WEST PALM BEACH, Fla. - (08/23/05) Bankruptcy filings are surging asconsumers seek to beat new rules from the Bankruptcy Reform Actthat go into effect in October. Since President Bush signed thebill into law into April, bankruptcy filings have risen 12%nationally through July, and are up by as much as 22% in someareas. The increase follows a leveling off in bankruptcy filingsand even a slight decline during 2005. Some analysts areattributing the increases in filings to greater advertising bybankruptcy attorneys alerting consumers to the law's change, whichmakes it harder to have debts wiped out and to start fresh. Moreconsumers will now have to seek protection under Chapter 13, whichrequires more debt to be repaid. It is estimated approximately1.8-million people will file for bankruptcy during 2005.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks, with survey respondents expressing heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
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Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
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The Dallas-based regional bank tapped a client for its copilot capabilities, where employees can message a bot instead of a human to get tech assistance.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
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