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…
By Matthew Urban, Attorney First there was LBJ’s war on poverty in the 1960’s and then President Reagan’s war on drugs in the 1980’s. The common thread among all of these “wars” is that for better or worse they all received or are receiving a great deal of media attention. However, one war that has…
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…
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…
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…
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