Financial Regulators Issue A Statement on Loan Modifications and Reporting When Working With Borrowers…

On March 22, 2020, the FDIC, FRB, OCC, NCUA, CFPB and the state banking regulators (“Regulators”) issued an Interagency Statement on Loan Modifications and Reporting by Financial Institutions Working with Customers Affected by the Coronavirus (the “Statement”). The Statement encourages financial institutions to work constructively with borrowers impacted by the…

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Illinois Appellate Court holds that one year statute of limitations applies to TILA rescission…

The borrowers in U.S. Bank Nat’l Assn. v. Miller, 2020 IL App (1st) 191029 (March 20, 2020) appealed from a judgment dismissing their counterclaim in a foreclosure proceeding to rescind their mortgage under the Truth in Lending Act (“TILA”). In a case of first impression, an Illinois appellate affirmed holding…

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Update Regarding Coronavirus (COVID-19) – Remote Work

To Our Friends and Business Partners: We previously mentioned in our March 16, 2020 update that the health and well-being of our attorneys, staff, clients, and their families is of the utmost importance to our firm. As the situation surrounding the Coronavirus (COVID-19) continues to evolve, so does our firm’s…

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Court Notices and Closures re: Coronavirus (COVID-19)

To Our Friends and Business Partners: Due to the spread of the Coronavirus (COVID-19), many jurisdictions have suspended foreclosure sales, enforcement of eviction orders, and hearings in civil matters. The links below have the most up-to-date information for each state where we practice. If you have any questions, please do…

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Noonan & Lieberman’s Response to Coronavirus (COVID-19)

  To Our Friends and Business Partners: We know that the global spread of the Coronavirus (COVID-19) continues to impact local communities in a way that is creating concern and uncertainty at home, at work, and in the economy. The situation is developing by the hour and we are frequently…

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Illinois Supreme Court confirms that tender of amount sought before class certification motion moots…

The Illinois Supreme Court in Joiner v. SVM Mgmt., LLC, 2020 IL 124671 (Feb. 21, 2020) affirmed that a plaintiff’s class action claims are moot where the requested damages and fees are tendered to the name plaintiff before a motion for class certification is filed. In effect, it allows a…

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FDIC Released A Guide For Fintech Companies Doing Business With Banks

On February 24, 2020, the FDIC, through its FDiTech initiative, released a guide (“Guide”) to assist fintech companies working with banks understand the process that banks must undertake in entering and maintaining business relationships with fintech providers. The Guide provides an executive style overview of the vendor management and risk…

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Seventh Circuit splits from Fifth and Eight Circuits rejecting “benign-language exception” to FDCPA’s prohibition…

In Preston v. Midland Credit Management, Inc., No. 18-3119 (Jan. 21, 2020), the Seventh Circuit reversed a district court’s order of dismissal, holding that the language “TIME SENSITIVE DOCUMENT” on the envelope of a dunning letter violated § 1692f(8) of the FDCPA. In doing so, it refused to recognize the benign‐language…

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CFPB Issues a Policy Statement on Abusive Acts or Practices

On January 24, 2020, the CFPB issued a policy statement (“Policy Statement”) providing a framework on how it intends to apply the “abusive” acts or practices standard in supervision and enforcement matters. The Policy Statement was issued in an attempt to address the financial industry concerns over the uncertainty surrounding…

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Violation of Chicago’s municipal tenant ordinance is a covered claim under insurance policy

The insured in Evergreen Real Estate Servs., LLC v. Hanover Ins. Co., 2019 IL App (1st) 181867 (Jan. 4, 2020) sought a declaration that its insurer had a duty to defend it in a class action brought by the insured’s tenants alleging that the insured committed several violations of the…

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