Bankruptcy Blogs

Student loan disclosures top new CBA chair’s Hill agenda

09/18/19

Nitin Mhatre of Webster Financial explains why the Consumer Bankers Association — whose members want a bigger piece of the student lending market — backs legislation that would make the federal government tell borrowers how much they will ultimately owe, as private lenders are already required to do.

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The Sky Is Falling: Securitization, Chicken Little Edition

09/18/19

It's been quite a week for "valid-when-made (up)".

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Challenger banks insist they’re equal to the task of lending

09/18/19

MoneyLion and Varo say familiarity with existing customers — whom they already offer savings, investment and personal finance products — will help them make smart credit decisions.

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FDIC and OCC Race to Court to Defend 120.86% Interest Rate Small Business Loan

09/18/19

FDIC and OCC filed an amicus brief in the district court in an obscure small business bankruptcy case to which a bank was not even a party in order to defend the validity of a 120.86% loan that was made by a tiny community bank in Wisconsin (with its own history of consumer protection compliance issues) and then t

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Summit Financial returns to M&A to build scale in West Virginia

09/18/19

The company will pay $29 million for Cornerstone Financial Services.

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FB Financial to enter new Ky. market with FNB acquisition

09/18/19

The Tennessee company will gain access to the Bowling Green, Ky., market as part of the $52 million deal.

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Where banking-fintech partnerships fall short

09/18/19

Fintechs that simply offer cosmetic upgrades to the cumbersome American banking system won't survive.

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Fed moves to ease cash shortage; Citi looks to make connections

09/18/19

The Fed’s injects funds into the repo market for first time in more than a decade; bank trying to partner firms with cash with those with market share.

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Purdue and the Sacklers and the Limits of Fraudulent Transfer Law

09/17/19

One of the major issues in the Purdue Pharma bankruptcy is how much the Sackler family, which (indirectly) controls Purdue will contribute in order to get releases from opioid liability. (Relatedly, are such non-debtor releases allowed outside of the asbestos context, where they are specifically authorized by statute? Second Circuit law says "sometimes.") 

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CFPB investigating Bank of America over phony accounts

09/17/19

During a probe that grew out of the Wells Fargo scandal, the Charlotte-based bank has acknowledged instances of "potentially unauthorized" accounts, but said that the number of examples was "vanishingly small."

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