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AIS is pleased to announce the appointment of Walt Boyer as the new Managing Director of Commercial Banking, a pivotal addition to our leadership team aimed at strengthening and expanding our banking services. With an impressive track record across the financial services industry, Boyer brings a wealth of expertise and a strategic outlook to his new role at AIS.

In January 2024, bankruptcy filings saw a significant increase, totaling 36,623 cases. This represents a 17.53 percent rise compared to the same month last year, closely aligning with the annual increase rate of 17.64 percent observed in 2023. The increase was seen across all chapters of bankruptcy filings, indicating broad-based case growth. Moreover, the gap between the number of cases filed before and after the pandemic continues to narrow, reflecting a changing landscape in bankruptcy trends.

2023 marked a significant shift in bankruptcy trends, ending with a 17.6% annual increase in overall filings. It’s been more than a decade since we’ve seen a year-over-year annual filing increase this large. With 445,119 cases, both consumer and commercial filings rose dramatically, particularly in December which saw a 16.1% hike compared to last year. Chapter 11 reorganizations continued to skyrocket, including small business cases.

The National Association of Bankruptcy Trustees (NABT) is pleased to announce that Clifford J. White III has been appointed as Senior Advisor to its Legislative Committee and will advise the organization on legislative and public policy matters. Mr. White headed the United States Department of Justice's bankruptcy watchdog, the U.S. Trustee Program (USTP), for 17 years until his retirement last year.

With only hours to spare before the federal government was scheduled to run out of appropriated funds, the House passed a Continuing Resolution (CR) on Saturday afternoon to fund the government through November 17th.

The June bankruptcy filing numbers are in, and they show a continued upward spiral. Total bankruptcies numbered 37,922, or 17.42 percent above the number posted last June. For the first half of 2023, bankruptcies rose by 17.36 percent over the first six months of last year. 

Bankruptcy filings went by 23.6 percent last month compared to last May. The Government officially estimates that filings could double from pre-pandemic lows before the end of the calendar year 2025.

As part of its continued growth strategy, AIS has named Tom Clark, an industry executive with over 25 years of financial services expertise, as its new President. Blake Hogan, the company's founding leader and former President, will now assume the role of Chairman.

According to the latest AIS Insight Report, total bankruptcy filings in the United States rose 18.15% percent to 32,032 in February from the 27,112 filings in February 2022, marking the second consecutive month with year-over-year increases of 18%. The last time we observed two consecutive months with YOY of at least 18% was November and December 2009.

On February 27th, the United States Supreme Court agreed to review a lower court decision that has the potential of nullifying a wide swath of regulations and enforcement actions taken by the Consumer Financial Protection Board (CFPB).

In an unexpected and stunning regulatory development, Christine Wilson, the lone Republican on the Federal Trade Commission (FTC) has announced her resignation in protest over what she called the Commission’s “disregard for the rule of law and due process.”

On January 18th, Attorney General Merrick Garland announced the selection of Tara Twomey as the next Director of the U.S. Trustee Program (USTP). Ms. Twomey is a long-time consumer advocate who currently serves as both the Executive Director of the National Consumer Bankruptcy Rights Center.

According to the latest AIS Insight Report, total bankruptcy filings in the United States rose 6 percent to 31,186 in November from the 29,331 filings in November 2021. This marked the fourth consecutive month we’ve seen a year-over-year uptick. From August through November of this year, 8,471 more cases were filed when compared to that same period in 2021.

AUSTIN, Texas—The Independent Bankers Association of Texas (IBAT) is pleased to announce that AIS Portfolio Services, LLC (AIS) has been selected as the first IBAT Peer Reviewed Provider for its ability to deliver software robotics with AI. AIS develops solutions that integrate with core banking and ancillary systems, automating up to 80% of manual, repetitive processes, at a 99.4% accuracy rating.

Student loan debt has recently become the largest kind of unsecured debt reported by debtors on their bankruptcy papers, outpacing even the amount of credit card debt. If student loan debts can be more easily discharged in bankruptcy, then it is likely that more debtors holding such debt will seek bankruptcy relief. In an announcement made on November 17th, the U.S. Justice Department (DOJ) may have just made bankruptcy relief significantly more available to student loan debtors.

AIS, a Texas-based FinTech and leading provider of back-office automation, quality talent and standardized analytics, today announced the hiring of Tom Clark as Managing Director, Commercial Banking. Clark brings more than 25 years of banking expertise to AIS, eight of which were most recently spent as Chief Information Officer at Cadence Bank.

According to the latest AIS Insight Report, Chapter 13 filings year-to-date are up 35 percent from January-October of 2021. Chapter 13s in October increased 28 percent to 14,136 from the 11,002 filings in October 2021. Total bankruptcy filings in the United States rose 4 percent to 32,699 in October from the 31,488 filings in October 2021. This marked the third consecutive month we’ve seen a year-over-year uptick.

According to the latest AIS Insight Report, September filings were up 7% from September 2021, marking the second consecutive month we’ve seen a YOY uptick. September Chapter 13s were up 41% from September 2021, whereas Chapter 7s decreased 7% for that same time period. Lastly, Chapter 11s were greater than pre-pandemic totals and reached the third highest monthly filing total in the last two years.

Judiciary Committee Chairman Jerrold Nadler postponed the hearing Congressional hering on Consumer Bankruptcy Reform, originally scheduled for Thursday, September 29, 2022. Before the postponement, witnesses were scheduled to testify and five written statements were submitted for the record. The following is a synopsis of the written statements.

The House of Representatives’ Judiciary Committee is expected to hold a consumer bankruptcy reform hearing on September 29th at 1pm. The hearing would likely be a subcommittee hearing. At this time, we have been told that the focus will be on the Nadler-Warren legislation introduced at the end of the last Congress.