Has your credit union implemented proper procedures for handling garnishments, subpoenas, summonses, and levies? Most credit unions deal with these official legal documents daily, but many do so without the proper training. This webinar will explain these complicated legal issues and the situations when documents may be served on the credit union. Join us to understand how to handle legal processes, such as identifying accounts, placing account holds, answering interrogatories, notifying the member, and remitting funds. The final rules regarding garnishment procedures that became effective on June 28, 2013, for accounts containing federal benefit payments will also be addressed.
- What financial privacy restrictions are imposed when responding to these official legal documents?
- How do you know if it is an official document or a fake?
- What risks are imposed on the credit union?
- When are you required to notify the member?
- What if your credit union holds a security interest in the funds?
- What if an account is held by more than one member or held by a trust, sole proprietorship, corporation, etc.?
- What are the special garnishment procedures for accounts containing federal benefit payments?
- TAKE-AWAY TOOLKIT
- Official Guidelines for Garnishment of Accounts Containing Federal Benefit Payments issued by the Department of the Treasury
- Sample notice form to be sent to accountholders
- 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 deposit operations personnel, member service representatives, tellers, compliance personnel, auditors, 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.