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The Washington Post has an interesting piece about the huge volume of "SPAM" comments that the FCC received regarding the net neutrality rule. This all seemed very familiar to me:  the CFPB received an enormous number of comments about the payday rule. Many were utter spam comments, but the most problematic would attach random academic articles.  That meant that the Bureau's staff, when analyzing the comments, had to spend time on deliberate wild goose chases. (I'm aware of this because a number of the random articles were my own.) I wasn't sure what to make of the volume of frivolous comments; now I'm wondering if there was a giant spamming of the bureau. Are there legal consequences for such actions? It certainly feels icky, along the lines of inflammatory news stories fed by a foreign government to affect our elections. 

Read More from: Credit Slips

1 hour 11 min ago

I made a joke in the comments to Mitu’s post about whether the arrest of Citgo executives strengthened the argument for treating Citgo as Venezuela’s alter ego. The joke wasn’t very good; I called Venezuela a “typical activist shareholder.” But Mitu generously took it seriously, asking whether this is the kind of behavior creditors should have expected. His question highlights some interesting legal questions. One is whether a creditor who knows about shareholder misconduct before voluntarily dealing with a corporation should be able to enforce its claims against shareholder assets. A second has to do with the legal standard for finding a corporation and its shareholder to be alter egos.  

Read More from: Credit Slips

3 hours 49 min ago

Bankruptcy Decatur Amy TannerThe golden years are turning out to be not very golden, unfortunately, for many Americans. This is something that I have noticed in my own law practice. Over the last several years, I have seen a trend in more older and retirement age folks having to seek bankruptcy assistance.

Why Is This Happening?

Medical Debt

I think there are several reasons for this trend of older Americans turning to bankruptcy for financial assistance and relief. One thing, and also one of the top three reasons in my opinion why anyone seeks bankruptcy advice, is due to medical debt. For some, the costs of keeping proper insurance to pay for some or all of their medical expenses ends up taking all of their monthly income. Others have no insurance coverage or insufficient coverage, so they get inundated with medical bills from various providers. These bills eventually get turned over to debt collectors who bully and harass a person to the point of emotional breakdown.

Read More from: Bonds & Botes, P.C.

10 hours 58 min ago

It is that time of the year; where one of the excuses I use to escape Thanksgiving dinners that have degenerated into to food fights over our current president is: "I have to go write my exam questions".

This year though, for those writing Corporations exams, Mr. Maduro has written an exam question whose facts I could not have imagined.  I don't know the answer, but this is a topic that Mark W has written a brilliant article on already (even he didn't quite imagine these facts though) and Anna G has thought about too (and maybe has an article in the offing). So, I'm throwing this out in the hope that they might answer it.

Put simply, the question is:

Read More from: Credit Slips

22 hours 48 min ago

B. Grant McNuttI love my law firm of Bond and Botes, my law partners, my law associates, my employees and the practice of Consumer Bankruptcy very much. It is a great thing to love what you do and who you do it with and I am so blessed to get to do just that every day. I also love my clients and solving the financial problems they bring to our offices at Bond and Botes each day. It is so refreshing to have a client leave our office with a smile when unfortunately, they arrived in desperation and tears. Oftentimes we are getting to joke with each other as they leave the office, which is such a contrast to their demeanor when we first met. However, the things that I don’t like is the false impressions that mortgage companies, credit card companies, payday lenders and the like tell my clients before they arrive at my office. These lies are the reason that the client doesn’t make it to my office until several months after they should have already met with me.

Read More from: Bonds & Botes, P.C.

1 day 10 hours ago

UK insolvency law has seen a number of significant changes over recent years, including the introduction of the Insolvency Rules 2016 (“IR 2

Read More from: eSQUIRE Global Crossings

1 day 15 hours ago

The most immediate threat to the safeguards underpinning a well-functioning banking sector involves the failure of regulators to hold banks accountable.

Read More from: BankThink

2 days 33 min ago

Borrowing from the startup world and some popular TV shows, Citigroup is encouraging employees to pitch innovative ideas to a panel of senior execs who could give them the green light to start work.

Read More from: BankThink

2 days 33 min ago

A decision to slash the equity required for most change-in-ownership loans could help the small-business lending program top its recent record.

Read More from: BankThink

2 days 33 min ago

New York Venture Bank would be run be a former Square 1 executive and would feature former CFPB deputy director Raj Date on its board.

Read More from: BankThink

2 days 33 min ago

The Federal Housing Administration's recent actuarial report has added more fuel to the fire over concerns about reverse mortgages, including their effect on the overall FHA insurance fund and a rise in foreclosures.

Read More from: BankThink

2 days 33 min ago

The outcome of a case testing the president's power to fire a CFPB director will come too late to impact Richard Cordray, but may affect President Trump's interim and final picks to lead the agency.

Read More from: BankThink

2 days 33 min ago

The U.S. needs to cut corporate tax rates to keep businesses from moving abroad, even if that means raising rates for wealthy individuals and removing the carried interest tax break for investment managers, said JPMorgan Chase Chief Executive Officer Jamie Dimon.

Read More from: BankThink

2 days 33 min ago
Mark Weidemaier & Mitu Gulati
 
Robin Wigglesworth and John Paul Rathbone have an insightful piece in the Financial Times on how China, Russia, and the US are jockeying for position in Venezuela, which needs debt relief. The other governments are in a position to either facilitate or impede this, with conditions. Very roughly speaking, Russia wants regional influence, China wants oil, and the US wants regime change (ideally, while limiting Russian and Chinese influence in the region).
 

Read More from: Credit Slips

2 days 4 hours ago

Nick-GajewskiThe biggest shopping weekend of the year is fast approaching!  Black Friday will kick things off on November 24th before we move onto Small Business Saturday and Cyber Monday.  Many people across the nation will be out shopping for holiday gifts, and the urge to spend is stronger at this time of year than in any other season.  Unfortunately that urge is what can make us easy targets for “predatory lenders”.

Predatory Lending

Predatory lending is any lending practice that imposes unfair or abusive terms and that convinces a borrower to accept a loan that the borrower doesn’t really need or can’t afford.  At this time of year, many lenders offer special holiday loans to help cover the expense of shopping.  In this blog I’d like to talk a little about how to recognize and protect yourself against predatory lending practices.

Read More from: Bonds & Botes, P.C.

2 days 9 hours ago

Upcoming Committee Formation Meeting:  Tuesday, November 28, 2017 10:00 AM

Case Name: 17-12481 (CSS)

Location: The Double Tree Hotel, 700 King Street, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

2 days 11 hours ago

Upcoming Committee Formation Meeting:  Tuesday, November 28, 2017 10:00 AM

Case Name: 17-12481 (CSS)

Location: The Double Tree Hotel, 700 King Street, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

2 days 11 hours ago

The trial of Stefan Buck was an unusual courtroom showdown in the decade-old fight by the U.S. against tax evasion aided by financial institutions in Switzerland.

Read More from: BankThink

2 days 12 hours ago

Bitcoin’s eight-fold surge in value this year is forcing Wall Street banks to balance clients’ interest in speculating on the cryptocurrency with executives’ skepticism about its future.

Read More from: BankThink

2 days 12 hours ago

The past year has been a wild ride for everyone, but it has left bankers in particular with many reasons to count their blessings.

Read More from: BankThink

2 days 12 hours ago

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