Commenting on the current state of large bank resolution planning at an industry event today, FDIC Chairman Jelena McWilliams today said that the FDIC is considering several policy changes to “strengthen and streamline” the large bank resolution planning process.
Ahead of a House Judiciary Committee Hearing today on H.R. 3553, the Bankruptcy Administration Improvement Act, the American Bankers Association submitted a statement for the record supporting provisions in the bill that would increase the statutory fee paid to Chapter 7 trustees in so-called “no asset” bankruptcy cases.
The Consumer Financial Protection Bureau today issued a final rule related to the timing for servicers sending periodic statements to borrowers in bankruptcy.
The Treasury Department today issued a report recommending important changes to the Dodd-Frank Act’s orderly liquidation authority, which provides a mechanism for the FDIC and Federal Reserve to wind down a systemically important but failing financial institution with minimal harm to the broader financial system.
ABA last week provided feedback to the Consumer Financial Protection Bureau on proposed changes to the final servicing rules for servicers sending periodic statements to borrowers in bankruptcy.
The House Financial Services Committee today held a hearing on the Financial Choice Act, Committee Chairman Jeb Hensarling’s (R-Texas) sweeping, 600-page bill aimed at reforming parts of the Dodd-Frank Act’s extensive supervisory regime and providing regulatory relief for banks.
The Federal Reserve Board and the FDIC today announced that four out of five systemically important domestic banking institutions have successfully remedied deficiencies in their 2015 resolution plans.
The House Judiciary Committee today passed a bill that would create new provisions in the federal bankruptcy code to wind down a failing large bank with more than $50 billion in assets.
The Supreme Court today ruled unanimously against borrowers who sought to void second mortgages in Chapter 7 bankruptcy when their houses were worth less than the balance owed on the first mortgages. ABA filed a friend-of-the-court brief in the cases — Bank of America v. Caulkett and Bank of America v. Toledo-Cardona¬ — arguing that the lower court rulings allowing junior liens to be “stripped off” did not align with previous Supreme Court rulings and would cause widespread disruption in housing markets.