Opening a deposit account or lending to a trust is substantially different from opening an account or lending to an individual. Although many members inappropriately treat trust property as their own individual property, your credit union must treat the trust as a legal entity separate from the individual. Further, trust agreements are lengthy, complicated legal documents which can expose your credit union to significant liability if not handled properly.
This webinar will explain everything you need to know about opening accounts for trusts, including proper account documentation and authorization requirements. You will also learn about lending to trusts, including appropriate loan documentation and proper perfection of security interests in trust property. Join us to understand the steps your credit union can take to reduce loss when dealing with trusts.
- What are the legal requirements for a valid trust?
- Who can sign for the trust? Are all trustees required to sign the account and/or loan documents?
- Should your credit union rely on a Certification of Trust or must you review the entire trust agreement?
- Are trusts subject to the Truth-in-Lending Act and other consumer protection regulations?
- How can you collect against a trust that has defaulted on a loan or overdrawn an account?
- What steps can be taken to reduce the risk of loss with trusts?
- TAKE-AWAY TOOLKIT
- Checklist of items to request when opening a deposit account for a trust
- Checklist of items to request when making a loan to a trust
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND?
This informative session will be useful to both deposit and loan operations, including new accounts personnel, loan documentation staff, member service representatives, tellers, officers, attorneys, compliance personnel, and managers.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane Britt & Browne LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
|Over $75 million
|$25 - $75 million
|Under $25 million
Scholarships are available for all KCUA education events. Scholarships pay 100% of registration fee for credit unions under $25M, 50% for credit unions between $25-$75M and 25% for credit unions over $75M.
Upon registration, you will receive an email confirmation that you can print for your records.