Bankruptcy Blogs

The tech Sunrise Bank used to quickly dole out PPP loans

06/10/20

After initially processing the loans manually, the Minnesota bank turned to "low code" software to build the electronic forms and workflows needed to approve loan applications. The result: a more than fivefold increase in the number of loans it could process in a day.

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CFPB Issues Proposed Amendment to Regulation Z and Guidance to Deal with LIBOR Transition

06/10/20

On June 4 the Consumer Financial Protection Bureau (CFPB) issued proposals to address issues arising from the required transition away from the London Interbank Offered Rate (LIBOR) scheduled for the end of 2021.  LIBOR has been widely used as a benchmark in consumer financial products such as adjustable rate mortgage loans, home equity lines of credit (HELOCs), student loans and credit cards.  The CFPB released a more than 200 page rulemaking proposal calling for changes to its truth-in-lending regulations relating to the LIBOR transition.  The CFPB also simultaneously issued guidance in t

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Banks take hard line against accountants seeking fees for PPP referrals

06/10/20

Accountants, as well as lawyers and consultants, who helped small businesses apply for emergency relief funds through the Paycheck Protection Program want to be compensated. Are they entitled to be?

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Here's Congress's chance to help black communities

06/10/20

A blueprint that includes more CRA and tax credits for lower-income African Americans would help a demographic disproportionately harmed by the coronavirus pandemic.

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Heartland to buy Arizona branches from Johnson Financial

06/10/20

Johnson is exiting the state with the sale of the four locations.

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Organizers planning de novo bank in New York City

06/10/20

The group behind NewBank is pursuing a charter with the Office of the Comptroller of the Currency to offer banking services nationwide.

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PPP moves to stage two; HSBC chided for 'kowtowing' to Beijing

06/10/20

Small businesses that took out the loans will soon be applying for forgiveness; U.S. Secretary of State Pompeo and one of HSBC's large investors criticized the bank for buckling to Chinese pressure.

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Keeping Cosy by the Dumpster Fire: Argentina Reads Its Contracts ... Twice ... Quel Scandale!

06/10/20

Argentina's capacity to trigger outrage in sovereign debt circles is to behold. After nine defaults, thousands of lawsuits, and enough intrigue and screaming matches to break Big Data, wouldn't you think that someone somewhere would learn to yawn at another Argentina debt drama. And yet ...

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Guarded optimism from bank execs as economy reopens

06/09/20

Leaders of companies including Citizens, Comerica and Truist offered more upbeat assessments of loan demand and credit quality than they have in recent weeks. But others warned of weakness in key sectors such as energy and real estate, and said forbearance policies may be hiding potential pitfalls.

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