By Matthew M. Young, Attorney While forging paystubs to obtain credit is not a new concept, I have a number of credit unions that have advised me of an alarming increase in the use of these phony documents to support employment and corresponding income. Historically, forged paystubs were more common for indirect automobile loans obtained…
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…
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…
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). …
By Matthew Young, Attorney When your member defaults on his or her loan, your Credit Union is going to want your member to cure the default as quickly as possible or exercise the quickest and most cost effective means to recover the balance. Most commonly, this recovery will occur through offset or (setoff), which is…
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.
This is the fourth of what I hope will be an informative series on the 2014 changes to Regulation Z and Mortgage lending.
This is the third of what I hope will be an informative series on the 2014 changes to Regulation Z and Mortgage lending.
That Credit Union Blog 