News & Events

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Among the provisions of this wide-reaching legislation designed to address the COVID-19 pandemic are several which directly impact financial institutions, including:

The Payment Protection Program is implemented under the Small Business Act and provides for fully guaranteed loans through December 31, 2020 to businesses with 500 or fewer employees, who were in operation as of February 15, 2020 and adversely affected by COVID-19, to maintain, among other things, payroll, mortgage payments, lease payments, and utility payments. The program is available to SBA lenders and other insured depository institutions and credit unions authorized by the Department of the Treasury. (Sections 1102, 1109)

The Bankruptcy Code is amended to provide small businesses with more access to the Small Business Reorganization Act, increasing the amount of debt eligibility for a small business bankruptcy case from $2,725,625 to $7,500,000. The link to our prior Financial Services Department newsletter which discusses the SBRA is The amendments, among other things, allow debtors to exclude federal payments related to COVID-19 from income determinative of bankruptcy eligibility and Chapter 13 debtors to modify their plans for up to seven years instead of the usual maximum of five years. These provisions remain in effect for one year following enactment of the CARES Act. (Section 1113)

The Debt Guarantee Authority of the Federal Deposit Insurance Corporation under the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to establish a program to guarantee obligations beyond the current maximum of $250,000 through December 31, 2020. In coordination with the FDIC, the National Credit Union Administration Board may increase the share insurance coverage as applied to federally insured credit unions. The CARES Act does not identify a specific limit, although there is speculation that the FDIC, which is authorized to implement the debt guarantee program, may provide an unlimited guarantee during this time period. We will provide an update once the FDIC issues guidance on the guarantee limit. (Section 4008)

The Temporary Lending Limit Waiver is an amendment to the Financial Stability Act which provides the Comptroller of the Currency authority with respect to national banking associations to exempt any transaction from the single borrower loan limit for loans made to any nonbank financial company, and additional authority to exempt any other transaction from the limit as long as such exemption is in the public interest. This authority ends the earlier of the termination of the national emergency declared on March 13, 2020 or December 31, 2020. (Section 4011)

The Temporary Relief For Community Banks is an amendment to the Economic Growth, Regulatory Relief, and Consumer Protection Act and requires federal banking agencies to issue an interim final rule which lowers the Community Bank Leverage Ratio from 9% to 8% while granting qualifying community banks a “reasonable grace period to satisfy the Community Bank Leverage Ratio.” The interim rule will be effective upon issuance and terminate the earlier of the termination of the national emergency declared on March 13, 2020 or December 31, 2020. (Section 4012)

The Temporary Relief From Troubled Debt Restructurings provision of the CARES Act allows financial institutions, including credit unions, to temporarily suspend requirements under United States Generally Accepted Accounting Principles for any loan modifications made related to COVID-19 that would otherwise be considered troubled debt restructuring. The suspension period lasts from March 1, 2020 to the earlier of sixty days after the date of termination of the national emergency declared on March 13, 2020 or December 31, 2020. (Section 4013)

The Optional Temporary Relief From Current Expected Credit Losses provision of the CARES Act grants financial institutions, including credit unions, the option to temporarily delay measuring credit losses under the new Current Expected Credit Losses (CECL) standards. This temporary relief ends the earlier of the date on which the national emergency declared on March 13, 2020 is terminated or December 31, 2020. (Section 4014)

The Credit Protection During COVID-19 provision of the CARES Act amends the Fair Credit Reporting Act to require a person furnishing information under the FCRA to report as “current” a credit obligation or account if an “accommodation” was made by the furnisher. Except in the case of charge-off, if the consumer’s credit obligation was delinquent prior to an “accommodation,” the furnisher is required to maintain the delinquent status during the accommodation period, and report the obligation or account as “current” if the consumer brings the account current during the accommodation period. The covered period begins Jan. 31, 2020 and ends the later of 120 days after enactment of the CARES Act or 120 days after the national emergency declared on March 13, 2020 is terminated. (Section 4021)

In a separate update, we will provide information on Forbearance of Residential Mortgage Loan Payments For Multifamily Properties with Federally Backed Loans (Section 4023), as well as state and local measures impacting lenders holding loans secured by multifamily properties.

We will continue to closely monitor developments in this arena. Please feel free to contact us if you have any questions or require any assistance. In the meantime, please stay safe.

With the fast-paced legislative, executive and administrative actions to offer relief from the financial stresses created by the COVID-19 pandemic, William Weinberger provides a summary of recent local (Los Angeles), California and federal passed, issued or proposed government actions granting relief and stimulus to businesses, employers and property owners.

