Bankruptcy Blogs

Preference Actions Filed in Draw Another Circle Bankruptcy

06/16/17

On June 15, 2017, Curtis R. Smith, as Liquidating Trustee of the Hastings Creditors’ Liquidating Trust, filed approximately 69 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 547, 548 and and 550 of the Bankruptcy Code.  The Liquidating Trustee also seeks to disallow claims of such defendants under Sections 502(d) and (j) of the Bankruptcy Code.

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The Original Soupman, Inc. Files for Chapter 11 Protection in Delaware

06/16/17

On June 13, 2017, The Original Soupman, Inc. and its affiliates (collectively “Debtors” or “Original Soupman”) commenced voluntary bankruptcy proceedings under Chapter 11 of the Bankruptcy Code.  According to its petition, Original Soupman estimates that its assets are between $1 million and $10 million, and its liabilities are between $10 million and $50 million.

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New HMDA Regs Require Banks to Collect Lots of Data...That They Already Have

06/15/17

The Home Mortgage Disclosure Act  of 1975 is a key piece of fair lending legislation.  It requires mortgage lenders to report data on loan applications and loans funded that enables both government and private groups to monitor lending patterns for violations of the Fair Housing Act and Equal Credit Opportunity Act (as well as state fair lending laws).

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House panel advances two flood insurance changes, but divisions remain

06/15/17

The House Financial Services Committee passed two flood insurance bills, but postponed more work until next week.

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Citizens to launch digital platform for commercial clients

06/15/17

The initiative comes as the bank is carving out a niche in the market for midsize companies.

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The ways banks are kicking digital up a notch

06/15/17

The most innovative projects shared at Digital Banking 2017 involve embedding banking in popular devices and apps like Facebook Messenger and Amazon Echo.

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When fintech meets CRA: SoFi bank bid draws activists’ ire

06/15/17

The online lender, which focuses on high-earning millennials, is offering assurances that it will also serve Americans who make less money. But the company has not convinced critics, who say the plans are inadequate.

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Lawmakers remain split as regional banks press for relief

06/15/17

Senate Banking Committee Chairman Mike Crapo sounded optimistic Thursday about reaching a bipartisan deal for regulatory relief, but a hearing once again emphasized the gulf between what lawmakers are likely to pass and what the industry is seeking.

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CFPB tweaks final prepaid rule, seeks comment on second delay

06/15/17

The Consumer Financial Protection Bureau proposed further changes Thursday to its final rule on prepaid cards and is seeking public comment on whether to delay implementing it a second time.

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Big banks and regionals strategize for the second half of 2017

06/15/17

With the first half of 2017 drawing to a close, bank executives gathered this week at the Morgan Stanley Financial Services conference to discuss their companies’ performance thus far and, more important, outline their priorities for the rest of the year and beyond. Here are some of the highlights.

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