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While CEO Joseph Ficalora believes acquiring other banks would solve his company's funding issues, outsiders say its culture needs to change.

Read More from: BankThink

6 days 5 hours ago

USAA's lawsuit accusing Wells of infringing on its remote-deposit patents is new territory: bank-on-bank fights over intellectual property.

Read More from: BankThink

6 days 5 hours ago

Bill Davidson, who heads the company's U.S. technology banking team, will oversee the global expansion efforts.

Read More from: BankThink

6 days 5 hours ago

BB&T is buying Regions Financial's insurance business. That made the timing right for its retail broker to undergo a name change, the company said.

Read More from: BankThink

6 days 5 hours ago

Studio Bank is set to become Nashville's first new bank since 2008. Organizers raised $46 million earlier this year.

Read More from: BankThink

6 days 5 hours ago

Despite bipartisan support, the latest congressional effort to enable the legal marijuana industry's access to the banking system still faces plenty of roadblocks.

Read More from: BankThink

6 days 5 hours ago

Mary Jackson, a former executive at Cash America International, succeeds Lisa McGreevy at the helm of the Arlington, Va.-based trade group.

Read More from: BankThink

6 days 5 hours ago

The company will pay $114 million to gain 10 branches and $482 million in assets.

Read More from: BankThink

6 days 5 hours ago

Though Mick Mulvaney has restarted the agency's data collection process, Sens. Elizabeth Warren and Mark Warner said collecting more information was the key to writing better rules.

Read More from: BankThink

6 days 5 hours ago

The 8th Circuit Court of Appeals has turned away an appeal of a $28.1 million dollar judgment awarded to 6 plaintiffs (commonly referred to as the Beatrice Six) for damages imposed by a federal jury for a reckless investigation and manufacturing false evidence orchestrated  by the Gage County Sheriff’s department. The plaintiffs spent two decades in prison for the rape and murder of Helen Wilson, but DNA testing revealed that the murder was actually committed by another individual.

6 days 5 hours ago


Arizona Money Judgment Validity and Renewal Deadline Extended from Five Years to Ten

Guest Post: Larry FolksFolks Hess Kass, PLC

On March 20, 2018, Arizona Governor Doug Ducey signed into law House Bill 2240, which extends, from five years to 10 years, the validity of and renewal deadline for a money judgment. The effective date of the new law is August 3, 2018.

6 days 6 hours ago


Multiple Bankruptcies Can Result in a Conviction for Bankruptcy Fraud


prison

Many people do not understand the consequences of filing multiple bankruptcies.  It is very important to know that every bankruptcy filed (even if the process is not completed) will stay on the credit for ten years.

6 days 8 hours ago

The fifth hearing in The Weinstein Co. chapter 11 occurred on June 5, 2018. The hearing included discussion about when the sale to Lantern Capital, approved by the court in early May, will actually close. Among other regulatory and transactional hurdles, TWC's lawyers mentioned that it still is not resolved which contracts will be included in the sale, but they hoped the sale would close within the month.

As for matters that resulted in a ruling, I'll briefly mention two.

Read More from: Credit Slips

6 days 11 hours ago

Don Lawson KnoxvilleSubprime loans are typically categorized by a borrower’s weak credit score.  While there is no specific definition or specific criteria that establishes a subprime borrower, the most common characteristic is a credit score below 600.  These loans certainly carry a greater risk of default and thus carry a much higher interest rate.  Because of this higher interest rate, banks see them as very attractive.

A Look Inside Subprime Loans

Normally, banks loan money from customer deposits (with a current interest rate of less 1.00%) or from money borrowed from the Federal Reserve.  The Federal Reserve typically loans money to banks at 300 basis points below Wall Street Journal Prime (WSJP).  For example, if WSJP is 4.75% (as it is today), the Federal Reserve would loan money to banks at 1.75%.  Under this typical situation, a bank’s interest rate spread would be at least 3.00% or 300 basis points for a “Prime” loan.  Applying this scenario to subprime lending and it is easy to see why banks of all sizes like making subprime loans.

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

6 days 14 hours ago

In a recent opinion, the U.S. Court of Appeals for the Sixth Circuit (the “Court”) ruled that penalties assessed by the state of Michigan against two debtors, stemming from fraud associated with the wrongful receipt of Michigan unemployment benefits, are non-dischargeable in Chapter 13 bankruptcy pursuant to Bankruptcy Code § 523(a)(2).1Read More ›

Read More from: Michigan Bankruptcy Blog

6 days 15 hours ago

New MACH Gen, LLC, along with four subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-11368).  MACH Gen, headquartered in The Woodlands, Texas, owns and operates three natural gas-fired electricity generating facilities across the United States.  According to the First Day Declaration, MACH Gen enters Chapter 11 having solicited votes on its prepackaged plan of reorganization, which provides for the transfer of one of MACH Gen’s facilities, New Harquahala, to its First Lien Lenders in exchange for a reduction of $150 million of outstanding indebtedness.  The Disclosure Statement can be found here.  MACH Gen seeks to have a combined Disclosure Statement/Confirmation Hearing held on July 19, 2018Prime Clerk LLC is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Mary F. Walrath.

6 days 16 hours ago

New MACH Gen, LLC, along with four subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-11368).  MACH Gen, headquartered in The Woodlands, Texas, owns and operates three natural gas-fired electricity generating facilities across the United States.  According to the First Day Declaration, MACH Gen enters Chapter 11 having solicited votes on its prepackaged plan of reorganization, which provides for the transfer of one of MACH Gen’s facilities, New Harquahala, to its First Lien Lenders in exchange for a reduction of $150 million of outstanding indebtedness.  The Disclosure Statement can be found here.  MACH Gen seeks to have a combined Disclosure Statement/Confirmation Hearing held on July 19, 2018Prime Clerk LLC is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Mary F. Walrath.

6 days 16 hours ago

Banks are extending maturities and making loans to riskier credits to boost volume; banks cut their muni holdings as tax rates drop.

Read More from: BankThink

6 days 17 hours ago

Despite recent encouragement from the OCC, banks still struggle to make a profit on short-term loans.

Read More from: BankThink

6 days 17 hours ago

Upcoming Committee Formation Meeting:  Tuesday, June 5, 2018 11:00 AM

Case Name: 18-11333 (CSS)

Location:Sheraton Suites, 422 Delaware Avenue, 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 and G. David Dean for more information.

6 days 17 hours ago

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