On May 12, 2021, Governor Jay Inslee signed SB 5408, enacting a significant increase in Washington’s homestead exemption. The legislation includes other important revisions addressing the treatment of homestead appreciation during a bankruptcy and the exempt status of proceeds from
Bank Law Monitor
A Legal Blog for the Financial Services Industry
Bank Law Monitor, published by Miller Nash Graham & Dunn LLP, focuses on legal developments affecting banking and financial institutions. The blog covers topics such as bankruptcy and creditors' rights, foreclosure laws and moratoriums, homestead exemption changes, and regulatory compliance impacting lenders and borrowers. It also addresses issues related to small business reorganizations under bankruptcy subchapter V, fiduciary duties of financial advisors, and state and federal court rulings relevant to banking law. The content is aimed at legal professionals and stakeholders interested in the intersection of banking regulations, litigation, and financial services law primarily in the Pacific Northwest region.
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HB 2009 Moves to Senate Floor
Earlier this afternoon, the Oregon Senate Committee on Housing and Development voted 3-2 to advance House Bill 2009 (HB 2009) out of Committee and to the Senate floor for a final vote on the Bill. Prior to advancing HB 2009,…
Expanded Bankruptcy Subchapter V Eligibility for Small Business Debtors Extended for Another Year
On March 27, 2021, the COVID-19 Bankruptcy Relief Extension Act of 2021 was signed into law. This legislation extends the increased debt limit for small businesses to be eligible to reorganize under subchapter V of the Bankruptcy Code. While the…
HB 2009 Moves to Floor Vote
On March 24, 2021, the Oregon House Committee on Banking and Labor voted to advance House Bill 2009 (HB 2009) to a floor vote. As detailed in our prior write-up of the Bill, HB 2009 would extend Oregon’s foreclosure…
Ninth Circuit Revives State-Law Class Action Claims against Financial Advisor
On March 4, 2021, the United States Court of Appeals for the Ninth Circuit reversed a district court’s ruling and held that a putative class action alleging state-law fiduciary duty claims against a financial services and advisory firm (the “Financial…
Oregon Legislature Introduces New Foreclosure Moratorium Bill (HB 2009)
On February 9, 2021, the Oregon House introduced a second foreclosure moratorium bill related to COVID-19. Known as House Bill 2009 (HB 2009), the new legislation would extend Oregon’s now-expired foreclosure moratorium during an extended “emergency period” running retroactively from…
Temporary Amendment to Bankruptcy Code Opens Opportunities for Commercial Landlords and Tenants to Negotiate Deferred Payment Arrangements
Recent legislation has expanded opportunities for commercial landlords and tenants to negotiate deals to defer certain rent payments during the COVID-19 pandemic with less fear of later losing the arrearage payments as preferences if the tenant files for bankruptcy. These…
SEC Adopts New Amendments to Exempt Offering Rules
The Securities and Exchange Commission (SEC) has adopted a series of amendments to rules under the Securities Act of 1933 (Securities Act) applicable to offerings exempt from public registration. The amendments will become effective 60 days after they are published…
PPP Update: Temporary Changes to Increase Lending to Small Businesses and Sole Proprietors
This week, the Biden-Harris administration announced a number of reforms to the Paycheck Protection Program (PPP) aimed at increasing lending to small businesses and sole proprietors, as detailed further in this fact sheet released by the White House. These reforms…
United States Supreme Court Holds “Mere Retention” of Bankruptcy Estate Property Does Not Violate the Automatic Stay
On January 14, 2021, the United States Supreme Court issued its opinion in City of Chicago v. Fulton, addressing whether the “mere retention” of bankruptcy estate property constituted an act to “exercise control over property of the estate” in…