You can access Mr. Weinberger’s blog at

Having supported our clients through good times and bad for well over 100 years, Parker Milliken remains dedicated to keeping its clients informed of any significant changes in the national, state and local laws caused by COVID–19 and assisting our clients with the development of new and creative strategies. Many challenges have arisen due to isolation precautions issued throughout the State of California and the nation, as well as the resulting tidal wave of new rules, regulations and ordinances being issued almost daily. These widespread changes affect such areas as commercial loan production, litigation, work-outs, evictions and foreclosure, and bankruptcy. We anticipate that these challenges will increase as COVID–19 continues to disrupt the marketplace. We are committed to keeping you abreast of these changes and remain available to provide you with the highest quality legal services.

Below is the direct contact information for the principals of Parker Milliken’s Financial Services and Creditors’ Rights Department who continue to be available for your assistance:

Larry Ivanjack
(213) 683-6604

Kenneth Miller
(213) 683-6605

Gary Tokumori
(213) 683-6608

Brent Cheney
(213) 683-6575

In keeping with Center for Disease Control and local health authority advisories, Parker Milliken has encouraged attorneys and staff to work from home as the particular demands of their day-to-day client service requirements permit. This is not a new phenomenon as many of our attorneys have regularly done so on selected days for years and our technology to facilitate this is well developed among both attorneys and staff members.

Although much remains uncertain, our commitment to you and your legal needs continues to be unwavering. Parker Milliken has been serving its clients for over a century and we look forward to continuing to help our clients navigate through the latest challenges we all face. Most importantly, we hope you and your loved ones remain healthy and safe.

Michael B. Luftman was selected by his peers for inclusion in the 2020 Edition of The Best Lawyers in America©, for Trusts and Estates. Attorneys on the list were selected based on exhaustive peer-review surveys that examine the professional abilities, current practice, and experience of each lawyer.

Mr. Luftman's practice emphasizes tax planning for owners of privately held businesses, high net worth individuals and professionals. He has extensive experience with all types of estate and gift tax matters, including succession planning for privately held businesses, charitable gifting, private foundations, limited partnerships, pension planning, asset protection planning, and probate and trust administration proceedings and the related tax work. Mr. Luftman is a Certified Specialist in Taxation Law as designated by the California Board of Legal Specialization.

For more information about Mr. Luftman, visit

For information regarding Best Lawyers, visit

Gary Tokumori and Kenneth Miller will be speaking at the Western Bankers Association Lenders & Chief Credit Officers Conference on the topic, “Detecting a Problem Loan Before it Becomes a Problem”: In commercial lending, it is critical to determine and assess problem loans as quickly as possible in order to allow the lender to efficiently resolve them. In this session, learn how the lender’s business and legal teams can work together to quickly identify potential risks and issues, and design strategies to both minimize the lender's problem loans and potential exposure. Explore a variety of techniques to maximize recovery and reduce costs in the handling of troubled loans.

For more information, visit:

Monarch Beach Resort, Dana Point, California

Parker Milliken will be hosting its 35th Annual Environmental Law Seminar at the Omni Hotel. As in prior years, this year’s program will feature distinguished speakers from key governmental agencies who will discuss the latest developments regarding environmental compliance and enforcement issues, including how recent cleanup standards may impact a business’ or property owner’s ability to achieve site closure and how these new regulations may adversely increase your legal liability.

The day’s activities will also feature a stellar enforcement panel which will discuss the latest trends and developments in environmental administrative, civil and criminal enforcement.

As always, our program will feature Parker Milliken’s Environmental Law Experts who will provide their insights on the latest environmental laws as well as tips on how to best protect your interests when buying, selling, leasing or developing properties with environmental contamination.

There is no admission fee but seating is limited. Reserve your spot by emailing Sharon Austin at or calling (213) 683-6655.

Omni Hotel, Los Angeles, California

Parker Milliken proudly supports firm client Northern Trust as it receives the Advocate of Justice award from Western Justice Center (“WCJ”) at the 2019 Justice Awards Gala and Auction. WJC is a non-profit organization that empowers people to resolve conflicts peacefully and to address the biases that often underlie those conflicts, and Parker Milliken congratulates Northern Trust on its continuing work to help WJC achieve its mission.

For more information, visit

Vibiana, 214 South Main Street, Los Angeles, California

Gary Ganchrow will be presenting at the 2019 Apartment Association of Greater Los Angeles (AAGLA) Annual Apartment Buildings conference and expo.

Gary Ganchrow’s presentation, “How to Avoid Falling Prey to Attorneys Looking to File Resident Manager Lawsuits,” will address the common pitfalls, misconceptions, and solutions when paying and terminating resident managers.

Register at For more information on the conference and expo, visit

Pasadena Convention Center, Pasadena, California
2:30 PM, Stage 2

Parker Milliken proudly sponsors the 45th Annual Ability First Festival of Fall held at the Historic Laurabelle A. Robinson House in Pasadena.

