Bankruptcy Blogs

Manafort sued by bank that lent mortgage on his Hamptons home

03/17/21

Federal Savings Bank, the Chicago bank that lent millions of dollars to Paul Manafort under its founder and former longtime CEO, has now sued the former Trump campaign chairman and his wife, seeking to foreclose upon his mansion in the Hamptons.

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How Wells Fargo and Current keep digital banking novices engaged

03/17/21

Showcasing contactless ATM access and enabling easier use of stimulus funds are among the ways the megabank and digital upstart are tailoring services to customers acquired during the pandemic.

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Unbanked stimulus seekers rush to open checking accounts

03/17/21

The IRS, FDIC and more than 70 banks and credit unions are urging consumers to open affordable accounts so they can receive their Economic Impact Payments quickly and safely. Many people have signed up, but millions lack accounts and will be harder to serve.

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Greensill "Secured" Lending

03/17/21

Slips readers will be interested in Matt Levine's column today, which takes a deep dive into the recently failed Greensill's lending against “prospective receivables,” which is kind of like lending against my prospective estate in Scotland. Both look a lot like unsecured lending.

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Report: Nearly half of all credit unions at increased risk of cyberattack

03/17/21

A new study from Black Kite outlines a variety of threats facing the industry and pinpoints the average cost of a breach at large and small institutions alike.

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Why this banker no longer views SBA as 'lender of last resort'

03/17/21

First Internet CEO David Becker used to be dismissive of the Small Business Administration. But after getting to know some of the borrowers during the pandemic — and after his bank collected hefty fees from selling 7(a) loans — he's become a convert.

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Don’t steer lenders to one Libor alternative

03/17/21

Providing incentives for banks to transition legacy loan contracts from the London interbank offered rate to the new Secured Overnight Financing Rate, as New York Gov. Andrew Cuomo’s proposed budget does, is a gift to megabanks and limits pricing options for smaller lenders.

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JPMorgan bylaws go gender neutral amid diversity pressure

03/17/21

JPMorgan Chase scrubbed its bylaws of gender designations as pressure grows from both society and investors on global businesses to show they are diversifying and becoming more inclusive.

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U.S. warns banks over ties with sanctioned Chinese officials

03/17/21

The State Department has added 14 Chinese lawmakers, including a member of the Communist Party’s ruling Politburo, to a blacklist under the Hong Kong Autonomy Act. Banks face sanctions if they do business with them.

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Wells Fargo, BofA push back against proposals for race audits

03/17/21

The two banks are pushing back against shareholder requests for sweeping audits of how they handle racial equity as the industry faces mounting public scrutiny of its historic role in economic disparities.

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