Bankruptcy Blogs

Truist hastens cost-cutting, delays core conversion

07/16/20

The North Carolina regional created by the merger of BB&T and SunTrust is saving money by shedding office space and reworking vendor contracts, but it was forced to put its systems integration on hold for up to a year to prioritize tech upgrades tied to the pandemic.

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CFPB launches investigation of Quicken Loans real estate affiliate

07/16/20

The Detroit lender disclosed that the consumer bureau had sent a civil investigative demand to Rocket Homes Real Estate for potential violations of the Real Estate Settlement Procedures Act.

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Truist, Truliant Federal Credit Union settle trademark suit

07/16/20

The case stemmed from the credit union's claims that the bank's branding would create confusion among consumers.

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Bank OZK exits another state by selling branches

07/16/20

The Arkansas bank is selling two South Carolina branches to a credit union just two weeks after announcing plans to divest its branches in Alabama.

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Banks and fintechs need each other more than ever

07/16/20

The coronavirus pandemic has exposed weaknesses even at well-established fintechs. They could become more resilient by partnering with traditional financial institutions.

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Goldman eases dividend concerns; BNY Mellon warns on net interest income

07/16/20

Goldman's revenue rose and its capital ratios improved in the second quarter; BNY Mellon’s stock dropped more than 5% after it said tighter lending margins may last for a while.

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Bank of America joins rivals in setting aside billions for bad loans

07/16/20

Second-quarter earnings fell by more than 50% from the same period last year after the company allocated $5.1 billion for potential loan losses.

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What would a Democratic sweep mean for banking?

07/15/20

While most of the public attention has been on Joe Biden's lead in presidential polls, any true overhaul of the bank regulatory landscape hinges on whether Democrats can retake the Senate — and by what margin.

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Why banks are steering more political donations to Democrats

07/15/20

Republicans still receive more money overall from bankers, but the gap is narrowing ahead of the November elections. Experts say that the trend corresponds with signs of a “blue wave” and that many in the industry prefer Democrats on nonregulatory issues.

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Federal Reserve Clarifies that Distributions to Tribal Governments are Permitted Under the Main Street Lending Program

07/15/20

On July 15, 2020, the Federal Reserve Bank of Boston issued new guidance expressly permitting tribal businesses that are borrowers under the Main Street Lending Program (“MSLP”) to pay dividends to their tribal government owners.  In its amended Frequently Asked Questions (the “July 15th FAQs”), available here, the Federal Reserve announced that the Treasury Secretary exercised his authorit

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