Bankruptcy Blogs

FDIC signs off on Southern California de novo

12/24/20

Organizers of the proposed Legacy Bank must raise $25 million before opening.

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N.Y. law requires nonbanks to disclose loan terms to small businesses

12/24/20

The measure, just the second of its kind the nation, mandates that fintechs, factoring firms and other nonbank small-business lenders clearly explain the terms and conditions to borrowers.

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Small Baltimore credit unions to join forces

12/24/20

Members of $6.3 million-asset FIAFE Federal Credit Union will vote early next year on whether to merge into $43 million-asset Central Credit Union of Maryland.

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Credit unions’ COVID triage: ‘Who needs what from us right now?’

12/24/20

Amy Nigrelli, who recently joined Nusenda Credit Union after nearly a decade at CUNA, offers insights on how the pandemic has changed marketing for the industry and what institutions can learn from the trade group.

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OCC’s preemption letter opens new front in battle with states

12/23/20

In the waning days of the Trump administration, the agency issued a new legal theory of its power to let national banks evade state consumer protection laws. But some state attorneys general and consumer groups charge the federal regulator is attempting to sidestep restrictions imposed by Dodd-Frank.

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"Madden-Fix" Amicus

12/23/20

I filed an amicus brief today in Becerra v. Brooks, the challenge brought by the California, Illinois, and New York attorneys general against the OCC's "Madden-fix" rule. Consider it a stocking stuffer for the Acting Comptroller, Brian Brooks, and a bit of goodwill toward mankind. 

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New lawsuit from states over OCC power targets Figure application

12/23/20

The Conference of State Bank Supervisors filed a complaint arguing that the unique bid by the San Francisco fintech is "merely a thinly veiled effort" to evade legal challenges to the federal regulator's chartering of nonbanks.

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Stimulus bill would give banks more flexibility on problem loans

12/23/20

The legislation would let banks postpone the start date of the Current Expected Credit Losses accounting standard and delay categorizing pandemic-related loan modifications as troubled debt restructurings.

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Credit union regulator approves proposal to ease SAR exemptions

12/23/20

Under the terms of the rule, NCUA could exempt credit unions from some Bank Secrecy Act requirements on a case-by-case basis, provided there are no safety or soundness concerns.

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PNC sues Plaid for trademark infringement

12/23/20

The Pittsburgh bank says the data aggregator deceptively uses PNC's logo in obtaining bank customers' login credentials.

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