Bankruptcy Blogs

Heartland banks have a new worry in turbulent ethanol business

02/12/20

Ag lenders say the Trump administration’s waivers for oil refineries threaten another source of revenue for corn growers and ethanol makers.

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House lawmakers at odds over requiring banks to report diversity data

02/12/20

A study by the House Financial Services Committee on the industry’s efforts to hire and promote more women and minorities has sparked a dispute over whether banks should have to be more transparent about those efforts.

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Wells Fargo ends mandatory arbitration in sexual harassment cases

02/12/20

Wells is thought to be the first big U.S. bank to allow harassment victims to go to court instead of arbitration. An investment firm that advocates for progressive causes claimed credit for the policy change.

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JPMorgan rejects calls to disclose lending’s impact on climate

02/12/20

Activist investors say the lender's words on combating climate change have not matched its actions. But the company argues that requests to put climate resolutions to a shareholder vote amounts to micromanagement.

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How Nova Credit caught the eye — and dollars — of A-listers

02/12/20

The fintech, which translates foreign credit reports to help immigrants get loans, says it has raised millions from venture capital firms and celebrities like Alex Rodriguez and U2's The Edge because its product addresses important economic and social needs.

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Fed’s Powell open to more than one Libor alternative

02/12/20

Federal Reserve Chairman Jerome Powell told senators that the central bank is willing to explore a credit-sensitive interest benchmark in addition to the secured overnight financing rate, which some banks say could cause problems during economic stress.

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Judgments > CACs

02/12/20

Mitu’s post from two-days ago frames an important question. An investor holds a defaulted sovereign bond that includes a collective action clause, sues, and gets a final judgment for the full amount of the outstanding principal. Later, a majority of the remaining bondholders vote to restructure the bond’s payment terms—say, by accepting a 50% haircut. Is the judgment-holding investor somehow bound by this decision?

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Refinance mortgage applications reach highest level since 2013

02/12/20

Refinance application activity last week was the highest in nearly seven years, with more than triple the volume from one year ago, according to the Mortgage Bankers Association.

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PNC ordered to pay ex-employee $2.4M in sexual harassment case

02/12/20

A New Jersey jury has put banks and other businesses on notice about their liability for incidents involving clients who mistreat employees in the workplace.

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Broadway Financial in California pressed to sell by Sugarman-led group

02/12/20

Capital Corps, founded by former Banc of California CEO Steven Sugarman, wants the minority-run Broadway sold to a buyer that serves low- and moderate-income borrowers.

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