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Auto loans are the third largest source of outstanding household debt after mortgages and student loans.  Those loans should be administered fairly without discriminatory practices.

The Consumer Financial Protection Bureau (CFPB) recently gave notice to lenders that offer auto loans through dealerships that they are responsible for any unlawful or discriminatory pricing.  The CFPB reported that discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year.Continue Reading CFPB to Crack Down on Disrcriminatory Car Loans

There is no guarantee that you will not be audited by the Virgin Islands Bureau of Internal Revenue (BIR), but there are four (4) simple steps that you can take to minimize your chances of being audited and, if you are audited, to minimize your chances of having to pay additional taxes, penalties and interest.Continue Reading Keeing the VI Bureau of Internal Revenue at Bay on Audits

BoltNagi PC Senior Litigation Associate Nycole A. Thompson has been elected President-Elect of the Virgin Islands Bar Association. As a Member of the VIBA Board of Governors since 2010, she has previously served as Secretary and Co-Chair of the Bar’s CLE Committee. In January 2014, She will become the 57th President of the Territory’s unified organization of attorneys and judges.

She has been an attorney with BoltNagi PC since 2007 where she serves as Senior Litigation Association with the Firm’s Litigation Practice Group; a member of the Real Estate and Financial Services Group where she concentrates her practice in environmental matters; and a member of the Government Relations Group.
 Continue Reading BoltNagi Attorney Elected President-Elect of VI Bar

Last month was quite busy for BoltNagi’s Managing Attorney, Tom Bolt, as he was re-elected as Delegate-At-Large of  the American Bar Associate (ABA) House of Delegates, as well as Secretary of the ABA’s Law Practice Management (LPM) Section, at the ABA Annual Meeting in  Chicago, Illinois.

While Bolt has served, and continues to serve, several roles for both the ABA and LPM Section his new role, as Secretary, will be his first position as an officer within the LPM Section.  When asked about his new responsiblility he stated, “I am looking forward to the new challenges and opportunities within the LPM Section.  The LPM Section of the ABA plays a distinctive role of bringing firm leaders together throughout the country and deriving value from their unique insights and it is truly an honor to be part the leading organization for law practice management.”Continue Reading BoltNagi Managing Attorney Selected for National Offices

The Federal Deposit Insurance Corporation (FDIC) and U.S. Small Business Administration (SBA) recently announced new resources to support small businesses across the nation and the U.S. Virgin Islands.  FDIC Director for Depositor and Consumer Protection Mark Pearce and SBA’s Deputy Associate Administrator for Entrepreneurial Development Michael Chodos released Money Smart for Small Business, a training curriculum for new and aspiring business owners.  Developed in partnership between both agencies, this curriculum is the latest offering in the FDIC’s 10 year old award-winning Money Smart program.Continue Reading FDIC and SBA Offer Support for New and Aspiring Entrepreneurs

In response to the closure of the HOVENSA oil refinery, the United States Virgin Islands single largest private employer, the Territory’s Delagate to Congresss, Donna Christensen, is pursuing an Economic Disaster Declaration by President Obama.

“I know that is what the car industry got, and while this is on a smaller scale, for our territory, with its 110,000 population to lose over 2,000 jobs and its main supplier of energy, it is an economic disaster,” she said in a meeting with Department of Commerce officials this past week.Continue Reading USVI Delegate Appeals to President Obama for Declaration

As of the first day of 2012, U.S. Virgin Islands domestic corporations can have fewer than three directors, making it easier for smaller companies to establish themselves, the Office of the Lieutenant Governor announced Monday. V.I. law’s previous requirement of a minimum of three directors has historically placed a burden on some smaller companies, especially where there is a single owner who must coordinate management decisions with directors who have no financial stake in the enterprise.

 

Continue Reading U.S. Virgin Islands Corporations Allowed Fewer Directors

One place,  known for its Appalachian Mountains and rich coal supply,  was immortalized in John Denver’s 1970s hit, “Take Me Home, Country Roads.” The other has white sandy beaches, rum distilling and an average January high temperature of 86 degrees that attracts millions of tourists each year. From economy to climate, West Virginia and the U.S. Virgin Islands are as different as any two places in the United States. But that hasn’t stopped them from discussing whether to work together to form a health insurance exchange under the federal health care law, say officials in West Virginia and the U.S. Virgin Islands.Continue Reading U.S. Virgin Islands Discusses Joint Insurance Exchange with West Virginia

Nycole A. Thompson, an associate in the Litigation  and Real Estate & Financial Services Practice Groups of BoltNagi PC, one of the largest firms in the Territory, was elected to the position of Secretary of the Virgin Islands Bar Association at the Annual Meeting of the Bar at the Divi Carina Bay Resort on St. Croix, Virgin Islands on December 9, 2011.

“I am honored to have been elected by my peers for this important responsibilty,” said Thompson. “I am eager to support my fellow Virgin Islands attorneys in their professional development and hope to work closely with Bar President Karin Bentz and the members of the Board of Governors to continue to advance the mission of the Bar Association and the administration of justice in the United States Virgin Islands.”Continue Reading Virgin Islands Bar Elects BoltNagi Attorney Nycole Thompson Secretary