Bankruptcy Blogs

CFPB urged to take more active role in coronavirus response

03/30/20

The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.

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California’s DBO Updates its COVID-19 Guidance for Financial Institutions

03/30/20

On March 16, 2020, California Governor Gavin Newsom released an Executive Order (N-28-20) aimed at protecting renters and homeowners from losing their homes or suffering further financial hardship as a result of the COVID-19 pandemic.

 Coronavirus, CARES Act

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Visa says consumer spending has ‘sharply declined,’ even online

03/30/20

The company once again lowered its outlook for quarterly revenue growth, saying the coronavirus pandemic has led to a sharp decline in cardholders’ overseas spending.

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The CARES ACT – Tax Relief

03/30/20

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act” to provide nearly 2 trillion dollars in aid and relief to individuals, businesses, and other entities in the wake of the spread of COVID-19.  Included in the CARES Act are tax and loan provisions intended to provide financial relief to people and businesses suffering as a result of the disease.

The following summarizes certain key tax-related provisions in the CARES Act.

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Oklahoma bank creating program to expedite stimulus funds for clients

03/30/20

Motivated by entrepreneur Mark Cuban, Citizens Bank of Edmond is offering an overdraft line to give customers quick access to cash they will eventually receive from the federal government.

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Bankruptcy in a Time of Coronavirus

03/30/20
As confirmed cases of the Covid-19 virus climbed across the country, bankruptcy courts and the U.S. Trustee's office have been seeking ways to adapt to the new normal.  This post will look at how the court system has rolled out its disaster preparedness through the lens of the Bankruptcy Courts for the Western District of Texas, Southern District of Texas and District of Delaware.
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Preview: How financial and professional services companies are responding to coronavirus

03/30/20

Arizent, the parent company of American Banker, has conducted a broad industry survey on both the impact of the crisis and emerging responses. The survey probed continuity efforts and remote workforce enablement as well as planning and investments being pursued against future potential disruptions.

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Coronavirus phishing scams proliferate

03/30/20

Hacker emails disguised as pleas for aid have surged in the past month, and they're targeting bank employees and the many others working from home.

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NCUA extends comment period for credit union-bank purchase proposal

03/30/20

The regulator formally announced the 60-day delay on Monday after tweeting about it over the weekend.

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Will coronavirus permanently change CRE lending?

03/30/20

Commercial real estate lenders have to consider not only how they’ll weather the COVID-19 downturn, but whether worker and consumer habits have changed for good.

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