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Educational News

Consumer debt looks balanced but not student loans

During the third quarter, nominal household debt rose 1.1% quarter-over-quarter to a total of $18.6 trillion. That’s from the Federal Reserve Bank of New York’s Household Debt and Credit report. Consumers aged 18-59 took on more debt; those aged 60…
Bankruptcy News

Agencies Issue Final Rule to Modify Certain Regulatory Capital Standards

WASHINGTON – The federal bank regulatory agencies today jointly issued a final rule that modifies certain regulatory capital standards to reduce disincentives a banking organization may have to engage in lower-risk activities, such as intermediating in U.S. Treasury markets. The…
Legal News

Rising household debt balances point to worsening ‘K-shaped’ economic divide

Americans are falling deeper into debt, but not across the board. Collectively, credit card balances rose by $24 billion in the third quarter to $1.23 trillion — up 5.75% from a year earlier to a fresh all-time high, according to a new report on household…
Government News

JPMorgan’s Jamie Dimon and warns about US national debt problem, says ‘should be concerned’

Goldman Sachs CEO David Solomon recently expressed his concerns that mounting US government debt will pose more of a problem if the economy does not grow faster. David Solomon voiced his concerns on $38 trillion national debt problem, joining the…
Educational News

Education Department restructuring plan doesn’t involve student debt. Still, experts are worried

When the U.S. Department of Education announced this week that it would transfer much of its programs to other agencies, it didn’t appear that the country’s federal student loan portfolio would be impacted. However, financial aid experts and consumer advocates are still worried for…
Bankruptcy News

Attorney General James Secures Approval of Purdue Bankruptcy Plan

NEW YORK – New York Attorney General Letitia James today secured the approval of Purdue Pharma’s bankruptcy plan after U.S. Bankruptcy Judge Sean Lane confirmed the plan in a bench ruling. The approval of the plan is a significant step…
Legal News

Penny Shortages Causing Big Legal, Business Headaches in Much of U.S.

Financial Services attorney Christopher Phillips was interviewed by Courthouse News Service about how the end to penny production in the U.S. is affecting businesses, banks and retailers. The U.S. Department of the Treasury decided to cease producing pennies earlier this year, citing…
Government News

CFPB files notice stating it can no longer draw from Fed ‘earnings’

On November 10, the U.S. District Court for the District of Columbia received a notice from the CFPB informing the court that the DOJ’s Office of Legal Counsel has determined the Bureau may not legally request funds from the Fed under the…
Editorial News

New York Fed met with Wall Street firms about key lending facility: FT

New York Federal Reserve President John Williams met with Wall Street’s dealers last week about a key lending facility, the Financial Times reported, citing three individuals familiar with the matter. The meeting, which took place on the sidelines on Wednesday at…
Bankruptcy News

US corporate bankruptcies set to hit 15-year high amid credit jitters, S&P data shows

Nov 13 (Reuters) – Large U.S. corporate bankruptcies are on pace to hit their highest level in 15 years, S&P Global data showed on Thursday, underscoring mounting stress across corporate America at a sensitive time for public market investors. Total…