Illinois appellate court rejects “sharp bidding” in sale of assets as not just and…

An Illinois appellate court condemned the practice of “sharp bidding” in First Merit Bank, N.A., v. McEnery, 2020 IL App (3d) 180287 (April 14, 2020). Where the terms of the sale of assets to satisfy a judgment require each side to submit their highest and best offers in writing by…

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Agencies Provide Regulatory Flexibility to Servicers on Mortgage Loss Mitigation and Servicing Rule Practices…

On April 3, 2020, the Consumer Financial Protection Bureau (CFPB), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and the State Banking Regulators (collectively the “agencies”) issued a joint statement (“Statement”)…

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Illinois Appellate Court dismisses appeal for lack of jurisdiction because lower court did not…

The tenants in Mayle v. Urban Realty Works, LLC, 2020 IL App (1st) 191018 (March 26, 2020) appealed from a judgment dismissing their complaint against multiple defendants for alleged violations of Chicago’s Residential Landlord and Tenant Ordinance (“RLTO”) and for conversion of their personal property during an eviction.  The Illinois…

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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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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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