Bankruptcy Blogs

Credit union-backed lawmakers among those contesting election

01/06/21

Several members of Congress challenging the result of the 2020 presidential contest received financial support from trade groups that could find themselves in hot water with some constituents.

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SVB chooses to buy rather than build in wealth management

01/05/21

Acquiring Boston Private could put the parent company of Silicon Valley Bank years ahead of schedule in catering to the investment needs of high-tech and biomedical clients, whose industries have thrived during the pandemic.

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CFPB well positioned to oversee fintechs, task force says

01/05/21

A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.

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Wells Fargo released from one enforcement order, still has 10 to go

01/05/21

The Office of the Comptroller of the Currency terminated a 2015 consent order that required the bank to improve its controls for combating money laundering.

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Associated to sell wealth management unit

01/05/21

Rockefeller Capital Management will buy Whitnell & Co., a business Associated bought in 2017 that manages $1.4 billion of assets.

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New York leads states’ push to overturn OCC’s ‘rent-a-bank’ rule

01/05/21

Seven states and the District of Columbia want to invalidate a new federal rule that threatens to hinder states’ power to cap interest rates on consumer loans.

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New York Court of Appeals Splits From Second Circuit on Minority Bondholders’ Rights in Out of Court Restructurings

01/05/21

The New York Court of Appeals recently handed down an important opinion on out of court restructurings involving bond debt. In CNH Diversified Opportunities Master Account, L.P., v. Cleveland Unlimited, Inc., the Court of Appeals, in a 4–3 ruling, diverged from the Second Circuit’s ruling a few years ago in Marblegate Asset Mgt., LLC v Education Mgt. Fin. Corp. and resuscitated rights of minority bondholders under the Trust Indenture Act which were limited under Marblegate.

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The Kraninger Discount

01/05/21

The CFPB has been chugging out enforcement actions and settlements at a fairly fast clip the last several months. Part of that might be businesses deciding to settle because they think they're going to get a better deal with Director Kraninger than under any Director appointed by President Biden. And here's the thing:  they might well be right because there is a clearly observable "Kraninger Discount" in CFPB enforcement statistics. Director Kraninger has suspended nearly 18% of civil monetary penalties and 11% of consumer redress.

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Why this tech vet left a superregional to join Quontic Bank

01/05/21

Felix Todd, formerly of Regions Financial, says "the excitement is authentic" at the New York community development bank, which has a reputation for being both innovative and purpose-driven.

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America First CEO to retire following 46-year career

01/05/21

John Lund joined the Utah-based credit union as a courier in 1975 and was named CEO in 2012. His successor has spent more than three decades there.

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