WASHINGTON - (10/05/05) -- Consumer bankruptcies soared to newhighs last month, at the approach of the effective date of the newbankruptcy law. Personal bankruptcy filings averaged more than9,000 per day during the first two weeks of September, up almost50% from the same period last year, according to a new reportissued by Lundquist Consulting Inc. That's on top of a 14% increasein filings in the six months before, compared to the same sixmonths last year. Officials are attributing the trend to increasedpressure from bankruptcy lawyers urging their clients to beat theOct. 17 effective date for the new law, which will make it muchtougher to fully erase debt through bankruptcy. The new law, foughtfor by credit unions, banks and other consumer lenders, will barindividuals with some financial means to repay from filing to eraseall debt under a Chapter 7, and relegating them instead to aChapter 13 repayment.
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McCargo will succeed Teresa Bryce Bazemore at what the former sees as a "transitional, pivotal moment" for the Federal Home Loan bank.
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Federal Reserve Chair Jerome Powell said there have been "no decisions" on the controversial capital reform plan, but banks and others who have criticized the proposal are eager for an indication about what's next.
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OakNorth Bank in London is eager to utilize the data it's collected from providing risk management software to American banks over the past five years. Its growth plans include eventually acquiring a charter here and making commercial real estate loans.
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An independent examination of the Federal Deposit Insurance Corp. workplace culture revealed an atmosphere of sexual harassment, discrimination and misconduct at the agency and raised the need for significant reforms.
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Cybersecurity leaders for Visa, Deluxe and Fiserv said powerful cloud players have been unresponsive to their requests to monitor the vendors' security postures.
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The full House is scheduled to vote Wednesday on a Congressional Review Act resolution that would overturn a staff accounting bulletin from the Securities and Exchange Commission. Banks argue that the guidance would effectively cut them out of the crypto custody business.
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