1099-C Filings

By Matthew M. Young, Attorney With tax season upon us, I want to remind credit unions of their obligation to timely file form 1099-Cs in cases of certain satisfied and charged off debts. A credit union that forgives or writes off $600 or more of a debt’s principal, not including amounts attributable to interest or…

Powers of Attorney-Built to Last

By Matthew M. Young, Attorney Any credit union accepting powers of attorney (POA) should know that a POA ceases upon the death of the principal.  A lesser known fact relates to durable powers of attorney; the durable POA survives incapacity (i.e., an individual unable to manage their business/property affairs due to, most commonly, cognition issues). …

The Basics of the Member Business Loan

By Robert T. Lieber Jr.,  Attorney At the end of 2012, credit unions had over $41 billion in member business loans outstanding, but as more credit unions either add member business lending programs or aim to grow their existing programs, the risks associated with member business loans continue to loom. A member business loan (MBL)…