WASHINGTON - (04/18/05) -- The bankruptcy reform bill is headedto the President's desk for the second time in five years--but thistime the President has vowed to sign it. President Bush said lastweek he is eager to make the credit union-backed bill into law andplans to do so in the near future. "These commonsense reforms willmake the system stronger and better so that more Americans,especially lower-income Americans, have access to credit," thePresident said after the House passed the bill last Thursday. Anidentical version of the bill was also passed in 2000 butthen-President Clinton refused to sign it into law, letting thebill die by so-called pocket veto. The bill--more than 10 years inthe making--will enact a means-based system that prevents thosedebtors with some financial means from filing a Chapter 7 to eraseall of their debts, and relegate them instead to a Chapter 13financial reorganization. It will also require financial counselingfor all bankruptcy filers and retain credit unions ability to enterinto reaffirmations, or voluntary repayment, agreements withmembers.
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In this week's edition of the American Banker news quiz, gauge your understanding of topics like Trump's ongoing criminal trial, alleged misconduct within the Federal Deposit Insurance Corp., industry succession planning and more.
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Many banks got shares in the lucrative payments network when it went public in 2008. Some of them are now looking to sell in order to offset losses on their sales of underwater bonds.
8h ago -
Depositors are still flocking to online-only banking platforms offered by companies such as Ally, Capital One and Discover. But overall customer satisfaction took a "statistically significant" drop, according to a new J.D. Power report.
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Executives of Allegiant, Breeze and Spirit complained to the heads of the Consumer Financial Protection Bureau and Department of Transportation that the relationships between big banks and big airlines are anticompetitive. Consumer advocates also questioned whether large airlines are delivering on promised rewards and if consumers are racking up debt to accrue miles and points.
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The Federal Reserve Thursday released a report on its climate stress test pilot assessing the impact of climate change on big bank portfolios and found that loan defaults could increase as a result of climate events and shifts toward a lower carbon economy.
May 9 -
Banks are turning to the same hyperscalers for cloud computing and generative AI. Some wonder what the consequences will be down the road.
May 9