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A top official at the Office of the Superintendent of Financial Institutions defended tougher underwriting rules blamed recently for a slump in the nation’s housing market, but left open the possibility that regulations could ease if conditions change.

Read More from: BankThink

1 week 2 days ago

A year after buying the artificial intelligence fintech Layer 6, TD Bank is "rewiring how the organization has worked," Gregory Braca says.

Read More from: BankThink

1 week 2 days ago

The exemption was included in a suite of other changes unveiled to provide greater transparency to the Fed's stress testing regime.

Read More from: BankThink

1 week 2 days ago

Recent developments give the impression that the administration and lawmakers are in direct competition, but the ultimate framework may rely on coordination from both branches of government.

Read More from: BankThink

1 week 2 days ago

Though banks are generating more revenue from interchange and annual fees, those gains have been offset by declines in income from cash advances and late fees.

Read More from: BankThink

1 week 2 days ago

Scams Targeting Your Social Security Number

The following is a warning from the Federal Trade Commission:

Good afternoon,

Today, the Bureau’s Office for Older Americans is forwarding an email about scams targeting your Social Security number. The email was sent by Jennifer Leach, Acting Associate Director, Division of Consumer and Business Education, Federal Trade Commission.

Fake Calls about your SSN

1 week 3 days ago

Creditors File Petition for Rehearing En Banc After Fifth Circuit Reversal and Remand of Bankruptcy Court Decision Awarding Creditors Make-Whole and Post-Petition Interest in Accordance with the Terms of the Underlying Agreement.

Executive Summary

On January 17, 2019, a three-judge panel (the “Panel”) of the United States Court of Appeals for the Fifth Circuit reversed, in part, and vacated, in part, a Bankruptcy Court decision in In re Ultra Petroleum Corp., Case No. 17-20793 (5th Cir. Jan. 17, 2019) (“Ultra II”). The Bankruptcy Court held that certain creditors (the “OpCo Creditors”) of a solvent debtor, Ultra Resources, Inc. (“OpCo”), were deemed unimpaired by the Ultra chapter 11 plan and, therefore, entitled to the full $201 million make-whole (the “Make-Whole Amount”) and post-petition interest at the default contract rate in the aggregate amount of $186 million. In re Ultra Petroleum Corp., 575 B.R. 361, 370–71 (Bankr. S.D. Tex. 2017). Our previous article — To Make-Whole…or Not? — provided background and summaries for both decisions. In this installment, we consider the issues raised in Appellees’ Joint Petition for Rehearing En Banc, filed on January 31, 2019.

1 week 3 days ago

Arsenal Energy Holdings has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 19-10226).  According to the First Day Declaration, Arsenal, which is headquartered in Wexford, Pennsylvania, is a holding company that, through its non-Debtor subsidiaries, owns and operates 77 natural gas wells in the Appalachian Basin.  According to a press release from the Debtors, the Debtors enter chapter 11 having already solicited votes on a prepackaged plan of reorganization, with 93% of its equity holders and 100% of its noteholders voting in favor of the plan.  The Disclosure Statement can be found here.  Prime Clerk is the proposed claims and noticing agent.  The case has been assigned to the Honorable Brendan Linehan Shannon. 

1 week 3 days ago

Arsenal Energy Holdings has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 19-10226).  According to the First Day Declaration, Arsenal, which is headquartered in Wexford, Pennsylvania, is a holding company that, through its non-Debtor subsidiaries, owns and operates 77 natural gas wells in the Appalachian Basin.  According to a press release from the Debtors, the Debtors enter chapter 11 having already solicited votes on a prepackaged plan of reorganization, with 93% of its equity holders and 100% of its noteholders voting in favor of the plan.  The Disclosure Statement can be found here.  Prime Clerk is the proposed claims and noticing agent.  The case has been assigned to the Honorable Brendan Linehan Shannon. 

