Charging for Records Requests

By Matthew Young, Attorney All Credit Unions are faced with the daunting challenge of providing exceptional member service to its members while keeping its costs low. One of the more frustrating and costly circumstances surrounding this concept involve members or third parties requesting documents from the Credit Union. These could be requests from your members…

CFPB Proposes Payday Lending Restrictions

By John Porter, Partner The Consumer Financial Protection Bureau (CFPB) recently indicated it was exploring limitations to end payday debt traps by requiring lenders to take steps to ensure consumers can repay their loans. These proposals would also restrict lenders from attempting to collect payment from consumers’ bank accounts in ways that result in excessive…

Cashing in on Bad Checks

By: Matthew M. Young, Attorney As a financial institution, credit unions expect to incur certain losses for members who pass bad checks; however, it is critical to utilize methods available in the law to curb such abuse. In Ohio and most states, such activity qualifies as a criminal act and is compensable with treble damages…

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). …