News Topic: CreditSlips

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I just want to observe the irony that while the anti-consumer echo chamber was jumping up and down in joy over the ruling in PHH v. CFPB (see, e.g., here , and here ), Wells Fargo's CEO resigned over a consumer financial abuse scandal.  Hmmm. ... Read full article

The headlines look pretty bad:  the DC Circuit Court of Appeals held the CFPB's structure to be unconstitutional in a case call PHH v. CFPB, which deals with kickbacks in captive private mortgage reinsurance arrangements allegedly in violation of the ... Read full article

A  new paper  by Franceso D'Acunto and Albert Rossi, both at the University of Maryland's Department of Finance, contends that the Dodd-Frank Act resulted in "a substantial redistribution of credit from middle-class households to wealt ... Read full article

I'm not an oenophile.  But some folks are, and some of them spend very large amounts of money on wine, even without knowing how it tastes.  Not surprisingly, this is a market vulnerable to fraud. One fraud varietal is simply to market swill as ... Read full article

John Dizard has a useful, and clearly written, piece on the lay of the land in this morning's FT. What puzzles me is why PDVSA, the national oil company,  has not done a UK scheme of arrangement or a US prepack to exchange the bonds, instead of ... Read full article

"But Chapter 9 has awakened, and we do not presume further disputes over its interpretive and practical complexities will remain long at rest." ... Read full article

It doesn't take a genius to figure out that incentive-based compensation like the type featured in Wells Fargo's current and previous consent orders has the potential to encourage fraud and steering of consumers into inappropriate products in ... Read full article

Over on Twitter,  Michael Barr noticed that there's an eerie similarity between Wells Fargo employees  team members being incentivized to open up unauthorized deposit and credit card accounts for consumers and another practice that got Wells in ... Read full article

Perhaps as a result of GM , I've been thinking about notice issues in connection with insolvency. ... Read full article

The government of the United Arab Emirates has announced that it is working on a personal insolvency law (to accompany an imminently forthcoming business restructuring law ). That's the good news. ... Read full article

The Consumer Financial Protection Bureau's consumer complaint database has contained narratives for over a year now. Each month, the CFPB publishes a report that summarizes the complaints received over the previous three months, and that focuses on a ... Read full article

Or rather, you can read about it here . Members include Professor David Skeel, whom many Slips readers will be familiar with. ... Read full article

The pari passu litigation against Argentina—discussed extensively here on Credit Slips , on FT Alphaville , and elsewhere —caused many people to worry that future government debt restructurings would become more difficult. ... Read full article

Bankruptcy filings by major cities have reinvigorated attention to municipal bankruptcy. As chapter 9 and its application have become more like chapter 11, a wide range of creditors are being swept into the process. As written before , city cases now have ... Read full article

I'm trying something new this year. ... Read full article

I've been meaning to post about this recent decision , by Judge Rakoff in the Southern District of New York, denying motions by Uber and its CEO Travis Kalanick to compel arbitration of a class action lawsuit. ... Read full article

Are tuition payments for an adult child's education, while the parents are insolvent, constructively fraudulent? As the WSJ reported this week, Bankruptcy Judge Hoffman (D. Mass.) recently held that they are not. But other courts have disagreed. ... Read full article