Expanding SBA funding and providing additional Community Reinvestment Act credit could help boost female entrepreneurs.
The AML and financial crime ecosystem continues to evolve at record pace and bring new challenges.
Read More from: eSQUIRE Global Crossings
Mitu Gulati and Mark Weidemaier
About two weeks ago, we held a small conference at the University of North Carolina School of Law: How Best to Restructure the Venezuelan Debt. The conference focused on proposals developed this semester by students in our joint UNC-Duke class on international debt finance. Some proposals started fresh; others took an existing idea and built on it. Four student groups presented their work and got feedback from a group of about twenty experienced lawyers, bankers and policy-makers. This was—to our minds—an exceptional group, extraordinarily knowledgeable about sovereign debt markets and with particular insight into Venezuela. Included were Lee Buchheit, Chanda DeLong, Brett House, Fulvio Italiani, Hongtao Jiang, Ruth Krivoy, Trevor Messenger, Siobhan Morden, Katia Porzecanski, and a list of others who we will leave unnamed for confidentiality reasons. We are immensely grateful to all of them for their generosity to us and our students.
Read More from: Credit Slips
Comptroller of the Currency Joseph Otting took office only late last year, but he is wasting little time in tackling a series of hot-button topics, including easing anti-money laundering regulations and lowering national bank fees.
Read More from: Tampa Bankruptcy
We just wait til the return is prepared and try to pay then, he explained.
But, again this year, he couldn’t write a tax check for a year’s worth of income.
So the client sitting across the table from me had an $8,000 tax bill for last year, and in mid October, had made no deposits toward this year’s taxes.
Waiting for certainty about what he’d owe, he racked up penalties for not making advance deposits, penalties for not paying when the return was filed, and interest on the unpaid tax.
And he was positioned to do it again this year.
Read More from: The Soap Box
Nestled in a review of an album by Spinal Tap bassist Derek Smalls (a/k/a Harry Shearer), the April 10 edition of Variety magazine published a notice of sale of The Weinstein Company. The notice includes a bid deadline of April 30, a sale hearing on May 8, and the soothing assurance to bidders that a buyer would incur "NO SUCCESSOR LIABILITY" (bolded and all-caps) for the heinous acts TWC apparently tolerated and facilitated over many years. The notice anticipates that a buyer might agree to remain liable for some TWC obligations, however, perhaps contemplating valuable licensing contracts.
Read More from: Credit Slips
The bill, which also exempts community banks from the trading ban named for former Fed Chairman Paul Volcker, would go a step further than the regulatory relief bill that passed the Senate.
Banks have been hanging on to problem loans for various reasons, but that could create headaches when credit inevitably worsens.
Amber Baldet is exiting JPMorgan Chase to start her own venture, and another female executive is taking charge of the blockchain effort. BofA makes major progress on digital mortgages and gets gun-shy after Parkland. Plus, GM’s one-sentence dress code.
A 28% increase in lease assets helped offset stagnant growth in traditional auto lending.
Banks should rethink even existing services, such as the branch experience, said top executives at the Oracle Industry Connect conference.
Suggestions that Republicans are working to unwind Dodd-Frank could indicate a vote on a bipartisan regulatory relief bill is near.
Over the past week, regulators have proposed the most substantial changes to capital requirements for the largest banks in years, but the most startling thing was how unremarkable they were.
Bank regulators propose to allow banks to phase in capital treatment of credit losses over three years.
BofA, Citi and Union Bank map out next moves in branching; MB Financial and Regions exit business lines; a dramatic reduction in regulatory actions under Trump; and more from this week's most-read stories.
The bank, which already offers mortgages through seven offices across North Carolina, is the fourth group to announce plans for a de novo in the state.
During earnings calls, bankers praised regulators' latest efforts to modify capital rules. JPMorgan Chase CFO Marianne Lake, meanwhile, called on policymakers to focus on overhauling the G-SIB surcharge.
Bankers hoped the tax overhaul would stimulate a boom in business borrowing, but several said this week that hasn’t happened yet. PNC’s Bill Demchak warned that the tax cuts could be encouraging lenders to underprice loans.