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Today's News

September 17, 2019 - 62 new headlines

Purdue Pharma to stay in business as bankruptcy unfolds - KIRO Seattle

09/17/2019 Purdue Pharma to stay in business as bankruptcy unfolds  KIRO SeattleWHITE PLAINS, N.Y. (AP) - A judge cleared the way Tuesday for OxyContin maker Purdue Pharma to stay in business while it pursues bankruptcy protection [more]
Tags: Liquidation, News

Health officials approve emergency ban on sales of flavored e-cigarettes in New York, citing safety concerns - WTHR

09/17/2019 Health officials approve emergency ban on sales of flavored e-cigarettes in New York, citing safety concerns  WTHRNEW YORK (AP) — Health officials approve emergency ban on sales of flavored e-cigarettes in New York, citing safety concerns. [more]
Tags: 363 Sales, News

Sackler family wants protection from further litigation during bankruptcy hearings - Becker's Hospital Review

09/17/2019 Sackler family wants protection from further litigation during bankruptcy hearings  Becker's Hospital ReviewOxycontin maker Purdue begins bankruptcy in push to settle opioid lawsuits  Metro USPurdue Pharma, maker of OxyContin, files for bankruptcy  Big ThinkPurdue [more]
Tags: Lawsuits, News

'Blood money'? Purdue settlement would rely on opioid sales - ABC News

09/17/2019 'Blood money'? Purdue settlement would rely on opioid sales  ABC NewsThe tentative multibillion-dollar settlement with OxyContin maker Purdue Pharma would raise money to help clean up the opioid mess by [more]
Tags: 363 Sales, News

Calais hospital files for bankruptcy protection as contract impasse with nurses continues - Bangor Daily News

09/17/2019 Calais hospital files for bankruptcy protection as contract impasse with nurses continues  Bangor Daily NewsCalais Regional Hospital filed for Chapter 11 bankruptcy protection on Tuesday, but hospital officials promised that the 25-bed facility would stay open as the [more]
Tags: News, Reorganizations

Dr. Eihab Tawfik, bankrupt owner of closed Christ Medical Center, dies - Citrus County Chronicle

09/17/2019 Dr. Eihab Tawfik, bankrupt owner of closed Christ Medical Center, dies  Citrus County ChronicleDr. Eihab Tawfik, bankrupt owner of the shuttered Christ Medical Center and Diabetes Treatment Center near Crystal River, died Sunday. [more]
Tags: Liquidation, News

Man discharged from his fourth bankruptcy - Law Times

09/17/2019 Man discharged from his fourth bankruptcy  Law TimesOnly other fourth-time discharge had 15-year suspension, says lawyer. [more]
Tags: Lawsuits, News

Purdue Pharma, maker of OxyContin, files for bankruptcy - Big Think

09/17/2019 Purdue Pharma, maker of OxyContin, files for bankruptcy  Big ThinkPurdue Pharma is facing thousands of lawsuits that allege the decades-old drug company misleadingly marketed the opioid OxyContin.On Sunday, Purdue filed [more]
Tags: Lawsuits, News

GM workers are on strike to fulfill Trump’s broken promise - Vox.com

09/17/2019 GM workers are on strike to fulfill Trump’s broken promise  Vox.comMembers of the United Auto Workers union are on strike for the first time in more than a decade, and its costing General Motors more than $50 million a day. [more]
Tags: Liquidation, News

Catholic Diocese in New York State Files for Bankruptcy Amid Dozens of Child Sex Abuse Lawsuits - Newsweek

09/17/2019 Catholic Diocese in New York State Files for Bankruptcy Amid Dozens of Child Sex Abuse Lawsuits  NewsweekA Catholic diocese in New York state has filed for bankruptcy in the wake of dozens of recent child sex abuse lawsuits naming it as a defendant. "This is a very [more]
Tags: Filings, News

