October Bankruptcy Filings Climb Steeply by 15.85 Percent
Total bankruptcy filings steeply climbed by 15.85 percent in October compared to the same month last year. This is close to the average year-over-year monthly increase in 2024 and suggests that bankruptcies will continue to rise in the future. Chapter 11 reorganizations actually fell for the first time in nearly two years, but are still likely to reach an annual filing level not seen since well before the pandemic. Overall, 47,121 individuals and businesses sought bankruptcy protection last month.
Protecting What Matters: The Importance of Cybersecurity for Third-Party Service Providers
Cyber threats have become one of the most significant risks faced by businesses worldwide in today’s fast-paced digital environment. As organizations across industries - particularly in financial services - rely more on technology and third-party providers, they expose themselves to a growing risk of cyber-attacks. For companies providing automation and BPO managed services to banks, mortgage servicers, auto lenders, and credit card providers, ensuring robust cybersecurity is no longer optional, it’s essential.
Bankruptcy Filings Turbo-Charge Again and Rise by 13.88 Percent
Bankruptcy filings were up by 13.88 percent in September compared to the same month last year. After a single-digit increase in August, the bankruptcy engine turbo-charged again, with 42,540 petitions filed. The increase occurred in all major chapters, but the rate of increase in chapter 13 continued to slow and subchapter V also barely rose.
EXECUTIVE BRIEFING:
Reducing Servicing Costs, Improving Data Security, and Mitigating Operational Risk
Leaders from some of the nation’s top financial services organizations gathered at AIS’s Dallas headquarters for an exclusive roundtable discussion. The event brought together servicing operations executives from auto finance companies, mortgage servicers, and commercial banks.
WHITE PAPER:
Navigating New Norms
Outsourcing as a Catalyst for
Mortgage Service Excellence
As the mortgage sector navigates through complex market dynamics, the primary objectives for many organizations remain the same: master cost efficiency, ensure the delivery of high-quality service, and effectively scale operations.
CFPB Funding Scheme Survives Supreme Court Challenge
In a 7-2 decision, the U.S. Supreme Court upheld the mechanism for funding the Consumer Financial Protection Bureau (CFPB). The stakes were high for the CFPB, which had said that an adverse decision would threaten “the validity of virtually all CFPB past actions.”