(please click ad for more information)

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!

 
print   email   share   share   share

ENTER THE 'WE OWN OUR BANK' CONTEST updated 08/31/14 03:36 PM
Submit your favorite summer photo
Don’t miss out on the chance to participate in the "We Own Our Bank" summer photo contest and win an iPad Mini!

ASI: NO SPECIAL ASSESSMENT FOR 2014 updated 08/29/14 08:40 AM
Performance Offsets Charge
Dennis Adams, CEO of American Mutual Share Insurance Corp. (ASI), announced to member credit unions that there would be no Special Premium Assessment (SPA) in 2014 by the nation’s private share insurer.

SAN MATEO CU CEO TO RETIRE updated 08/29/14 04:49 PM
Barry Jolette Served 27 Years
San Mateo CU CEO Barry Jolette will retire after 27 years of service. He has demonstrated a close dedication to the credit union movement through his various leadership roles on local, national, and international levels.

NCUF RELEASES ANNUAL REPORT updated 08/29/14 02:44 PM
Activities From Last 12 Months
The National Credit Union Foundation (NCUF) released its 2013-2014 Annual Report, entitled “Improving People’s Financial Lives through Credit Unions.” The report highlights the organization's program and grant activities during the past 12 months.