Bankruptcy Blogs

Wells opened far more fake accounts than originally estimated

08/31/17

Wells Fargo said Thursday that employees opened 3.5 million potentially unauthorized consumer accounts over a nearly eight-year period, a 67% increase from its earlier estimate.

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CFPB forces exit of credit repair service company

08/31/17

A credit service provider agreed to exit the industry on Wednesday after a yearlong lawsuit with the Consumer Financial Protection Bureau.

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BONY takes control; Fiduciary rule delay

08/31/17

Bank of New York basically controls the market for clearing Treasuries and repos after Chase withdraws; compliance pushed back to July 1, 2019.

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Wet Seal – Preference Actions Filed

08/30/17

On August 29, 2017, The Wet Seal, LLC filed preference actions against 67 defendants.  The lead Wet Seal bankruptcy case is Case No. 17-10229 in the Bankruptcy Court for the District of Delaware.  Wet Seal is represented by A.M. Saccullo Legal, LLC and ASK, LLC.

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FDIC terminates consent order with Discover

08/30/17

The 3-year-old order was related to Discover Bank’s programs for combating money laundering. A related agreement with the Federal Reserve Bank of Chicago remains in effect.

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B of A CEO says he's confident clients will pay for research

08/30/17

Bank of America plans to provide a premium package that includes speaking directly to analysts, attending conferences and meeting senior executives of major companies and policymakers.

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Washington Trust puts a name — 'Watrustology' — to a credo

08/30/17

Culture is key at Washington Trust, as it is at many of the 75 banks in our Best Banks to Work For rankings. Having a custom word to describe its community-oriented philosophy helps fuel conversations about it, and letting employees personalize the meaning (no scripts here) fuels a sense of empowerment and enthusiasm.

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How Gulf Coast banks got back on their feet after Katrina

08/30/17

Nearly all branches in storm-affected areas were still closed a week after New Orleans' levees broke, but regulators and bankers went to work opening new emergency branches and taking other steps to get institutions operating again.

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Cordray denies politics influenced payday lending rule

08/30/17

Consumer Financial Protection Bureau Director Richard Cordray said his possible political ambitions did not affect the small-dollar rule, while declining to spell out if he was running for office.

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Amex releases mobile feature in bid to challenge personal lenders

08/30/17

The Pay It Plan It feature allows customers to create payment plans for individual purchases, similar to personal loans. The plans include a fixed fee and no interest.

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