Bankruptcy Blogs

Puerto Rican Debt and Force Majeure

03/20/20

Among other things, the Coronavirus and the near global shutdown, has gotten contracting parties scrambling to read their force majeure clauses.  But what about if the parties in question didn’t explicitly contract for an “act of god” clause that covered unexpected pandemics?

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Banks supplement benefits to help employees affected by coronavirus

03/20/20

From paying $1,000 bonuses to branch employees to subsidizing child care expenses, banks are offering a slew of new perks for front-line employees still working and more paid leave for those who are ill or caring for sick family members.

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Fed expands reach of new credit facility to muni bond market

03/20/20

The central bank said its program to support money market mutual funds will also serve as a backstop for state and local governments.

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FDIC approves application for Florida de novo bank

03/20/20

Organizers of Coastal Community Bank must raise $19.5 million before opening.

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Sherrod Brown calls on regulators to suspend non-coronavirus rulemaking

03/20/20

The Ohio Democrat argued that the public wouldn't be able to meaningfully provide feedback on rules given the stressful circumstances related to the outbreak.

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JPMorgan to give some front-line workers extra $1,000 of pay

03/20/20

JPMorgan Chase plans to make special payments to lower-paid employees and branch workers who don't have the ability to do their jobs from home.

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Nothing to suggest trickle-down monetary policy will suddenly work

03/20/20

The Fed must set up a ‘family financial facility’ that sends billions to households and small businesses so banks don’t misdirect relief funds.

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Banks wrestle with coronavirus challenges; Swedbank’s AML fine

03/20/20

Some banks have closed branches or restricted access and bank tech resources are being overwhelmed; bank pays a record SKr4 billion ($400 million) for issues.

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Virus scare creates perfect storm for mortgage lenders

03/19/20

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

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Where Luvleen Sidhu is taking BankMobile now that she’s in charge

03/19/20

BankMobile became profitable thanks to its high-volume, low-cost acquisition of student customers. The new CEO's challenge will be holding on to them after they graduate.

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