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…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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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