SunEdison Approved For New $640M Loan To Fund Ch. 11

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Bankrupt green energy giant SunEdison Inc. on Tuesday narrowly avoided defaulting on its debtor-in-possession loans and jeopardizing its chances to reorganize when a New York bankruptcy judge approved a $640 million replacement loan in light of a compromise reached with a tenacious group of unsecured creditors.

April 26, 2017 at 08:50AM

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Durbin Amendment fight: Who’s ready, who’s not?

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A fight to repeal the so-called Durbin Amendment could put any effort to overhaul Dodd-Frank at risk, Mallory Duncan, senior vice president and counsel at the National Retail Federation warned Tuesday.

“There’s not an appetite to have this fight again,” Duncan said, in an interview.

However, credit union officials, who favor repeal, are gearing up for that fight.

The Financial CHOICE Act being pushed by House Financial Services Chairman Jeb Hensarling (R-Texas) would repeal the amendment.

The Durbin Amendment to Dodd-Frank placed a cap on credit card interchange fees. The common name of the cap comes from its principal sponsor, Sen. Richard Durbin (D-Ill.).

 

The post Durbin Amendment fight: Who’s ready, who’s not? appeared first on CUInsight.

April 26, 2017 at 08:48AM

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from John

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Mortgage Co. Hid Fees, Ex-Customers Testify In CFPB Suit

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The Consumer Financial Protection Bureau called a parade of witnesses to testify in a bench trial before a California federal judge Tuesday, with an expert saying Nationwide Biweekly Administration Inc. misrepresented its mortgage program’s interest savings and several former customers alleging they’d been duped into paying a high startup fee.

April 26, 2017 at 07:54AM

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Citibank Defends Trade Valuations To Open $2B Lehman Suit

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Lawyers for Citibank NA came out swinging Tuesday to open a bankruptcy court trial over the nearly $2 billion valuation of about 30,000 derivatives trades that went into default after Lehman Brothers’ 2008 collapse, saying Citibank used proper methods to determine the cost of replacing those trades.

April 26, 2017 at 06:57AM

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Failure To Pay Minimum Wage Can Jeopardize Employment-Based Visa Petitions

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Rudyard Kipling famously noted, “East is East, and West is West, and never the twain shall meet.” Many employers may feel that this quote aptly describes the relationship between immigration law and wage & hour law — certainly, it is not often that…
By: Foley & Lardner LLP

April 26, 2017 at 06:48AM

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from Foley & Lardner LLP

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OCC Fines U.S. Bank National Association $15 Million for Bankruptcy Filing Violations

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The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank National Association for bankruptcy filing violations.

April 26, 2017 at 06:41AM

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from Office of the Comptroller of the Currency

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