News Topic: Bankruptcy Blogs

Long hours by bankers and the streamlined resolution of Paycheck Protection Program loans helped lenders collect more fees than anticipated in the fourth quarter. It was a rare bright spot at a time when revenue is being pinched. ... Read full article

The central bank aims to roll out FedNow sometime in 2023, which is more optimistic than its previous timetable. The official leading the project noted progress in developing the infrastructure and its compatibility with private-sector solutions. ... Read full article

The FDIC fined the New York bank $12.5 million for ignoring previous orders to clean up its act; economists say the program hasn’t saved that many jobs to justify the expense. ... Read full article

California Polytechnic State University is said to be seeking a new banking partner, a move which could leave the university-based credit union without a home. ... Read full article

The card network is testing two artificial intelligence-powered programs that it says give banks some of the benefits of faster payments without requiring the immediate movement of funds. ... Read full article

Olaf Carlson-Wee, founder and CEO of the cryptocurrency hedge fund Polychain Capital, discusses which digital currencies and blockchain technologies are reshaping payments and which are “nonsense projects.” ... Read full article

Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options. ... Read full article

T.J. Tijerina, a 16-year employee at the Houston-based credit union, has taken over as president and CEO in advance of Ron Downing’s retirement later this year. ... Read full article

About 70% of Bank of America's customers are now “digitally active” and 17 million people use Erica, its virtual assistant. David Tyrie, who was recently promoted to head of digital, would like to get that rate up to 100%. ... Read full article

A federal judge denied the Office of the Comptroller of the Currency's motion to have the case thrown out, saying concerns about the agency's rulemaking process to reform the Community Reinvestment Act have merit. ... Read full article

The U.S. unit of Toronto-Dominion Bank merged its corporate and specialty team with its commercial banking group, putting the fast-growing operations under the same leadership. ... Read full article

The software company in a court filing reiterated its argument that XRP is a virtual currency that doesn't need to be registered. ... Read full article

The Detroit company, which recently agreed to be sold to Huntington Bancshares, gained $1 billion in loans and roughly 60 employees. ... Read full article

Laws like the Home Mortgage Disclosure Act require banks to report detailed demographics of borrowers to ensure fair lending practices. If banks are serious about promoting diversity, then they should commit to revealing similar details about their own ... Read full article

MoneyLion, a mobile banking, lending and investment platform, is in talks to go public through a merger with Fusion Acquisition, a blank-check company, according to people with knowledge of the matter. ... Read full article

Catherine Galicia formerly led the Consumer Financial Protection Bureau's legislative affairs division, and has extensive experience in banking and on Capitol Hill. ... Read full article

The company also reported a large fourth-quarter loss that reflected a significant increase in its loan-loss provision. ... Read full article

Wells Fargo cut its chief executive's compensation about 12% for 2020, a year in which shares tumbled and the company slashed its dividend and reported its first quarterly loss since 2008. ... Read full article