Blogs

CFPB investigating Bank of America over phony accounts

09/17/2019 During a probe that grew out of the Wells Fargo scandal, the Charlotte-based bank has acknowledged instances of "potentially unauthorized" accounts, but said that the number of examples was "vanishingly small." [more]
Tags: Bank of America, Bankruptcy Blogs, BankThink, Bonuses and incentives, CFPB, credit cards, Enforcement, Kathy Kraninger, UDAAP, Wells Fargo

CFPB’s Kraninger agrees: Her job security is unconstitutional

09/17/2019 The agency's director told congressional leaders and staff that she backs a Supreme Court challenge to the bureau's leadership structure. [more]
Tags: Bankruptcy Blogs, BankThink, CFPB, Dodd-Frank, doj, Edit License, Kathy Kraninger, litigation, SCOTUS, Trump administration

Regulators propose easing margin requirements on swaps

09/17/2019 The plan approved by the Federal Deposit Insurance Corp. Tuesday would require banks to exchange initial margin only in deals involving external swaps parties. [more]
Tags: Bankruptcy Blogs, BankThink, Credit derivatives, Dodd-Frank, FDIC, Jelena McWilliams, Regulatory reform, Regulatory relief

Senate Dems urge CFPB to extend QM patch

09/17/2019 Senate Democrats are warning the Consumer Financial Protection Bureau to be careful as it considers changes to its mortgage underwriting rules. [more]
Tags: ATR, Bankruptcy Blogs, BankThink, CFPB, Consumer lending, Elizabeth Warren, Fannie Mae, Freddie Mac, Kathy Kraninger, Qualified mortgage rules, Senate Banking Committee, Sherrod Brown

Banks’ deposit-rate challenge: How low can they go?

09/17/2019 CEOs have been telling investors that if the Fed continues to cut interest rates, they will lower rates they are paying on deposits to minimize the hit to net interest margins. The danger is that if they lower rates too quickly or by too much, big depositors could go elsewhere. [more]
Tags: , Bankruptcy Blogs, BankThink, Capital One, CDs, Deposits, Federal Reserve, FOMC, interest rates, Net interest margin

Ginnie Mae punished his firm. Now, Trump may put him in charge.

09/17/2019 A mortgage industry executive with ties to a firm penalized in a U.S. predatory lending crackdown is being considered by the Trump administration to run Ginnie Mae, according to people familiar with the matter. [more]
Tags: , Bankruptcy Blogs, BankThink, Career moves, Donald Trump, FHA, Ginnie Mae, Secondary market, The Collingwood Group, The VA, Trump administration

A Drafting Error in Small Business Reorganization Act?

09/17/2019 Is there a drafting error in the Small Business Reorganization Act? The other day I posted my estimate that 42% of chapter 11's would qualify, but my sharp-eyed colleague, Ralph Brubaker, noticed something wonky (in all senses of the word) in the new definition of a "small business debtor." (He also [more]
Tags: Bankruptcy Blogs, CreditSlips

FDIC tries to ease small banks' concerns with capital rule revamp

09/17/2019 Regulators have redefined a simplified capital measure for community banks following criticism that their 2018 proposal did not go far enough. [more]
Tags: , Bankruptcy Blogs, BankThink, Community banking, FDIC, Jelena McWilliams, Minimum capital requirements, Regulatory reform, Regulatory relief

SBA lenders fear another 7(a) shutdown, press Congress to act

09/17/2019 The popular program could go idle next month for the second time in less than a year if lawmakers are unable to approve a $99 million credit subsidy. [more]
Tags: , Bankruptcy Blogs, BankThink, Community banking, Credit quality, District of Columbia, SBA, Small business lending

Why Wells Fargo is jumping on the digital currency bandwagon

09/17/2019 It's not a reaction to JPM Coin, the banks says, but a way to speed up international payments for corporate clients. [more]
Tags: , Bankruptcy Blogs, BankThink, Blockchain, Digital currencies, Digital payments, Distributed ledger technology, Faster payments, JPMorgan Chase, pso cardline lead 2, Remittances, Wells Fargo