealer markups that adversely impact borrowers of color.
The Rosemont, Ill., bank rode loan growth, interest rate trends and noninterest-income gains to a double-digit increase in profits in the first quarter.
The Alabama bank agreed to buy Peoples Bank for $23 million as part of a plan to target new Southeastern markets.
Sen. Elizabeth Warren is struggling to get data that shows how bad sexual harassment might be on Wall Street.
Joe Petitti and Jack Knight formerly held leadership posts at First Republic.
The company, which completed a major acquisition last year, said tax reform will help it generate a higher return on average assets.
The Chicago custody bank also benefited from a recent acquisition of a UBS business in Europe and the lower federal income tax rate.
“It’s doubtful that a district court can augment the list of privileges by local rule” because “privileges are created by federal common law.”
—The Facebook, Inc. v. Pacific Northwest Software, Inc., 640 F.3d 1034 (9th Cir. 2011).
The Facebook case deals with evidence on “what was said and not said” during mediation. In Facebook, the Ninth Circuit excludes such evidence because of a Confidentiality Agreement between the parties—NOT because of the District Court’s local confidentiality rules.
Read More from: Mediatbankry
There are many different scenarios that can arise in life that might prompt you to consider bankruptcy. While it may feel embarrassing to do so, there is no shame in filing for bankruptcy, especially since its main purpose is to help people get their finances in order and provide a fresh financial start.
When it comes down to it, some scenarios tend to be more common than others, but they all come with their fair share of questions. One specific situation that requires a lot of consideration when it comes to filing for divorce is whether or not to file for bankruptcy if you have debts and little income but a spouse with a good job.
The answer may vary from situation to situation but there are many things worth considering if this in your case.
Read More from: The Law Office of Joel R. Spivack
Which affect mortgages in bankruptcy, hence, this blog post. The CFPB issued final mortgage regulations in a number of areas. We will discuss: mortgage statements et al in bankruptcy. Because, some in house counsel somewhere decided that sending monthly mortgage statements after a bankruptcy filing might be a violation of the bankruptcy automatic stay, virtually [...]
Read More from: Stop Creditor
A $135 million increase in litigation expenses related to its 2011 acquisition of Wilmington Trust overshadowed a wider net interest margin and improved credit quality for the Buffalo, N.Y., company in the first quarter.
The addition of a personal finance app rounds out the loan and deposit-account offerings at the online lender Marcus.
Many large internationally active U.S. banks are facing potentially hefty fines if they fail to comply with Europe's General Data Protection Regulation, which takes effect May 25 and gives consumers much more control over how their data is gathered, used and shared.
Gary Shook, who led Middleburg Financial before its sale to Access National, has become president of Blue Ridge's bank.
New Resource Bank and P2Bi are splitting the risk and revenue associated with asset-based loans.