Beach Community Bank in Fort Walton Beach will be sold for $100 million once its holding company goes through bankruptcy, according to a local news report citing the bank.
As government officials reconsider how best to wind down large financial institutions, they should ensure the banking agencies have flexibility to act without disrupting markets.
The Consumer Financial Protection Bureau finalized a rule on Thursday that gives mortgage servicers more latitude in sending periodic statements to borrowers in bankruptcy.
A recent report from the agency settles a long-running debate about whether bankruptcy should replace Dodd-Frank’s “orderly liquidation authority.” The financial system needs both.
Process would protect taxpayers from bailing out failed banks; bank plans to raze its midtown Manhattan headquarters and build a 2.5 million sq. ft. edifice on the site.
The Trump administration on Wednesday refrained from proposing the elimination of authority to clean up failed financial behemoths, but the Treasury Department still wants substantial reforms to the resolution powers.
The Supreme Court recently heard arguments in a patent dispute case, Oil States Energy Services, LLC v. Greene’s Energy Group, LLC. Although the case has nothing to do with bankruptcy law, its outcome could have a substantial impact on bankruptcy practice and litigation.
