RELEASE DATE: OCTOBER 4, 2021
ESTIMATED DURATION: 90 MINUTES
A Power of Attorney is a very powerful document, it allows someone (the Attorney in Fact) to make decisions on behalf of another party (the Principal). When it comes to finances, a PoA can be an important tool when used properly. When dealing with the attorney in fact, the credit union must ensure that the PoA is proper and the attorney in fact has the authority do engage in the transaction – everything from establishing an account, acting on existing accounts, negotiating checks and other transactions. A power of attorney however, is not without its limitations. In this webinar we explore the different types of PoAs, the parties and their roles, what types of transactions are permitted and which are not, and which actions will require specific authority to be granted.
You will learn about:
- Durable and non-durable PoAs
- Whether the attorney in fact can transact on a trust account of business account
- What happens when the court appoints a conservator
- Special rules for Treasury checks, Social Security and Military PoAs
- When it is okay to deny the use of a PoA
- Termination of the PoA
MEET THE PRESENTER
Mary-Lou Heighes started her financial institution-related career in 1989, working in the areas of lending, marketing, collections, and a LOT of “other duties as assigned” in many areas of operations. After 5 years she transitioned to a compliance role at a state trade association providing answers on the compliance hotline, writing articles on changing regulations and providing assistance to state and federal governmental affairs departments regarding proposed laws and regulations affecting financial institution operations.
In 2000 she founded Compliance Plus, Inc. to provide more direct assistance to financial institutions struggling with day-to-day compliance challenges. In this capacity she uses her 25 years’ compliance knowledge to provide phone and e-mail support to retainer clients, in-house consulting and training, and website and marketing compliance reviews. She also speaks around the country on compliance issues for various state trade associations, at industry conferences, and of course webinars.