AbilityFirst provides a variety of programs designed to help people with disabilities achieve their personal best throughout their lives. For more information, visit

Historic Laurabelle A. Robinson House, Pasadena, California

In two recent decisions, the California Supreme Court has clarified standards for claims under the Unruh Civil Rights Act and consumer class actions. In White v. Square, Inc. (Aug. 12, 2019), the Court held that a person who fails to register for an online service because terms of service restrict him or her may pursue a claim for discrimination under the Act. In Noel v. Thrifty Payless, Inc. (July 29, 2019), the Court held that a representative class plaintiff need not show, in a motion to certify the class, how each individual class member will be identified and contacted. For more information about these cases and their impact on companies doing business in California, see William Weinberger’s blogpost at

William Weinberger’s blogpost discusses two June Ninth Circuit decisions that (1) require California employers to compensate their employees for even short post-clock-out and pre-clock-in times that the employer requires them to be at work and (2) prohibit companies from insisting that consumers waive their right to seek public injunctive relief in an arbitral forum.

The first case, Rodriguez v. Nike Retail Stores, Inc., 928 F.3d 810 (9th Cir. 2019), reinforced that California does not recognize the federal de minimis doctrine, which relieves employers of paying wages to employees for work that lasts only a few seconds or minutes before or after regular working hours.

The second case, Blair v. Rent-a-Center, Inc., 928 F.3d 819 (9th Cir. 2019), held that the Federal Arbitration Act does not preempt a California Supreme Court decision that holds unenforceable an agreement purporting to waive a party’s right to seek public injunctive relief in any forum.

You can access Mr. Weinberger’s blog at

Gary Tokumori was recently elected the 2019-2020 Chair of the Executive Committee of the Remedies Section of the Los Angeles County Bar Association. Mr. Tokumori has previously served as Secretary and First Vice Chair on the Executive Committee.

Mr. Tokumori specializes in the areas of business, commercial and financial services litigation. Experienced in prejudgment remedies, he continues to successfully secure writs and receivers prior to obtaining multi-million dollar judgments for his creditor clients.

Gary Ganchrow will be addressing the Business Law and Real Property Section of the San Fernando Valley Bar Association (SFVBA) on property management strategies and liability issues. For information on the SFVBA, please visit:

San Fernando Valley Bar Association Offices at 12:00 p.m.
20750 Ventura Blvd., Suite 140, Woodland Hills, CA 91364

Ken Miller will be moderating a multi-state panel at the Annual Meeting of the American College of Mortgage Attorneys. The presentation will discuss a variety of issues facing commercial lenders in enforcing commercial real property secured loans, and strategies to maximize recovery.

The American College of Mortgage Attorneys is comprised of approximately 500 attorneys throughout North America who are recognized as experts in commercial real property financing and related issues. For more information, please visit:

Monterey Plaza Hotel & Spa, Monterey, California

Parker Milliken proudly sponsors the Los Angeles Lawyers Philharmonic & Legal Voices Choir. Firm paralegal Corina Flores is a cellist in the Los Angeles Lawyers Philharmonic.

Featuring the mighty “O Fortuna” from Carmina Burana, the “Ode to Joy” from Beethoven’s 9th Symphony, selections from Man of La Mancha, and a salute to legendary television and film composer Charles Fox (“Killing Me Softly” and themes from Happy Days, Laverne & Shirley, and Love Boat), the Los Angeles Lawyers Philharmonic and its 100-member chorus, Legal Voices, will celebrate their 10th Anniversary under the baton of founder-conductor Gary S. Greene, Esq.

For more information, visit:

The Music Center’s Walt Disney Concert Hall, Los Angeles, California

The U.S. Supreme Court's decision in Lamp's Plus v. Varela, denying class action arbitration where the arbitration agreement is ambiguous on that topic, helps employers push claims to individual arbitrations, but the decision comes amid a growing movement to limit arbitration of employee and consumer claims. William Weinberger's blogpost puts these circumstances in context, at

Gary Ganchrow’s article sheds light on the legal mechanics of how relatively “minor” infractions in paying resident managers – and, by extension, any employee – can become far more costly than most people can imagine. For access to the article, visit:

Parker Milliken is proud to sponsor the 46th Anniversary Awards Gala for the Los Angeles Center for Law and Justice (LACLJ). The event celebrates the strength and resilience of survivors of domestic violence and sexual assault, and honors those working to ensure that their rights are protected. This event is LACLJ's annual fundraiser supporting their work in the community providing legal representation to low-income survivors throughout Los Angeles County.

To register and learn more, please visit:

The L.A. Grand Hotel Downtown, Los Angeles, California

Michael B. Luftman shares his personal family experiences with Providence Tarzana Hospital and his appreciation for the wonderful treatment his family received. In his presentation, Michael B. relates his charitable giving and teaches effective ways on how to save taxes by donating to charity via charitable lead trusts. The event also features speakers presenting on charitable remainder trusts and charitable annuities.
For more information, please visit:

Michael B. Luftman serves on the Providence Tarzana Real Estate Committee Advisory Council.

