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Current News

Relevant Information—For You, By You
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.

Click here to continue reading the latest Legal column on Page 17 within the October/November edition of Credit Union Digest!

 
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ECONOMY 'WELL POSITIONED AND READY' updated 07/21/14 02:06 PM
CUs Can Look to Growth Areas
As the economy expands throughout the latter half of 2014, credit unions should focus particularly on the largest employment sectors and growth in these areas, according to California and Nevada Credit Union Leagues Chief Economist Dwight Johnston in his latest Credit Union Digest column.

NCUA TO INCORPORATE 'RBC' COMMENTS updated 07/21/14 01:22 PM
All Audio Sessions Posted Soon
The National Credit Union Administration’s (NCUA) three listening sessions in Los Angeles, Chicago, and Alexandria, VA are finished—and the agency said it’s “incorporating comments and ideas from the sessions into its work, including the ongoing review of the agency’s proposed risk-based capital rule.”

STORY ON CONGRESSMAN ISSA CLARIFIED updated 07/20/14 11:53 AM
'Misrepresents Facts,' Dykstra Says
Some within the credit union industry may have read the recently published Credit Union Times article regarding remarks from Rep. Darrell Issa, R-CA, in relation to the credit union movement.

HEARING: ROYCE ADDRESSES RBC CONCERN updated 07/18/14 11:59 AM
CU CEOs Comment on Record
Rep. Ed Royce, R-CA and a senior member of the House Financial Services Committee, recently questioned a witness on the National Credit Union Administration's risk-based capital proposal during a committee legislative hearing.