|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.
CUs ENGAGE LAWMAKERS ON CAPITOL HILL updated
03/03/14 12:29 PM
New Legislators Show Support
As Congress considers tax reform, data security, regulatory relief, and other vital credit union issues, this year’s 2014 Governmental Affairs Conference (GAC) in Washington D.C. was a pivotal event for credit union executives and board members who advocated face to face with legislators on behalf of their members and the movement.
LEAGUES PRESIDENT RECAPS GAC updated
02/28/14 01:41 PM
'Attendees Were Encouraged,' She Says
The highly-anticipated annual Governmental Affairs Conference (GAC) in Washington, D.C. has come to an end. From Feb. 23-26, attendees had the chance to hear from influential legislators and credit union experts on the political landscape, attend breakout sessions on the hottest issues, and network with peers.
CO-OP COMMENTS ON VISA, FIRST DATA updated
02/27/14 03:08 PM
Thinks it’s an Industry Win-Win
CO-OP Financial Services’ business partners—Visa and First Data (STAR Network)—announced an agreement to share Visa’s common debit solution offering issuers, acquirers, and merchants an approach for debit EMV chip adoption.
ROYCE: NEXT STEP FOR MBL LEGISLATION updated
02/25/14 12:37 PM
'We Still Have Work to Do'
Representative Ed Royce, R-CA, announced today during the Credit Union National Association's 2014 Governmental Affairs Conference (GAC) that he will introduce legislation giving parity for credit unions with respect to standing law for banks.