|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.
HELP SAVE A LIFE THIS HOLIDAY SEASON updated
12/10/13 10:05 AM
Several CUs Join 'CU4Kids' Campaign
Fourteen credit unions in California have ordered their CU4Kids "holiday icons," joining dozens of other credit unions across the nation in raising money for their local Children's Miracle Network Hospital.
ANOTHER HEARING AND REG RELIEF BILL updated
12/09/13 04:03 PM
This Time, Congress Treats Differently
The Subcommittee on Financial Institutions and Consumer Credit—part of the House Financial Services Committee—met again on Dec. 4 to review legislation aimed at providing regulatory relief for credit unions and community banks.
CU TESTIFIES ON 'ERA TANDA' LOAN updated
12/04/13 11:02 AM
Banking Committee Reviews Program
Representatives from Travis CU recently testified before the California Senate Banking Committee about its new loan product that's geared to help the unbanked and under-banked Latino community access financial education and improve credit.
'IT'S MORE THAN A JOB' updated
12/03/13 10:50 AM
Retired CEO Shares Insight
It felt like a dark day for Barbara Lamberth, a day when “you’re ready to call it quits.” Then someone said something she’d never forget.