|By Tom Wolfe, Managing Partner of Moore Brewer Wolfe Jones Tyler & North|
'STOP PAYMENT' AND CASHIER'S CHECKS
updated 11/04/13 04:16 PM
Helpful Guidance for CUs
In August 2012, financial institutions across the country began receiving urgent requests to stop payment on un-cashed cashier’s checks sent to a popular online investment program.
In what turned out to be a $600 million Ponzi scheme, Rex Venture Group, LLC, doing business as ZeekRewards.com, was shut down by the U.S. Securities and Exchange Commission, and its more than 1 million customers were left scrambling to recoup their investments.
In recent weeks, court-appointed receivers began issuing demand letters to financial institutions seeking payment on cashier’s checks wrongfully rejected when first presented as a result of "stop payments."
Although the law hasn’t changed, we revisit the issues involved so credit unions can gain a better understanding of the factors surrounding this story and why they are important to know.
ANNUAL FED WEBINAR ON REGS, GUIDANCE updated
11/21/14 10:32 AM
Also, FinCEN Issues Advisories
Senior staff at the Federal Reserve will host an annual webinar to provide a recap of recent regulatory changes and highlight various inter-agency guidance. The webinar will also discuss current hot topics in the financial services industry and give a glimpse of future regulatory changes.
DIANA DYKSTRA RECEIVES 'EAGLE AWARD' updated
11/20/14 10:41 AM
Outstanding Record of Achievement
Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues, was presented with the American Association of Credit Union Leagues’ highest honor—the Eagle Award—this week during AACUL’s winter meeting in Hawaii.
LEAGUE SURVEY EXTENDED TO NOV. 21 updated
11/19/14 10:57 AM
Overdraft and Courtesy Pay
The deadline for the California and Nevada Credit Union Leagues’ survey to obtain information about credit unions’ overdraft and courtesy-pay programs has been extended to Nov. 21.
CUs RECEIVE UNRIVALED SURVEY SCORE updated
11/18/14 11:10 AM
Ranked First in 'Customer Satisfaction'
Credit unions are ranked first in customer satisfaction, significantly outpacing all other financial services, according to findings released Tuesday by the American Customer Satisfaction Index (ACSI).