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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.
It is the mid-1980’s. Savings & Loan institutions are failing at an alarming rate. So many are insolvent, in fact, that the Federal Savings & Loan Insurance Corporation (FSLIC), the deposit insurer of thrifts at that time, is running out of money to close insolvent thrifts. What does FSLIC do? It seeks out purchasers, who [...]
“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.
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, [...]
From the Triangle Business Journal, an update to our previous news on regional bank BB&T:
BB&T Corp. will pay $3.1 billion to buy back preferred stock sold to the federal government, marking the Winston-Salem banking giant’s exit from the Troubled Asset Relief Program (“TARP”).
According to the Detroit News, General Motors reversed the closing of 41 of the 2,100 dealerships originally targeted to be closed as part of GM’s bankruptcy and restructuring.
Now that the Bankruptcy Court has approved the sale of Chrysler’s assets to a consortium of buyers lead by Italian carmaker Fiat, the next major issue is which Dealer Agreements will be assumed and which ones will be rejected.
We have been discussing preferential payments, defenses and avoidance tactics. But what businesses care about most is getting paid for goods and services provided. This entry will discuss how to collect from a customer who has declared bankruptcy.
MAKE THE MOST OF TROUBLED TIMES.
After serving on a recent panel with three local entrepreneurs at our local American Marketing Association luncheon. I thought some of the themes and ideas that were discussed at that lunch belong on this blog, because I firmly believe that small businesses, privately owned businesses, – businesses started, owned and [...]