The first two provisions of the Credit Card Accountability, Responsibility, and Disclosure (“CARD”) Act of 2009 went into effect Thursday, August 20, 2009.  The CARD Act is designed to protect consumers from unfair and deceptive practices by credit card companies. 

“We may be seeing the beginning of the end of the recession,” President Barack Obama said yesterday in Raleigh.  Indeed, parts of the country are starting to experience some economic stability, according to the latest figures issued by the Federal Reserve, but the Fifth District of Virginia, North Carolina and  South Carolina remains weak. 

As a business attorney, I tell clients they should have a trusted “kitchen cabinet” of professionals to go to for advice:  attorney, accountant, insurance agent and financial planner.  It is nice to know someone and feel comfortable before you have a problem.  Yet, finding a trustworthy professional in these fields can be daunting.  How can [...]

Federal Bankruptcy Court Judge Robert Gerber approved the sale of most General Motors assets to a new corporation to be owned by the governments of the United States, Canada and the province of Ontario, the United Auto Worker’s Voluntary Employee Benefit Association trust (“VEBA”), and GM bondholders.  Gerber today also denied a “fast track” appeal to [...]

Federal Reserve Chairman Ben S. Bernanke is testifying today to a joint hearing of the House Oversight and Government Reform Committee, and House Domestic Policy Subcommittee. The purpose of the joint hearing is to examine events surrounding Bank of America’s $50 million acquisition troubled investment house Merrill Lynch in September 2009 and its receipt of [...]

For nearly two years, the credit markets have been tightening, making it difficult for consumers and businesses to get credit for purchases and operations.  Several financial institutions declared bankruptcy or were on the brink of failure.  The federal government has used a variety of strategies to prevent a full-scale financial meltdown, including slashing interest rates, [...]