Bankruptcy Blogs

Bankers fear massive borrower fraud in PPP

05/07/20

Up to 12% of loans under the $660 billion small-business rescue program could be tied to misleading or completely phony applications, fueling concerns about lenders' potential liability.

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Virginia Man Pleads Guilty After Faking Death and Stealing an Identity in Bankruptcy Fraud Scheme

05/07/20

A Virginia man who lied about his own death to hide assets from the bankruptcy court and later fraudulently assumed the identity of an attorney from Florida to further the scheme, pleaded guilty to a series of crimes in federal court yesterday.  Russell Geyer pleaded guilty to contempt of court, wire fraud, aggravated identity theft and bankruptcy fraud.  His sentencing is scheduled for August 6th.  This local news report contains many

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Update on the Paycheck Protection Program Liquidity Facility

05/07/20

On Thursday April 30, 2020, the Board of Governors of the Federal Reserve Board released a new revised term sheet for the Paycheck Protection Program Liquidity Facility (“PPPLF”).  Under the facility, the Federal Reserve Banks will lend to eligible borrowers on a nonrecourse basis, taking loans to small businesses guaranteed by the Small Business Administration (“SBA”) under the Paycheck Protection Program (“PPP Loans”) as collateral. 

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Fiserv promotes First Data, JPMorgan vet Frank Bisignano to CEO

05/07/20

Frank Bisgnano, who engineered a technology-driven recovery at First Data before it was acquired by Fiserv last year, will shortly take Fiserv's top job as the company forges its coronavirus strategy.

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Wellness tool from BMO Harris partner finds following with bank's customers

05/07/20

Through its partnership with SpringFour, a fintech BMO Harris mentored in 2017, the Chicago bank is referring customers — including many hurt by the pandemic — to reputable nonprofits to help with job training, financial assistance and more.

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Bankers forced to play guessing game as loan deferrals mount

05/07/20

Lenders that scrambled to grant forbearance as the coronavirus pandemic took hold are unsure about the extent of potential losses.

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Agencies urged to pause CRA reform as banks manage pandemic response

05/07/20

The OCC is plowing ahead on plans to modernize the Community Reinvestment Act, but a growing consensus of industry and community voices says now is not the time for a major overhaul.

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Crisis mode provides another lesson for banks, not a life sentence

05/07/20

Coronavirus has taken bankers out of their comfort zone. But they should view adaptations they’ve made in confronting the pandemic as a chance to hone their emergency response skills, not a permanent new normal.

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EU plans joint money-laundering cop after years of bank scandals

05/07/20

The European Union is taking another small step toward setting up a common authority to fight money laundering in the bloc, after a string of revelations over the last two years exposed fundamental flaws of its framework.

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