Bankruptcy Blogs

CFPB pick’s past statements set stage for testy confirmation hearing

02/26/21

Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau, has not minced words in calling out private companies for wrongdoing. He could get a grilling from Banking Committee Republicans and some opposition on the Senate floor.

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NCUA bans ex-NYPD officer who embezzled from Municipal Credit Union

02/26/21

The regulator issued a prohibition order to Joseph Guagliardo, who admitted to taking more than $400,000 from the New York City-based institution over the course of nearly a decade.

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Group looks to form bank to serve minority-owned businesses

02/26/21

Ingenious Financial in Arlington, Va., is raising $200 million in hopes of buying an existing bank. Bank of Ingenious would focus on professionals such as doctors, dentists and veterinarians.

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Bank of America will book $400 million expense for divisive bonus changes

02/26/21

Bank of America will book a $400 million expense in the first quarter to account for a change in bonus policies that sparked anger among high earners.

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REV Federal Credit Union gears up for double merger

02/26/21

Members of two smaller institutions will soon vote on whether to join South Carolina-based REV, boosting its assets by 15% and giving it a foothold in North Carolina.

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Streamline bank rules for spotting sanctions violators

02/26/21

Detecting business dealings with banned parties means screening a maze of transactions, and Treasury’s Office of Foreign Assets Control supports calls for the industry to take a risk-based approach. But regulators effectively require banks to track everything, which is unproductive.

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Dogwood State raises $28M to expand across North Carolina

02/26/21

The bank, formed in 2019 when investors bought and recapitalized Sound Bank, will use the funds to hire lenders and improve its overall infrastructure.

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SVB discloses potential fraud tied to $70M loan

02/26/21

The California company said the issue involves a line of credit it funded earlier this year and that it is working with law enforcement authorities on the matter.

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Wells Fargo promotes veteran executive to new ESG post

02/26/21

Geneviève Piché, who has worked in investment banking at the company for 20 years, will be in charge of helping corporate clients make environmentally and socially responsible investments.

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Merrill Lynch ramps up wealth unit as rich clients flock to Florida

02/26/21

Several prominent Wall Street companies are considering moving some business to Florida, or are relocating outright.

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