Jay D. Hanson, a board member of the PCAOB, recently spoke about the PCAOB's efforts to address issues raised by audit committees.  

(posted 2 days 17 hours ago)

Every American of a certain age knows what a FICO score is. A FICO score is the measure by which your credit rating is judged, and it can affect every area of your life. However, there may be relief on the horizon for some people. After studies conducted by the Consumer Financial Protection Bureau and a period of re-evaluation, the mechanic for calculating FICO scores is being upgraded and made more exact, which will improve some scores noticeably.
Debts Are More Complex
The impetus behind the review and upgrade of the FICO software is a realization, spurred on by the CFPB studies, that debt models for modern Americans are growing increasingly more complex. Regulatory changes and shifts in family dynamics are affecting credit scores.

(posted 2 days 17 hours ago)

Receiving Wide Coverage ...

Fed on the Hot Seat: The Federal Reserve's public image took a few hits last week as the Senate held hearings questioning whether the regulator is too lenient on the banks it oversees. The New York Times' Gretchen Morgenson writes these inquiries are "absolutely justified" and suggests policymakers seize the moment to push for more transparency around bank examinations. A Yale professor tells Morgenson that if the Fed made public the mathematical...

(posted 2 days 18 hours ago)

A new ruling by the Court of Appeals is great news for many New Yorkers who had been considering bankruptcy, but concerned that filing would cost them their rent-stabilized leases.

Per www.nytimes.com:

By NOV. 20, 2014

(posted 4 days 4 hours ago)

For the holidays, we’re offering Saturday bankruptcy consultations. If you are in financial trouble, you hate to lose time from work to talk to a lawyer about bankruptcy.  Especially around the holidays, when you already have so much going on. But while you don’t want to lose time from work, I bet you do want […]The post Saturday Hours–Northern VA Bankruptcy Attorney by Robert Weed appeared first on Robert Weed.

Robert Weed
(posted 4 days 10 hours ago)

Protecting Tenants At Foreclosure Act Expires December 31, 2014
House with gavel above ready to strikePrior to the passage of the Tenant Protection Act in 2009, a tenants had very few rights when faced with the foreclosure (or trustee’s sale) of the property they called “home”.  Most likely the tenant’s lease would be terminated by the completion of the foreclosure.  In 2009 Congress passed the Tenant Protection Act intended to protect the tenant rights for a period of time, depending on certain factors.  In most situations the tenants could remain in the house for the term of the lease (assuming they were current on the rent payments) if the property was purchased by an investor at a foreclosure sale, or 90 days if the house was purchased by an owner with the intention to occupy it as their residence. The act also provides additional protections for Section 8 tenants.

(posted 5 days 7 hours ago)

Holy BibleI wonder how many Bankruptcy professors have posed a hypothetical about the exemption of a rare Bible worth lots of money? Well, a federal District Court in Illinois had to answer the question for real.
The Illinois person property exemption statute includes the debtor's Bible. A debtor in Southern Illinois asserted this exemption in a rare, first-edition Mormon Bible that she had acquired (for free) from her local library. Apparently, the library director had not been paying attention, as the 1830 Bible was appraised at at least $10,000.

Credit Slips
(posted 5 days 9 hours ago)

New York Fed President William Dudley insisted Friday that regulators are more like "fire wardens" than "cops on the beat." It's an analogy that says far more than Dudley likely intended Â-- and a comment he will likely regret. Here's why.

(posted 5 days 9 hours ago)