Release Date: October 18, 2021
Estimated duration: 90 minutes
When you and your California or Nevada credit union accept and honor power of attorney documents, you also accept the risks that go along with them. What procedures should you follow to verify the document, its presenter, and the signing powers that it authorizes?
Get a practical understanding of rules and guidelines for Power of Attorney documents. Credit union compliance expert Mary-Lou Heighes will discuss the special provisions and validity requirements of each Power of Attorney type, along with your credit union’s obligation and liability in honoring these legal documents.
Get the answers to these questions and more:
- What special purpose does each Power of Attorney type serve?
- What is your credit union’s liability in honoring a Power of Attorney document?
- Must you keep a copy of the document in your credit union files?
- What language should accompany an attorney-in-fact’s signature?
- When does a Power of Attorney become invalid?
- Can all account and loan documents be signed by an attorney-in-fact, or are there exceptions?
- Can the attorney-in-fact change the beneficiaries on an account?
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.