News Topic: Bankruptcy Blogs

The agency plans to issue an advance notice of proposed rulemaking dealing with efforts by fintechs and data aggregators to leverage a consumer's bank account information. ... Read full article

Due to possible exploitation, Bank of America instituted a policy that limited loans to persons in guardianships, but later ended that policy. ... Read full article

Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers. ... Read full article

The Nashville bank had sued Gaylon Lawrence in 2017 over allegations that he was pursuing an illegal takeover, but the two sides announced terms of a settlement. ... Read full article

The regulation allows banks to add employees with past convictions for trivial crimes after the industry complained the prior rules were too severe. ... Read full article

A Small Business Administration notice has surfaced that explains what steps lenders must take to seek approval of their forgiveness decisions under the Paycheck Protection Program. But lenders say lawmakers and regulators must do more to cut red tape. ... Read full article

Why coins are scarce and what the government and banks are doing about it; Congress wants to extend PPP, but lenders are ready to move on; predicting which fintechs can survive the pandemic; and more from this week's most-read stories. ... Read full article

The slowdown in elective medical procedures caused by the coronavirus pandemic led to less spending from HSAs and a decline in interchange income for the Connecticut bank. ... Read full article

The legislation, which has yet to pass the House, is meant to ensure coronavirus relief funds go to consumers and are not diverted to debt collectors. ... Read full article

With the coronavirus pandemic intensifying and hopes for a quick economic recovery fading, banks large and small are reducing headcounts, shuttering branches, shedding office space and generally trying to trim expenses wherever they can. ... Read full article

Warren Buffett’s company is taking advantage of a 30% drop in the stock price to buy 34 million shares; the banks aren’t making waves as Beijing tightens its grip. ... Read full article

The Trump administration's executive order to terminate and replace federal enforcement of anti-discrimination policies at the local level, citing the burden it put on municipalities, enraged advocates of equitable housing practices. ... Read full article

Lenders need to use alternative data as an overlay to traditional underwriting methods to help creditworthy customers in hardship because of the coronavirus crisis. ... Read full article

Financial institutions want to protect customers and employees from the coronavirus but are caught in the middle of a politically charged public health debate. The stance taken by the industry’s largest trade group gives them cover. ... Read full article

Longtime executive Christine Lowthian had been serving as interim chief compliance officer at HSBC Bank USA since April. ... Read full article

The Ohio company, which has beefed up its loan-loss reserves, raised the possibility of more sales of oil and gas credits and talked up strong retail segments such as its marine and RV loans. ... Read full article

Republican Sen. Mitt Romney of Utah said he will vote against Judy Shelton, one of two Trump administration nominees to the Federal Reserve’s Board of Governors. ... Read full article

Quantexa, which uses artificial intelligence to detect money laundering and other financial crime, is already being used by HSBC and Standard Chartered Bank. ... Read full article