Articles on Banks and Financial Institutions

Banks are debtors too—Attorneys beware By Michael McKenzie Commercial Banking, Collections, and Bankruptcy, July 2011 When problem banks go into FDIC receivership, the loss exposure for both billed and unbilled time increases exponentially, and the probability of recovering legal fees from an FDIC receivership are practically nil. There are several steps attorneys can take, however, to minimize loss, mitigate risk, and preserve the client relationship.
Litigating disputes with the FDIC: Issues facing officers and directors of failed banks By Rebecca L. Dandy Federal Civil Practice, June 2011 A look at some of the issues former officers and directors now find themselves faced with in the midst of litigation where the FDIC is seeking to hold them personally liable for the losses of failed banks.
Red Flags Rule enforcement begins By J. Joseph McCoy Commercial Banking, Collections, and Bankruptcy, June 2011 An overview of the basic principles of the Red Flags Rule and how clients may be affected by it.
Foreclosure mediation met with mixed feelings By Whitney Rhew Alternative Dispute Resolution, April 2011 It appears that efficient programs with “quick” answers for borrowers and high participation rates will be most successful.
The bucks start here: How national banks have payment priority over judgment creditors when processing collection efforts By Michael G. Cortina Commercial Banking, Collections, and Bankruptcy, February 2011 The Illinois Banking Act, which is relevant state law, does not apply to nationally chartered banks regarding the charging and collection of fees to the bank’s customer’s account because of federal law preemption.
Mortgage foreclosures: In rem or quasi in rem? The distinction that makes a difference By Robert Handley Commercial Banking, Collections, and Bankruptcy, February 2011 In this recent case the Illinois Supreme Court reversed the appellate court and affirmed the circuit court, thereby dismissing the foreclosure action filed by ABN AMRO Mortgage Group.
Court says broker may simply rely on the face of attachment order By John T. Hundley Commercial Banking, Collections, and Bankruptcy, August 2009 In Hicks v. Midwest Transit, Inc., the court held that a financial institution served with an attachment order was required only to determine that the order was “regular on its face” – and not to explore validity questions which could only be answered from extraneous sources.
Loan Modification Agreement Corporate Law Departments, February 2009 The following sample Loan Modification Agreement has been prepared for educational and information purposes only.
Rural lender advantage By Lewis F. Matuszewich Commercial Banking, Collections, and Bankruptcy, January 2009 The United States Small Business Administration has introduced a modification of one of its loan programs, specifically designed to foster economic development in rural areas.
Bank directors on the hot seat By Kenneth Dobbs Commercial Banking, Collections, and Bankruptcy, October 2008 The last 15 years have been smooth sailing for banks and their directors. Borrowers paid loans, earnings remained strong, and bank failures were almost non-existent. Recently, however, matters became choppy as borrowers defaulted, earnings plummeted, and a few banks began to fail.
“I know something you don’t know”—What duty does a creditor’s attorney have when the attorney thinks the debtor is lying to the bankruptcy court? By Lawrence O. Taliana Commercial Banking, Collections, and Bankruptcy, August 2008 Most attorneys know that putting a client on the stand who plans to lie (just like murder or relating the depictions or accounts of a major league baseball game without the express written consent of the commissioner) is a bad thing.
Bank Directors on the hot seat By Craig McCrohon Corporate Law Departments, May 2008 The last 15 years have been smooth sailing for banks and their directors. Borrowers paid loans, earnings remained strong, and bank failures were almost non-existent.
The importance of being thorough By Michael G. Cortina Commercial Banking, Collections, and Bankruptcy, November 2007 Banks are usually the first target for creditor’s rights attorneys who are seeking to collect on a judgment.
Bill status report By Stephen Olson Commercial Banking, Collections, and Bankruptcy, October 2007 Recent legislation of interest.
Current topics in bank examinations By Michael A. Stanfa Commercial Banking, Collections, and Bankruptcy, July 2007 This article is a summary version of a one of the presentations at the Banking Law Seminar put on by the ISBA.
Bill status report: Section Council Action as of 09/22/06 Commercial Banking, Collections, and Bankruptcy, October 2006 Recent legislation of interest.
Conference Series: An informed discussion of financial access for immigrants—Part II By Steven W. Kuehl Commercial Banking, Collections, and Bankruptcy, September 2006 The first part of this series appeared in the prior issue of Commercial, Banking & Bankruptcy Law, and this material will be concluded in the next issue of the newsletter.
Conference Series: An informed discussion of financial access for immigrants—Part 1 By Steven W. Kuehl Commercial Banking, Collections, and Bankruptcy, August 2006 During the past two years, the Consumer and Community Affairs (CCA) division of the Federal Reserve Bank of Chicago held a series of conferences focused on increasing access to financial services for immigrants.
Federal Grand Jury subpoenas: Forcing banks to work for free By Michael G. Cortina Commercial Banking, Collections, and Bankruptcy, August 2006 From time to time, banks will be served with a subpoena to produce documents for a federal grand jury investigation.
Lowering financial risk in lending for projects By Valerie Greenberg Business Advice and Financial Planning, May 2006 The banking/lending community has an emerging financial instrument available that minimizes risk in the loans they make.
Bill status report (Section Council action as of 11/28/05) By Stephen Olson Commercial Banking, Collections, and Bankruptcy, January 2006 Recently introduced legislation of interest.
Owners and operators of ATMs take notice or pay the price for Automated Terrible Misfortune By Adam C. Toosley, A. Jay Goldstein, & Denean K. Sturino Business and Securities Law, January 2006 The banking industry, not unlike every other major industry in the world, has steadily progressed into becoming a virtual electronic industry.
Federal and state banking law cases By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, December 2005 Sklodowski brought this class action against the defendant mortgage company for alleged breach of mortgage note, breach of fiduciary duty and violation of the Illinois Consumer Fraud and Deceptive Practices Act.
Not my job: The duty of third parties to assert exemptions on behalf of judgment debtors By Michael G. Cortina Commercial Banking, Collections, and Bankruptcy, July 2005 Attorneys for banks and other creditors often find themselves asked by their clients whether they, as third-party respondents to a collection proceeding, have a duty to assert exemptions on behalf of their customers.
Update by banking committee By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, July 2005 In this meeting's report, I picked up two cases that I missed from December 2004. Fortunately, not many cases have been reported since our February meeting, so the report is very short.
Check 21 in 2005 By Tamik A. Bryant Commercial Banking, Collections, and Bankruptcy, March 2005 The Check Clearing for the 21st Century Act ("Check 21"), which went into effect October 28, 2004, is designed to facilitate the broader use of electronic check processing without mandating that any bank change its current check collection practices, and reduce the cost of physically handling and transporting original paper checks.
Intercreditor agreements in mezzanine financing: Advice for mezzanine lender’s counsel By David Neboyskey Commercial Banking, Collections, and Bankruptcy, March 2005 This article discusses mezzanine financing generally and offers advice to mezzanine lenders' counsel for the negotiation and drafting of intercreditor agreements.
Case law update By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, February 2005 Since our last meeting, we report the following matters relating to banking law.
Bill status report (Section council action as of 12/10/04) By Stephen Olson, John Roska, & Lisa Treviranus Commercial Banking, Collections, and Bankruptcy, December 2004 A report on the status of recent legislation.
Intercreditor agreements in mezzanine financing: advice for mezzanine lender’s counsel By David Neboyskey Real Estate Law, November 2004 Over the past several years, a new means of secured financing has risen to prominence in the financial marketplace.

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