Enforceability of Electronic Signatures

By David. A. Wolfe, Attorney E-Sign Act and Electronic Signatures In 2000, in order to address the concern whether electronic contracts could be enforceable and to provide procedures for keeping and retaining electronic records, disclosures and signatures, Congress enacted the Federal Electronic Signatures in Global and National Commerce Act (E-Sign). Under E-Sign, documents can be…

Trusts Made Simple

By Matthew M. Young, Attorney As general counsel for many credit unions, among the most common inquiry I address relates to the law of trusts.  Trusts law is a complex area of the law and for those credit unions navigating these waters, the potential for significant legal exposure can result through errors in interpretation of…

CFPB Enforcement of FDCPA Against First Party Collectors: What You Need to Know

By James J. Todd, Attorney The Consumer Financial Protection Bureau (CFPB) arose out of the national foreclosure crisis in July 2010 by way of the Dodd–Frank Wall Street Reform and Consumer Protection Act (the “Act”).[1]   The Act established the CFPB as a subsidiary agency of the Federal Reserve, and the associated regulations provided the CFPB…

Deceased Member Issues

By David A. Wolfe, Attorney On occasion, credit unions are faced with the death of an account holder or borrower and the resultant issues that arise. The grief process is always difficult for the family and disputes may arise involving inheritance rights as the estate is settled.  If the member has a will, the process…

The Impact of the Consumer Financial Protection Bureau 120 Day Rule on Foreclosures in Pennsylvania

By Matthew D. Urban, Attorney In January 2013 the Consumer Financial Protection Bureau (“CFPB”) issued wide reaching rules governing the mortgage industry which became effective as of January 10, 2014.  Since publication of the rules, confusion on their application and effect have reigned supreme.  While most credit unions are exempt from certain portions of these…