Bankruptcy Blogs

Morgan Stanley's transformation chief pushes cloud tech, diversity

01/15/21

Sigal Zarmi, who took on broader duties this fall, is modernizing the company's technological infrastructure and using reverse mentoring to combat bias in the workplace.

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Wells Fargo’s $1.1 billion in charges slows pace of cost-cutting

01/15/21

Fourth-quarter results were hurt by restructuring and customer-remediation charges, but the release of credit-loss reserves and the sale of a student-lending business gave an unexpected boost to net income.

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OCC bans banks from excluding unpopular industries; Jerome Powell holds fast

01/15/21

The action is expected to be challenged by banks and the Biden Administration; the Fed chair says the central bank has no plans to raise rates or tighten monetary anytime soon.

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JPMorgan Chase releases $3 billion of credit reserves, beats profit estimates

01/15/21

Strong trading and investment banking fees also contributed to a 42% increase in profit to $12.1 billion in the fourth quarter.

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OCC’s ‘fair access’ rule could be short-lived under Biden

01/14/21

Issued in the final days of the Trump administration, the regulation has united banks, gun-control advocates and environmentalists in opposition. It could be blocked by Congress or a comptroller chosen by the new president.

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The Argentine 2020 Restructuring Drama: An Insider's Perspective

01/14/21

There has been much discussion of the recent (2020) Argentine restructuring on creditslips, including by Anna Gelpern (here) and Mark Weidemaier (here), two people who know more about these matters than pretty much anyone else anywhere.  And significant portions of that dis

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NCUA board splits over changes to controversial capital rule

01/14/21

In a party-line vote, the agency issued a proposal that would redefine a "complex" credit union.

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GSEs allowed to keep more earnings, but what comes next is uncertain

01/14/21

The FHFA and Treasury will allow Fannie Mae and Freddie Mac to hold more capital as part of the Trump administration's plans to release the companies from conservatorship. But it is unclear if the incoming Biden administration will keep the mortgage giants on the same reform path.

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The Save Our Stages Act – Time for Eligible Businesses to Get Ready for Their Audition (Part 2 of 2)

01/14/21

This client alert is the second of a two part series concerning the Save Our Stages Act (the “SOS Act”), which became law on December 27, 2020 as Section 324 of the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (the “Economic Aid Act”, comprising Title III of Division N of the Consolidated Appropriations Act, 2021).  The SOS Act establishes a new grant program (the “SOS Program”, also known as the “grant program for shuttered venue operators”) to be administered by the Small Business Administration (“SBA”) to aid certain financially distress

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NCUA, CFPB to coordinate some oversight of large credit unions

01/14/21

The National Credit Union Administration and the Consumer Financial Protection Bureau will hold strategy sessions and share information tied to consumer protections at institutions with more than $10 billion of assets.

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