Bankruptcy Blogs

OCC did its part to secure customer data. Now it’s CFPB’s turn.

03/16/20

The Comptroller's Office has provided banks with guidance on how to structure relationships with data aggregators. Now the bureau needs to focus on the bank-consumer connection.

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Fed again takes action; bank stock buybacks on hold

03/16/20

The Fed cuts rates near zero and will buy $700 billion in Treasuries and mortgage bonds; big banks put off stock buybacks until July at the earliest.

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Calls mount for U.S. to halt foreclosures, evictions amid health crisis

03/15/20

A national moratorium would be costly to lenders and servicers, but proponents say it's needed to help cushion the economic blow of the pandemic.

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Eight giant U.S. banks to suspend stock buybacks through June

03/15/20

The banks — including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup — agreed to stop buying back their own shares through the second quarter, saying they will focus on supporting clients and the nation during the coronavirus pandemic.

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Virus update–March trustee hearings cancelled

03/15/20

Virus update–March trustee hearings cancelled. No rescheduling plan has been announced yet. (Will there be a call-in plan instead??) The Judges here in the Alexandria VA bankruptcy court have invited the lawyers to a conference call on Wednesday. We may know more after that. This announcement applies only to the trustee hearings.  Those are the […]

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Fed slashes rate, announces new measures to encourage bank lending

03/15/20

The actions include cutting the federal funds rate to between 0% and 0.25% and other steps to ease economic stress from the spread of the coronavirus.

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The Small Business Reorganization Act of 2019 and COVID-19

03/15/20

Professor Ted Janger of Brooklyn Law School sent me a proposal for a small change to the Bankruptcy Code that might significantly help small businesses affected by the COVID-19 pandemic. His idea merits consideration. In Ted’s words:

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The Choice of Advisers for the Lebanese Restructuring

03/15/20

An article from a couple of days ago in L'Orient-Le Jour (here) provides a rare window into the process by which financial and legal advisers are chosen for a sovereign restructuring deal.

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COVID-19's Impact on Higher Education's Finances

03/14/20

There's a lot to say about the economic dislocation from the coronavirus and the economic policy response. But I want to focus for a moment about its impact on higher education.  Lots of schools have gone to virtual classrooms either temporarily or for the rest of the semester. It's not ideal pedagogically (and it really unsuitable for certain types of classes), but it works as a stop gap measure, especially for courses which have already been going for several weeks, in which some rapport has developed between faculty and students.  

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Regulators urge banks to give relief customers affected by pandemic

03/13/20

The OCC and FDIC said banks should consider waiving fees, be flexible with loan repayments and that they would not be penalized if they close branches for precautionary reasons.

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