The CFPB is out with its Strategic Plan for FY 2018-2022, also known (without any apparent irony) as The Five Year Plan. Lots to chew on in this doozy, starting with this:
If there is one way to summarize the strategic changes occurring at the Bureau, it is this: we have committed to fulfill the Bureau’s statutory responsibilities, but go no further. Indeed, this should be an ironclad promise for any federal agency; pushing the envelope in pursuit of other objectives ignores the will of the American people, as established in law by their representatives in Congress and the White House. Pushing the envelope also risks trampling upon the liberties of our citizens, or interfering with the sovereignty or autonomy of the states or Indian tribes.
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After much speculation, one of the largest American manufacturers of ammunition and firearms, Remington Outdoor Company, announced that it is planning to file bankruptcy in the state of Delaware. Remington has reached a Restructuring Support Agreement with creditors that will be effectuated through a reorganization plan filed in a Chapter 11 bankruptcy. The restructuring deal will reduce the company’s debt by around $700 million and will add $145 million in new capital. The deal will give lenders ownership in the firearms maker.
Some have speculated that the election of Donald Trump affected Remington’s gun sales, since gun owners were less worried about losing access to weapons after he was elected. Retailers stocked up on inventory expecting Hilary Clinton to win the last presidential election, and have now found themselves with unsold inventory and have stopped re-ordering from manufacturers. In addition, Remington had some unwanted press and litigation after the mass shooting at Sandy Hook Elementary School, when the gunman included a Remington Bushmaster assault rifle in his arsenal.
Read More from: Bonds & Botes, P.C.
FS-ISAC hopes banks and data aggregators will adopt the updated standard for sharing customer account data.
Budget proposal would slice agency’s spending while limiting its enforcement activities; the bank could lose its U.K. banking license if it fails to refute fraud charges.
Many financial hardships manifest themselves in neglected bills, including income taxes, child support, monthly mortgage payments, among others. Chapter 13 Bankruptcy establishes payment plans so individuals from all walks of life retain financial control. In summary, Chapter 13 Bankruptcy halts foreclosures, delays repossession of one’s home, and keeps the IRS from making contact regarding unpaid taxes. Ultimately, Chapter 13 Bankruptcy provides flexible, practical opportunities for clients to address existing debts.
After three to five years of compliance with the conditions set by a payment plan, discharge of debt or complete debt forgiveness may occur, disposable income and other factors considered. Such factors assist in calculating the debt one must repay. Often, people seek Chapter 13 Bankruptcy as an option to prevent home foreclosures, make up for unpaid automobile bills, and pay back accumulating taxes.
Read More from: Chris Wesner Law Office LLC
Getting pulled over in Ohio and getting arrested for an OVI (operating a vehicle while intoxicated) is a serious offense. Even if it is the first time that you have ever been pulled over, you should consult a lawyer for your case.
Here are some reasons why you need a lawyer for an OVI in Ohio.
If you want a better deal than what they are offering, you should consult with a lawyer.
You will need a lawyer to help you through a trial if you have caused injuries to someone else or done damage to property. They will discuss possible defenses in order to dismiss your case or lessen your crime.
The law is not generally as kind to those who have already been convicted of an OVI. You will need an experienced lawyer to weaken their case against you.
Read More from: Chris Wesner Law Office LLC
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Filing for Chapter 7 Bankruptcy is complicated, and many people choose to go through these proceedings without an experienced bankruptcy attorney on their side. It’s not necessary to enlist the help of a trusted legal professional, but there are some common pitfalls that everyone needs to know about before attempting to file on their own.
Read More from: The Law Office of Joel R. Spivack
Another case of inability to discharge student
Judge Harlin Hale, the Dallas bankruptcy judge in Thomas’ case, said he felt a “great deal of sympathy” for Thomas in his December 2017 order but said that his hands are tied due to legal precedent. The “demanding standard” adopted by federal courts in the 5th Circuit that includes Dallas says borrowers must show “total incapacity” to pay their student loan now or in the future in order to erase the debt, the judge said.
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There could be a pause in new issuance as CLO managers wait to see if the government will appeal; longer term, the pace will pick up as the playing field is leveled for smaller managers.
Wells Fargo’s troubles show that the bank needs to rebuild trust with consumers and the diverse neighborhoods where it operates in order to succeed.
The statutory clock on Mick Mulvaney serving as acting head of the Consumer Financial Protection Bureau is under a year, but the administration's path to getting a full-time director confirmed by the Senate has never looked rockier.
As the economy strengthens, more banks are facing pressure to pay up for the best lenders and tech specialists.
Year to date Sep. 30, 2017. Dollars in thousands.
Just 8% of cybersecurity heads at U.S. financial firms report to the chief executive officer directly and more should do so to improve decision-making, according to the Financial Services Information Sharing & Analysis Center.
Strong policies against sexual harassment appear to be a factor in shielding banks from the public shamings that have occurred in other industries, but even they know they can’t get too complacent. Some are ditching old training sessions and trying new things like coaching witnesses on how to report demeaning behavior.
The company must develop and implement a system of internal controls to ensure full Bank Secrecy Act and anti-money-laundering compliance.
The Trump administration’s 2019 budget highlights the administration’s goal of reining in the post-crisis regulatory apparatus, with proposed cuts for several agencies including the Consumer Financial Protection Bureau.
Early adopters of The Clearing House’s Real Time Payments network have built gateways and accelerated fraud detection systems.
In what could be seen as a mea culpa for CEO Jamie Dimon's disparagement of bitcoin five months ago, the Wall Street megabank has released a big and relatively bullish report on cryptocurrencies.