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Secured Lender

Indiana Supreme Court Declines (1) to Clarify Meaning of “Tolled Interest” and (2) to Further Protect Stimulus Payments under its 2020 Emergency COVID-19 Pandemic Orders

In a pair of decisions issued March 19, 2021, the Indiana Supreme Court declined (1) to clarify the meaning of "tolled interest," and (2) to further protect stimulus payments under its 2020 emergency COVID-19 pandemic orders.

First March 19 Order

Specifically, in its first March 19 order, the Court…

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CFPB Issues Finalized Changes To Regulation F To Implement The Fair Debt Collection Practices Act

On October 30, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (“Final Rule”) that amends Regulation F, 12 C.F.R. part 1006, which implements the Fair Debt Collection Practices Act, 15 U.S.C. 1692, et seq. (“FDCPA”). 

The Final Rule addresses communications…

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IMPORTANT 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…

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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…

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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…

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