Bankruptcy Blogs

Fed can do only so much to limit pandemic's economic hit: Powell

05/13/20

The head of the U.S. central bank said its emergency credit programs were not designed to prop businesses up over the long term.

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Pandemic makes CRA reform more urgent, not less

05/13/20

Critics of the Community Reinvestment Act revamp want to freeze the rulemaking process. That would only delay financial help to New York and other hard-hit cities.

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JPMorgan says benefit of negative U.S. rate might outweigh costs

05/13/20

A negative Federal Reserve policy rate is still improbable, but if it were to happen it could be a net benefit, according to a note from JPMorgan Chase.

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JPMorgan to offer banking to crypto exchanges; news services sue SBA

05/13/20

The move is the first time the bank has provided services to digital currency players; the Washington Post and four other heavy hitters want details on PPP and small business disaster loan programs.

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Bankruptcy Fraud Trial of Pharmacist Charged with Operating Ponzi Scheme Delayed Due to COVID-19

05/12/20

The criminal trial of Natalie Cochran, who is accused of operating a Ponzi scheme with her late husband, was postponed today in the Southern District of West Virginia at least partially due to COVID-19.  Cochran was indicted on multiple counts of wire fraud, bank fraud, aggravated identity theft, unlawful monetary transactions, bankruptcy fraud, and making a false oath in bankruptcy.  The trial was scheduled to begin later this month.  A new trial date is set for July 21.

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Banks tore up digital scripts once pandemic hit

05/12/20

U.S. Bancorp, Wells Fargo, WSFS and others were already deeply engaged in digital transformations before the coronavirus crisis led them to pivot — quickly.

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FDIC proposes removing PPP loans from premium formula

05/12/20

The agency said without further action banks' participation in coronavirus relief programs could inflate their deposit insurance assessments.

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CFPB, other agencies post website for consumers seeking housing relief

05/12/20

The joint site describes potential strategies for both homeowners and renters economically affected by COVID-19.

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Pot banking measure revived in Dems' coronavirus relief package

05/12/20

The proposal would give a safe harbor to financial institutions that work with cannabis companies in states where the substance is legal. But the bill, which would direct $3 trillion in aid to struggling households, businesses and local governments, faces long odds in the Republican-controlled Senate.

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SBA raises lending limit for potential PPP successor

05/12/20

SBA Express has existed for years, but its new $1 million cap could prove helpful to small businesses that need funds for more than just payroll expenses.

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