Bankruptcy Blogs

Subprime car buyers skip loan payments in sign of trouble ahead

04/21/20

Credit Acceptance Corp., the lender to car buyers with subprime credit scores, warned it's seeing a sharp drop-off in payments as people shift their financial priorities to get through the coronavirus pandemic.

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PPP reload nearing; Treasury eyes blocking stimulus check garnishment

04/21/20

The administration and Congress are said to be close to adding $310 billion to the small business loan program; the department is looking at whether it can prevent banks from seizing government checks.

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Funding for fintech startups: Down but not out

04/20/20

Venture capital investment has plummeted in many coronavirus-ravaged economies, but larger, profitable fintech firms with the right digital products might still score funding.

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Triumph Bancorp in Texas to sell premium finance unit

04/20/20

The Dallas company also reported a first-quarter loss after the coronavirus outbreak caused "significant deterioration" in its economic outlook.

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Mortgage servicers remain hopeful U.S. will deliver coronavirus relief

04/20/20

Federal backing for firms facing a deluge of missed mortgage payments is still on the table despite recent comments by an official who questioned the need to help the industry.

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West Virginia bank buys fraud prevention firm

04/20/20

MVB Financial plans to use Paladin Group to advise its bank and a number of its fintech clients.

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Now That Everyone Is on the Standstill Bandwagon ... Where to? Part II

04/20/20

Delivering pandemic-fighting resources through debt relief channels poses at least three overlapping implementation challenges--no bandwidth today, Groundhog Day tomorrow, and inter-creditor equity forever--in addition to the challenge of monitoring the use of proceeds I flagged in Part I. I sketch these three below, alongside three possible solutions -- a model standstill agreement for all kinds of debt, retrofitting contingent standstill terms in all kinds of debt contracts, and a standing sovereign debt coordinating group.

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Wells Fargo, JPMorgan among banks sued over aid to small businesses

04/20/20

Bank of America and U.S. Bancorp were also named in a lawsuit filed in Sunday in which the banks are accused of prioritizing large loans distributed through the Paycheck Protection Program in order to maximize fees.

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Coronavirus isn’t slowing Truist integration … so far

04/20/20

Executives say they can still meet their goal of $480 million in cost savings this year from the combination of BB&T and SunTrust despite unexpected expenses, unless the economy fails to rebound quickly.

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Ally girds for surge in auto loan defaults

04/20/20

After more than tripling its loan-loss provision, the $182 billion-asset company became the first large U.S. bank to report a quarterly loss as a result of the coronavirus pandemic.

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