By Matt Young, Attorney What is a Representative Payee Account and when is it appropriate, or even necessary, to open such an Account? First, it is important to understand the role of a Representative Payee. A Representative Payee is an individual or organization appointed to receive Social Security benefits on behalf of another party known…
By Woo S. Jun, Attorney Credit union leaders are faced with the task of executing on their missions of providing superior and innovative financial solutions to its members. The decisions they make satisfy certain legal requirements, provide oversight of its finances and ethics, and implement strategies that augment the member experience. These critical decisions are…
By Matthew M. Young, Attorney Most credit unions facilitate transactions on behalf of their membership using powers of attorney on a daily basis. In fact, the most common questions I answer as corporate counsel for credit unions relate to powers of attorney. Despite the frequency in which these documents are used, many credit unions accepting these…
By John B.C. Porter, Partner As part of a credit union’s strategic planning, the topic of amending (or more appropriately modernizing) the credit union’s bylaws or code of regulations often surfaces as a priority. With advances in technology comes opportunity with respect to how the board of directors and members convene and vote. It is imperative…
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…
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”)…
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…
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