Bankruptcy Blogs

California Conforms To Federal Income Tax Treatment Of PPP Loan Forgiveness

10/15/20

As reported in our earlier blog post The CARES ACT – Tax Relief, the federal CARES Act provides for forgiveness of indebtedness for eligible recipients of Paycheck Protection Program (“PPP”) loans in an amount equal to the sum of the recipient’s payroll costs, interest on mortgage obligations, rent obligations and utility payments (subject to certain conditions and limitations).  Under federal law, any amount of covered loans forgiven under the CARES Act is excluded from

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Merger would broaden Nuvision’s reach in Wyoming

10/15/20

The Southern California-based credit union would add a fourth branch in the Cowboy State if members of the merging credit union approve the deal.

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First Midwest becomes latest bank to pare back its branch network

10/15/20

The Illinois company will shutter 17 locations, or about 15% of its branches, early next year.

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Leveraged lending has avoided pandemic hit. Will that last?

10/15/20

Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.

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South State agrees to buy national brokerage company

10/15/20

Duncan-Williams, which serves institutional clients, will help South State expand its correspondent lending operations.

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Wells Fargo fires more than 100 workers for abusing U.S. aid

10/15/20

Wells Fargo fired more than 100 employees suspected of improperly collecting coronavirus relief funds, according to a person with knowledge of the situation.

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Banks brace for 'big bang' switch on $80 trillion worth of swaps

10/15/20

In a critical development in the global shift away from old benchmarks that was triggered by Libor's shortcomings, interest-rate swaps on more than $80 trillion in notional debt will transition this weekend to a new rate for determining their value.

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Wells fires employees for SBA fraud; Fed official urges vigilance on consumer loans

10/15/20

The bank has fired more than 100 workers for allegedly making fraudulent applications for SBA disaster loans; credit is holding up well so far, but that could change without more stimulus, Quarles says.

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Centricity Credit Union opens up for distance learning

10/15/20

The Minnesota-based institution is allowing children of some employees to attend school virtually in their branches in order to make it easier for parents to work during the pandemic.

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USAA's regulatory troubles now include OCC fine, CRA downgrade

10/14/20

The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act.

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