Bankruptcy Blogs

Biden's Wall Street pals think they have his ear despite snubs

05/18/20

Wall Street's Democratic insiders, who have been cutting checks and winning access for decades, say they have plenty of sway in the former vice president's orbit, despite his very public wooing of the progressive left.

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My experience shows why CRA reforms are necessary

05/18/20

Operation HOPE Chief Executive John Hope Bryant talks about how the Community Reinvestment Act influenced him at the age of 9 and eventually led to the founding of his nonprofit, which works with banks to help communities in need. But he says the 1977 law is outdated.

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PPP set for revisions; Berkshire Hathaway unloads Goldman shares

05/18/20

The program would give small businesses greater flexibility on how they use loan proceeds; Warren Buffett’s company dumped 10 million of its nearly 12 million shares in the bank.

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PPP lending helps brand-new bank get off to promising start

05/17/20

Triad Business Bank in North Carolina, which opened in March, has made $106 million in Paycheck Protection loans.

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Disputed Plea Agreement Not Enforceable in Bankruptcy Fraud Case

05/17/20

A recent case that provides great practical lessons both for counsel and bankruptcy criminal defendants denied a defendant's motion to dismiss an indictment under circumstances where an alleged plea agreement on misdemeanor charges could not be proven and was never accepted by the court.

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Bankruptcy Fraud Defendant Barred from Working in Real Estate Field Not Entitled to Relief

05/16/20

The U.S. District Court for the Middle District of Florida denied the request of a bankruptcy fraud defendant to modify the terms of his supervised released.  David Griffin was convicted, in connection a mortgage rescue scheme, of bankruptcy fraud and making a false material statement under oath during a section 341(a) meeting of creditors.  He was sentenced to concurrent 36 month terms in prison, followed by concurrent 36 month terms of supervised release. 

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Virginia community bank cuts 12% of its staff

05/16/20

New Peoples Bankshares said the layoffs were necessary because of the coronavirus pandemic and "a changing financial services industry."

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SBA, Treasury release more guidance on PPP loan forgiveness

05/15/20

The agencies produced an application process that includes favorable interpretation of qualifying expenses.

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New challenger bank caters to freelancers, gig workers

05/15/20

Oxygen helps customers obtain business licenses and separate their personal and business lives. Its says its services will be in demand as the pandemic accelerates a shift away from traditional jobs.

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Regulators temporarily ease key capital measure for large banks

05/15/20

The interim rule will allow institutions with over $250 billion of assets to exclude certain assets from the supplementary leverage ratio to help them respond to the economic fallout from the coronavirus pandemic.

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