By: Nicholas K. Rohner, Esq. For any credit union seeking to negotiate with one of its members over a lump-sum settlement of the member’s delinquent, unsecured debt,[1] one potential roadblock is IRS Form 1099-C. This form reports the amount of a member’s debt that is forgiven or canceled; and although a member is unlikely to…
By Keri P. Ebeck, Partner As of December 1, 2015, the United States Bankruptcy Courts will mandate usage and filing of the forms approved at the Judicial Conference in September 2015. Although many of the official bankruptcy forms will change, those effecting lenders and creditors directly include: proof of claims, mortgage attachment (also known as…
By: Matthew Young, Attorney I want to take a moment to address rights to set off (or “offset”) from a credit union’s account. This issue most commonly arises when the debtor misses a payment or dies. As a general matter, most credit unions should have the right to set off funds in either of these…
By Matthew D. Urban, Attorney On June 3, 2015 the director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, announced in a letter to Congress that the CFPB was postponing implementation of the TILA/RESPA rules until August 1, 2015. However in the Federal Register that is scheduled to be published on July 24, 2015…
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 fees.…
Join WWR Attorney Matt Urban at the PCUA Connect Conference at the Hershey Lodge in Hershey, PA on May 14th – 16th!
By Matthew Young, Attorney As more and more credit union members move to online banking, credit unions are similarly encouraging members to accept electronic statements in lieu of paper statements as part of their online banking service. The advantages of doing so are several, not the least of which is saving money on paper and…
By Keri P. Ebeck, Attorney On July 2, 2014, Governor Tom Corbett signed into law as part of Act 95 of 2014, House Bill 1429, which provides for the amendments of Title 20 Chapter 56 (20 Pa. C.S. §§5601-5612). Title 20, Chapter 56 provides for the laws that govern all power of attorneys (hereinafter “POA”)…
This is the sixth and final of what I hope is an informative series on the 2014 changes to Regulation Z and Mortgage lending.
This is the fifth of what I hope will be an informative series on the 2014 changes to Regulation Z and Mortgage lending.
That Credit Union Blog 