Bankruptcy Blogs

Summary of the McConnell Bailout Bill

03/23/20

The McConnell Bailout Bill (a/k/a HR 748 or the CARES Act), weighs in at just shy of 600 pages. I've taken the liberty of summarizing it in a powerpoint deck for teaching (syllabus be damned) and thought it might be helpful to make generally available. Here it is.

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Banks are well positioned to help customers weather this crisis

03/22/20

With the government’s backing and thanks to the unprecedented capital levels they built up since the 2008 financial crisis, banks could provide relief in a way that they never have before.

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CFPB urged to protect elderly from pandemic scammers

03/22/20

The COVID-19 pandemic has already given rise to false marketing of test kits and criminals impersonating the FDIC. Consumer advocates say the bureau could issue alerts as well as empower banks to help safeguard their customers’ funds.

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Agencies tell banks they will not be criticized for loan modifications

03/22/20

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.

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From the Vault: Lee Buchheit on "How to Restructure Greek Debt" Videos

03/22/20

My sovereign debt class is discussing the March 2012 Greek debt restructuring on Tuesday afternoon.  The magic here was in significant part the product of Lee Buchheit's genius. That said, I do not wish to discount the contributions of his star studded team, which had debt gurus like Andrew Shutter and Andres de la Cruz who played invaluable roles.  

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Coronavirus outbreak forces VSB to delay vote on sale to Northfield

03/21/20

The New York company moved its April shareholder meeting to June because of the pandemic.

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The Bailout Cronyism and Corruption Have Already Begun

03/21/20

We need to bail out the economy, and it's not going to be cheap. The government is going to have to carry the economy for 18-24 months. There's no way of avoiding that. But we don't need to be stupid or corrupt about the way we do it. And stupidity and corruption is unfortunately so hardwired into the Trump administration's DNA that it is being reflected in virtually every proposal out of the administration. 

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Consumers seek early access to wages to soften coronavirus hit

03/20/20

Workers living paycheck to paycheck are borrowing from companies like PayActiv, DailyPay and Branch to survive the economic impact of the pandemic.

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Branch plans during outbreak, foreclosure pause, Wells Fargo's new top lawyer: Top stories of the week

03/20/20

Banks cutting back on branch services — or closing stores outright — to slow spread of coronavirus; Trump administration to halt foreclosures as pandemic worsens; Wells Fargo hires TD's Ellen Patterson as general counsel; and more from this week's most-read stories.

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Will more regulators call for delay of CECL?

03/20/20

The FDIC's call for FASB to postpone the loan-loss accounting standard's effective date could put pressure on other agencies to follow suit.

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