1 week 3 days ago

Alberta Don’t You Treat Me Unkind – Gonna Change My Way of Thinking

In 2017, the Alberta Court of Appeal upheld the lower court’s decision that the BIA prevailed over a conflicting provision in the provincial regulations promulgated by the Alberta Energy Regulator (AER). In our blog posts about the appellate ruling and the lower court’s decision, we announced that the decision was a boon for Canadian oil and gas lenders, but our optimism was tempered by an *asterisk* because the issue might not be settled “until the Canadian Supremes ultimately sing.”

Read More from: Basis Points

1 week 3 days ago

Steve Boms, executive director of the Financial Data and Technology Association, says open banking standards are needed for U.S. banks and fintechs to follow.

Read More from: BankThink

1 week 3 days ago

Senior loan officers also expect decline in loan performance; meeting termed "cordial and collegial."

Read More from: BankThink

1 week 3 days ago

Federal Reserve chairman and vice chairman meet the president for dinner, but interest rates aren’t on the menu.

Read More from: BankThink

1 week 3 days ago

The company said the move reflects intense competition and a "significant decline" in origination volume.

Read More from: BankThink

1 week 3 days ago

Here are a few pointers to help you at the start of the Chapter 13 bankruptcy process.

1. Be Patient

When I said bankruptcy “process,” I really meant it’s a process.  Filing for bankruptcy relief is comparable to filing your taxes.

For some people, it can be a relatively swift and easy process, but for the majority of folks, it will take time to gather the necessary documents and information.  Once you have provided all the information to your attorney, it will still take some time to get the bankruptcy forms prepared and to review everything for accuracy.

A bankruptcy petition is considered a sworn statement to the court.  As a result, you definitely want to make sure that everything is correct.

2. Take a Credit Counseling Course

Every person who files bankruptcy must take a credit counseling course before the case can be filed.  At Bond & Botes, we assist our clients in the process by helping them get in touch with certified credit counseling agencies.  If you are filing pro se, then be aware that your case can be immediately dismissed if your file before you’ve completed a credit counseling course.

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

1 week 3 days ago

So you bought something on credit, but then never saw a bill for it. Perhaps you think: no bill = winner/free stuff! At some point, the company is likely to balance their books and find your debt. But just how long can a creditor wait before attempting to collect on that debt? Am I off......
Read More

The post When Dealing With Debt Collectors, It Pays To Know Your Rights appeared first on Law Office of Joel R. Spivack.

1 week 3 days ago

By: Donald L Swanson

Historically, bankruptcy courts and bankruptcy professionals have been lagging adopters of mediation. They’ve been slow to utilize mediation for resolving bankruptcy disputes, and they’ve been slow to adopt local rules on mediation.

Today, however, 76 (80.85%) of all 94 bankruptcy court districts have a local mediation rule of some type (see this link), and mediation is a significant tool in many bankruptcy courts.  That’s because of a simple reality: bankruptcy mediation works!

Bankruptcy mediation is useful, for example, in dealing with heavy caseloads and high-emotion cases, in minimizing litigation costs and maximizing personal relationships (especially with early mediation), in providing creative solutions to interrelated disputes, and in protecting confidentiality.

Of those 80.85%, however, a dozen or so must rely on the local mediation rules of their District Court. Three examples from the Midwest are the two Iowa Districts and the District of Minnesota.

Read More from: Mediatbankry

1 week 3 days ago

Thanks to Zach Freidman for the inspiration

student loan scammers

Don’t get your bones picked clean

in his Forbes story on Student Loan Scams.

What Student Loans Can Be Consolidated?

ONLY Federal student loans can be consolidated.

NOT private student loans.

And, you do not need to pay someone to consolidate your federal student loans.

I have spoken to people taken in by these scams.

Read More from: Discharge Student Loan

1 week 3 days ago

The bureau’s updated no-action-letter policy and “product sandbox” proposal are important steps in helping the industry adapt during this period of rapid change.

Read More from: BankThink

1 week 3 days ago

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