In a lengthy opinion published November 7, 2016, Judge Sontchi of the Delaware Bankruptcy Court provided a thorough analysis of the interaction between the Stored Communications Act (“SCA”) and the Bankruptcy Code. Judge Sontchi’s opinion is available here (the “Opinion”). The Opinion was issued in the Chapter 15 case In re Irish Bank Resolution Corporation Limited, Case No. 13-12159.
Credit Slips is delighted to welcome first-time guest blogger, Professor Gary Neustadter. A renowned innovative teacher, Professor Neustadter specializes in debtor-creditor law, contracts, consumer protection, and legal practice.
The same incentives structure that encouraged bad behavior at the bank can be blamed for ethical mishaps in other industries as well as the government.
The president-elect faces major questions about credit access, affordable housing, the future of Dodd-Frank and the structure of the Consumer Financial Protection Bureau and the extent to which he will act upon them remains unclear.
Dismantling Dodd-Frank: Rather than fully repealing the Dodd-Frank act, Donald Trump's transition team is instead looking at dismembering the parts of it that "Republicans find most objectionable," according to the Wall Street Journal. One part they want to jettison is the Financial Stability Oversight Council's authority to designate large nonbanks as "systemically important." Another priority is overhauling Title II, which gives regulators the authority to take over a failing bank and liquidate it...
Banking is not an industry; banking is not the real economy. The big banks especially are economic and political behemoths that remain unpopular and poorly understood in the popular imagination.
After focusing on the substance of personal bankruptcy laws around the world for years, I'm now convinced that I should instead have been focusing on institutions and procedure. Reports of the first year of the Russian personal bankruptcy process convince me further. In a paper anticipating the new law, I predicted potential process hangups, but I badly underestimated the degree to which procedural complications would waste time and resources and undermine the system's new effectiveness.
While remittances may pose higher risks than services like bill pay, they are absolutely necessary in an age of unprecedented migration. It's high time state and federal regulators update the rules to help inspire banks to re-risk.
