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Search OptionsSecured LenderIMPORTANT LIBOR UPDATE - Certain Transition Dates Extended to 2023
On November 30, 2020, the Board of Governors of the Federal Reserve System, the OCC, and the FDIC released a statement that details the projected timeline of the transition away from the U.S. Dollar London Interbank Offered Rate (“LIBOR”). The statement indicated that the administrator of LIBOR has… The Importance of Paying Attention to Notices Received in Bankruptcy Cases: Creditor Misses Proof of Claim Bar Date and Loses Claim for $2 Million
A recent decision from the United States Bankruptcy Court for the Central District of Illinois (“Court”) is a stark reminder of the importance of paying attention to notices received from bankruptcy cases and the need for creditors to consider retaining counsel to protect their interests in such… Indiana Supreme Court Further Extends Partial Protection of CARES Act Recovery Rebates
As noted in prior Alerts, in its order issued April 20, 2020, the Indiana Supreme Court exercised its emergency rule-making authority to order that all Indiana trial courts “shall issue no new orders placing a hold on, attaching, or garnishing funds in a judgment-debtor’s account in a depository… OCC Issues Final "True Lender" Rule
On October 27, 2020, the Office of the Comptroller of the Currency (“OCC”) issued the final version of its “true lender” rule (the “Final Rule”). The Final Rule resolves uncertainty regarding which entity in a lending partnership between a bank and a nonbank lender is the “true lender.” The Final… IRS Instructs Lenders not to File Form 1099-C for Forgiveness of Paycheck Protection Program Loans
In Announcement 2020-12, released September 22, 2020, the Internal Revenue Service (IRS) informed lenders that they should not report qualifying loan forgiveness amounts from covered loans made under the Paycheck Protection Program (PPP) by filing Form 1099-C with the IRS. Background As described in… Student Loan Dischargeability: Recent Developments
Dischargeability of student loans is a “hot button” issue in both the bankruptcy world and mainstream media. In fact, last September another colleague wrote about the history of student loan dischargeability, and the current obstacles borrowers face.[1] Since that article, the U.S. Bankruptcy Court… Moratorium on Indiana Residential Foreclosures and Evictions Extended Through August 14, 2020
On July 30, 2020, pursuant to Executive Order 20-39, the Governor of Indiana extended the prohibition on filing foreclosure actions or proceedings involving residential real estate or property through August 14, 2020. The Governor’s directive does not impact the federal “Foreclosure and Eviction… Seventh Circuit Court of Appeals Reaffirms the Necessity of Adhering to the Bankruptcy Code Text
On July 6, 2020, the United States Court of Appeals for the Seventh Circuit (which covers appeals from federal courts in Indiana, Illinois and Wisconsin) handed down the third in a series of decisions related to Chicago debtors seeking chapter 13 bankruptcy protection in order to avoid or defer… Reminder: Post-Judgment Interest on Indiana State-Court Judgments Tolled Until August 15, 2020
This is a reminder that pursuant to the March 23, 2020 Order and the May 29, 2020 Order Extending Trial Courts’ Emergency Tolling Authority and Setting Expiration of Other Emergency Orders issued by the Indiana Supreme Court, the Court ordered that “no interest shall be due or charged during this… Indiana Moratorium on Residential Property Evictions and Mortgage Foreclosures Will Continue Through the End of July 2020
On June 30, 2020, Indiana Governor Holcomb issued Executive Order 20-33, extending his March 6th Executive Order (Executive Order 20-02). Of special importance for lenders, Executive Order 20-33 extended the prohibition on residential property evictions and mortgage foreclosures to July 31, 2020.… CFPB Aims to Ease Servicer Loss Mitigation Efforts and Encourage Small Dollar Loans with New No-Action Letter Templates
In an effort to ease loss mitigation efforts for servicers and assist struggling consumers, The Consumer Financial Protection Bureau (“CFPB”) issued two No-Action Letter (“NAL”) Templates on May 22, 2020.[1] NALs are issued by the CFPB in response to NAL applications submitted by lenders,… A Bankruptcy Court Weighs In: Do Force Majeure Clauses Excuse Commercial Tenants from Paying Rent?
Almost immediately after governors issued stay-at-home orders and the President declared a National Emergency to combat COVID-19, attention turned to the force majeure clauses often found in commercial leases and insurance policies. Now, some three months’ worth of quarantine later, courts are… |
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