RELEASE DATE: OCTOBER 3, 2022
DURATION: 70 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 or 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 is President and founder of Compliance Plus, Inc., which has been helping financial institutions with the development of compliance programs since 2000. She provides compliance training all over the country for various trade associations and financial institutions, and also speaks at numerous financial institution conferences throughout the country. Mary-Lou has been an instructor at regulatory compliance schools and conducts dozens of webinars for organizations throughout the country.