Handling the Credit Union’s
Right of Setoff
WEBINAR OR ON-DEMAND WEB LINK
(LINK INCLUDES FREE CD ROM)


Wednesday,
April 11, 2012

12:00 pm - 1:30 pm PT
1:00 pm - 2:30 pm MT
2:00 pm - 3:30 pm CT
3:00 pm - 4:30 pm ET

Meet the Presenter

Elizabeth Fast, JD & CPA, Spencer Fane
Britt & Browne LLP

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A credit union has the right to setoff its member’s account if certain legal requirements are satisfied.  This webinar will explain these requirements and will address the steps a credit union must take before exercising its right of setoff.

If a member defaults on a loan, when can the credit union apply money from the member’s checking account to pay the loan?  Does the member have to be notified before the credit union exercises its right of setoff?  What if the member’s checking account has more than one owner?  If the credit union receives a garnishment from another creditor, can the credit union setoff before honoring the garnishment?  Learn the answers to these questions and more.

HIGHLIGHTS041112cu.jpg

  • Fundamentals of the right of setoff
  • Differences between setoff, garnishment, and foreclosure of security interest
  • Requirements that credit union must satisfy before setoff is permitted
  • Competing claims for the member’s funds – who wins?
  • How the automatic stay in bankruptcy affects the right of setoff

WHO SHOULD ATTEND?

This informative session is designed for any credit union personnel involved in the deposit, garnishment, or collection areas, such as deposit operations personnel, collectors, attorneys, compliance officers, member service representatives, and managers.