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The financial industry is not expecting movement on a lot of legislation given a divided Congress, but one measure is beginning to attract widespread attention.

Read More from: BankThink

1 week 18 hours ago

Our Best in Banking honorees for 2018 share some of the smartest bits of advice and blows from the school of hard knocks that they've received over the years — and who (or what) supplied them.

Read More from: BankThink

1 week 18 hours ago

Over the past few days, I've been struggling with trying to understand a new NY case involving secured debt. The fact that I had to struggle to understand the transaction made me feel insecure enough (on occasion,  I purport to teach corporate debt), but then when I tried to delve deeper into the case by looking at the underlying contracts (the "Collateral Pledge" Agreement - yuck), I got even more confused and insecure because I found the darn thing utterly incomprehensible.  Indeed, a whole half of that document seemed like it had been drafted for an entirely different type of transaction and the crucial provision that I was looking for didn't even seem to be there. But since I couldn't understand it, I couldn't be sure.  Maybe that provision was buried in some other provision that I couldn't figure out . . .

Then, while wallowing in insecurity, I came across this from a recent bankruptcy case out of the Third Circuit (thank you. Third Circuit blog for making me feel better):

Read More from: Credit Slips

1 week 1 day ago

The federal regulator cited recent “cost savings” and promising projections for costs and revenue next year in announcing the reduction in assessments.

Read More from: BankThink

1 week 2 days ago

Zions' Harris Simmons named Banker of the Year; distilling the hopes and hang-ups around CRA reform; new grist in still ongoing debate over Operation Choke Point; and more from this week's most-read stories.

Read More from: BankThink

1 week 2 days ago

To convince skeptical bankers about the benefits of distributed ledger technology, some suggest it needs to be separated from the volatile digital currency it underlies.

Read More from: BankThink

1 week 2 days ago
Posted by Kathy Bazoian Phelps

Below is a summary of the activity reported for November 2018. The reported stories reflect at least 12 new Ponzi schemes worldwide; about 60 years of newly imposed sentences for people involved in Ponzi schemes; 4 guilty pleas or convictions, and an average age of approximately 50 for the alleged Ponzi schemers. Please feel free to post comments about these or other Ponzi schemes that I may have missed.
Gary L. Cain, 61, was arrested in Texas just two days before he was to begin serving his prison sentence in connection with a Ponzi scheme run with former state Sen. Carlos Uresti, 54. A jury previously found Uresti and Cain guilty in connection with the fracking enterprise run through FourWinds Logistics. FourWinds CEO Stanley P. Bates pleaded guilty earlier this year.

Read More from: The Ponzi Blog

1 week 3 days ago

  One of the fears of debtors filing bankruptcy is that the trustee may seek to get back funds the debtor paid for their children's tuition prior to filing the case.  This is usually under 11 U.S.C. 548, asserting that the debtor received no benefit from the transfer of funds to the schools.  The schools are now contesting these actions, and one basis for challenging the trustee's right to recover is whether the school is an initial transferee of such funds, which can be required to refund such money; or a subsequent transferee that takes the funds for value, in good faith, and without knowledge of the voidability of the transfer, which may not be required to refund such transfers.  11 U.S.C. §550(b)(1).  This issue is discussed in some depth in Pergament v. Brooklyn Law Sch., 2018 U.S. Dist. LEXIS 200559, Case #1:18-CV-2204, (E.D. N.Y., 27 November 2018).  This decision involved an appeal from a bankruptcy court order denying the trustee's request to recover tuition paid by a debtor for his children from the three institutes of higher learning, on the basis that the schools were protected from having to refund the funds as being subsequent transferees for value in good faith.

Read More from: Tampa Bankruptcy

1 week 3 days ago

The central bank may be looking at other benchmarks besides the fed funds rate to conduct monetary policy; dropping human appraisers from most home sales raises concerns.

Read More from: BankThink

1 week 3 days ago

Banks have criticized the new accounting standard, but it would likely soften future bubbles and reduce subsequent credit crunches by requiring that reserves be held upfront when loans are made.

Read More from: BankThink

1 week 3 days ago

Marriott International Inc. said it’s investigating a hack of the guest reservation database at its Starwood unit that may be one of the biggest such breaches in corporate history. Marriott shares slumped 5.6 percent in pre-market trading.

Read More from: BankThink

1 week 3 days ago

The new CEO is trapped in the same feedback loop of negative news, rising funding costs and declining revenue that foiled his predecessor.

Read More from: BankThink

1 week 3 days ago

Lawmakers have had to extend the program eight times since October 2017, as Congress has been unable to pass broader reforms.

Read More from: BankThink

1 week 3 days ago

The Treasury Department announced the initiative just as the leaders of the three countries signed a multilateral trade pact to replace the North American Free Trade Agreement.

Read More from: BankThink

1 week 3 days ago

Its bid for El Dorado Savings wasn’t the highest, but PacWest's image as a skilled dealmaker added value to its offer in the seller’s eyes.

Read More from: BankThink

1 week 3 days ago

The North Carolina lawmaker had been considered for a potentially bigger House leadership position if Republicans had held on to their majority.

Read More from: BankThink

1 week 3 days ago

The Midwest regional recently announced a referral partnership with the fintech lender CommonBond. By offering customers an option to refinance student loans at more favorable terms, the bank is hoping to cultivate their loyalty.

Read More from: BankThink

1 week 3 days ago

car in bankruptcy

Car lenders who make new car loans with an underwater trade-in will face the music in Chapter 13.

Read More from: The Soap Box

1 week 3 days ago

The SEC issued a Sunshine Act Notice for an open meeting next Wednesday, December 5, where they will consider whether to issue a Request for Comment on the nature and content of quarterly reports and earnings releases issued by reporting companies.  The open meeting will start at 10:00 a.m. (ET) and will be webcast.

As reported by media, President Trump asked the SEC in August to study the possibility of requiring less frequent earnings reporting.  It has also been reported that Chairman Clayton may be inclined to explore reducing the demands on companies with revenues under $1 billion, as part of the SEC’s initiatives to ease burdens on smaller reporting companies.
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1 week 3 days ago

gadsden attorney Carla HandyWorking as a secret shopper, being paid to have your car wrapped with a company logo, and winning the lottery all have one thing in common—they are all tactics scammers are using to try to steal your hard-earned money.

Although overall FTC fraud complaints have declined slightly since 2016, from 2.98 to 2.68 million, Alabama is ranked 8th in the country for fraud reports per capita. A check-cashing scam is a major part of this problem.

The scams have been increasing in complexity. Even though they are typically run by people living overseas, scammers have gone a step further and begun employing US residents as “mules” to help carry out their scams.

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

1 week 3 days ago

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