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,…
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…
On June 16, 2020, the Federal Housing Finance Agency (“FHFA”) announced that government-sponsored entities Fannie Mae and Freddie Mac will extend their single-family moratoriums on evictions and foreclosures until at least August 31, 2020.[1] This extends the previously-issued moratoriums, which…
Earlier this year the Indiana General Assembly passed, and Indiana Governor Eric Holcomb signed into law, Senate Enrolled Act 395 (“SEA 395”) amending several provisions of the Indiana Uniform Consumer Credit Code (the “IUCCC” or the "Code”). For some financial institutions the impact of these…
The Illinois Court of Appeals recently joined the growing list of courts choosing to impose a one (1) year limitations period to enforce rights of rescission under the federal Truth in Lending Act, 15 U.S.C. §§ 1601, et seq. (“TILA”).[1] TILA requires originating lenders in particular consumer…
“My hospital filed bankruptcy - now what do I do?” This question frequently confronts affected medical providers when faced with the strange and often bewildering new world ushered-in by a hospital bankruptcy. A recent Washington Post article noted that due to the COVID-19 pandemic, “the…
As noted in a prior Alert, 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…
The daily news reminds us of the growing grim economic toll wrought by the COVID-19 pandemic. As discussed in some of our prior Alerts, federal, state and local governments have adopted various measures to moderate some of these effects, including offering stimulus payments and loans, and…
As the economic fallout from the COVID-19 pandemic continues to rise – for example, J. Crew recently filed bankruptcy, and the financial press is predicting that Neiman Marcus may also file for relief this week – it seems prudent for secured lenders to consider what steps they can take to prepare…
On April 23, 2020, Illinois Governor J.B. Pritzker signed Executive Order 2020-30 (“Order”), which, among other things, extended relief previously provided by Executive Order 2020-10 prohibiting law enforcement from enforcing eviction orders for residential properties, and broadened this relief to…
On April 24, 2020, the Supreme Court of Illinois issued an emergency order (“Order”) concerning post-judgment proceedings against consumers. [1] The Order was entered to complement Governor J.B. Pritzker’s Executive Order 2020-25, which suspended the service of wage garnishment and deduction…
The Coronavirus Aid, Relief and Economic Security Act, S. 3548 (“CARES Act”), was signed by the President on March 27, 2020. Grappling with the wide array of industries impacted by the CARES Act, and COVID-19, can be overwhelming. This holds true particularly for anyone in a consumer-facing…