El Caballero Country Club, Tarzana, California

Gary Ganchrow’s article in this month’s Apartment Age magazine, a publication by The Apartment Association of Greater Los Angeles (AAGLA), discusses the challenges associated with paying a salary to non-exempt employees. It specifically discusses paying resident managers, but the issues apply more broadly to any non-exempt employee.

For more information, visit:

The Los Angeles County Bar Association (LACBA) celebrates 140 years of service to the Los Angeles legal community and recognizes past and present bar leaders in honor of Asian American and Pacific Islander Heritage Month. Gary Tokumori is recognized as one of LACBA’s distinguished group of honorees, which includes judges, bar association leaders, and community advocates. He currently serves on the Executive Committee of LACBA's Remedies Section and on the Board of Governors of the Japanese American Bar Association.

For more information, visit:

Parker Milliken proudly sponsors the Philippine American Bar Association’s (PABA) 33rd Annual Installation & Awards Gala. Congratulations to the evening’s distinguished honorees and the 2019 PABA Officers and Board of Directors, including our own associate Jason A. de Jesus.

To register and learn more, visit

Millennium Biltmore Hotel, Los Angeles, California

The Los Angeles County Bar Association (LACBA) celebrates 140 years of service to the Los Angeles legal community and recognizes past and present bar leaders in honor of Asian American and Pacific Islander Heritage Month. Nadine Tan is featured as part of LACBA’s distinguished group of honorees, which includes judges, bar association leaders, and community advocates. She is an active member of the Board of Governors of the Southern California Chinese Lawyers Association, where she serves as the Co-Chair of Communications.

For more information, please visit:

William Weinberger serves as one of the co-chairs for the ABA Litigation Section LGBT+ Forum, April 30-May 1, 2019. He is the moderator for the program entitled “Paths to Engagement: Developing Client Relationships Between In-House and Outside Counsel and Professional Development in Both Contexts.”

Held in recognition of the 50th Anniversary of the 1969 Stonewall Riots, the conference features two plenary programs and three breakout sessions addressing both litigation and career-development topics. One plenary, "LGBT+ Issues in a Post-Kennedy World", will address the future of LGBT+ litigation in the United States Supreme Court. The second will discuss the impact of Stonewall on the LGBT+ movement, including civil rights litigation. For more information, visit:

Marriott Marquis Times Square, New York, New York

Parker Milliken is proud to sponsor the Southern California Chinese Lawyers Association’s (SCCLA) 44th Anniversary Installation & Awards Banquet. We warmly congratulate the evening’s distinguished honorees and the 2019 SCCLA Board of Governors, including our associate Nadine Shu Rong Tan.

To register and learn more, visit

Westin Bonaventure Hotel & Suites, Los Angeles, California

Brent Cheney serves as the Chair of the 33rd Annual Environmental Law Spring Super Symposium, hosted by the Los Angeles County Bar Association Environmental Law Section.

The 33rd Annual Spring Super Symposium is the premier general environmental law event in Southern California, bringing together leaders from the private bar, government, academia, non-profits and in-house counsel to address important developments in environmental law. This year’s symposium will offer five panels focused on: (1) Common Law Claims to Combat Climate Change; (2) RECLAIM Sunset: Swiftly Come the Landing Rules; (3) CEQA Meets Sustainability: Climate Change, Infill Development, and the New Guidelines; (4) Alternative Groundwater Regulation in Arid California during the age of SGMA; and (5) Ethical Implications of Environmental Due Diligence.

The L.A. Hotel Downtown, Los Angeles, California

Parker Milliken is pleased to co-sponsor the Japanese American Bar Association’s 43rd Annual Installation & Awards Gala. Gary Tokumori serves on the Board of Governors of the Japanese American Bar Association.

The Westin Bonaventure Hotel & Suites, Los Angeles, California

Parker Milliken’s Financial Services Department will be conducting its second in a series of presentations designed for commercial lenders.

In our previous presentation, we discussed changes in the law since the Great Recession of 2007, including changes in the law creating greater exposure to our commercial lender clients. The April 4th presentation will expand our discussion of how best to protect commercial lenders in this changing lending and legal environment. We will first present a case study of a lender liability lawsuit and discuss strategies available for lenders to best handle such litigation. We will then focus on how best to prevent such lawsuits from arising, ranging from creative approaches taking advantage of existing best practices as well as current trends involving emerging technology and artificial intelligence to streamline these approaches. The program is designed for loan production teams, special assets divisions, and in-house counsel.

Omni Hotel, Los Angeles, California