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Legal
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Credit Union Legal ServicesSet forth below is a partial listing of the services, which my firm has rendered in the past to my credit union clients. Many of these services are provided on an on-going basis. Others are rendered only when required by the credit union. Virtually all of the services listed below are provided as part of the monthly retainer. The only items not included in the monthly retainer are litigation, real estate and mortgage closings and "extraordinary items" beyond the scope of the retainer such as construction of a new credit union office building, or a complicated bond claim. I have been providing legal services to my credit union clients for more than thirty years. In addition to the legal services, which I provide my clients, I also provide consulting services to assist the credit union in its operation. Assistance in the Operation of the Credit UnionSome of my credit union clients have relatively small staffs and the employees are often responsible for several different jobs. In the years that I have represented credit unions, I have resolved all types of operational problems experienced by my credit union clients. Many times these problems can be resolved by a simple telephone call, and I encourage my credit union clients to have their staff contact my office when a problem arises. Among the many items of assistance rendered by my office to the credit union concerning its operation are the following: Resolving operational problems involving virtually every department of the Credit Union including:
My office also provides assistance to my clients concerning the following areas:
Compliance MattersMy office renders assistance to the credit union in all areas affecting compliance with applicable federal and state law and regulation. Including the following:
Contract ReviewMy office reviews all contracts involving the credit union's operation and vendors such as the following:
In particular, my firm has developed substantial experience in representing credit unions in negotiating the crucial data processing agreements under which the credit union receives data processing services from a third party vendor either by means of an in-house computer system or an "on-line" system.
Deposit Accounts - At the request of the credit union, I render assistance in the offering and development of credit union loan services including deposit accounts such as share, sharedraft, share certificate and IRA accounts, preparation of account agreement cards, disclosure forms, truth-in-savings disclosure documents and policies, development of telephonic access to credit union accounts. Loan Accounts - My office also provides assistance in the offering and implementation of credit union loan services including working with the credit union staff to develop the documentation, policies, and terms for new loan programs, preparation of application forms, disclosures, loan documents, and other documents necessary for the program.
New Services - Many of my credit union clients find my past experience in assisting credit unions and offering new services is valuable to the credit union when it develops and new deposit or loan service. Recently, I have worked with my clients in developing such new services as Check 21 and remote deposit of checks, business accounts and services, Automated Clearing House services, loan participations for Taxi Medallion loans, commercial loans, church loans and student loans, the sale of investment in insurance products at the credit union offices, expedited loan programs, pre-screened and pre-approved loan programs, home banking and electronic delivery of credit union services access to EFT networks and switches which enable credit union members to participate in ATM programs despite the fact that the credit union does not own any proprietary ATM machines; participation in the shared branching program; automobile leasing; the sale of investments and insurance products at credit union offices; expedited loan programs; interest free IRS tax refund loans; prescreened and pre-approved credit card loans, 24 hour loan services, electronic branches and access to the Internet.
My office has developed an extensive mortgage program to assist the credit union in implementing and offering mortgage loans including first and second, fixed and variable rate mortgages, and home equity loans. My office assists the credit union in developing the complete mortgage program and including establishing the terms under which the loans will be offered to credit union members, development of written loan policies, and preparation of all of the necessary forms, disclosures, and loan documents. I am a subscriber to the Servicing and Seller Guide of both the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"). My office has prepared sample application forms, commitment letters, disclosure statements, general closing instructions, final closing instructions, and mortgage loan checklist for use by the credit union. I also act as review attorney for all of my credit union clients offering first mortgage loan. My office also assists my credit union clients in servicing mortgage loans, including handling real estate tax and insurance escrow issues, delinquency, flood insurance matters and other issues arising during the term of the mortgage loan.
During the many years that I have represented credit union clients, I have developed a relationship with both the National Credit Union Administration, and the New Jersey Department of Banking. My office communicates with representatives of Region II of the National Credit Union Administration on a regular basis and I am familiar with most of the examiners, supervisory examiners, and members of the General Counsel's Office of the National Credit Union Administration. I have handled virtually every type of regulatory problem arising from the operation of the credit union from simple matters up to and including the conservatorship of a credit union. I monitor changes in the regulatory procedures, including receiving all of the National Credit Union Administration Letters to Credit Union, regulatory changes, bylaw amendments and manuals. My office also maintains electronic access to the NCUA Bulletin Board and Records, including access to all Interpretive Ruling and Policy Statements ("IRPS") and opinion letters of the General Counsel's Office. Among the many issues previously resolved with NCUA on behalf of my credit union clients are field of membership and charter expansion issues, disputes including the adequacy of allowances for losses account, disputes concerning write-down of investments, CAMEL ratings, member business loans, real estate loans in foreclosure. My office also has substantial experience in negotiating with NCUA concerning findings set forth in the record of action and requests for letters of understanding. My office also communicates with representatives of the New Jersey Department of Banking concerning state law issues, which would apply to both my state chartered and federally chartered clients. With the exception of litigation, virtually all of the collection services are provided to my credit union clients as part of the monthly retainer. My office has experience in handling lender liability claims, which are often times brought by a delinquent borrower when the credit union seeks to obtain a judgment or foreclose against collateral owned by the debtor Demand Letter Program - My office has developed a fast and efficient demand letter program whereby my staff will forward demand letters, which are individually signed and are typed on my firm's usual stationery. No pre-printed or computer generated forms are used. This program has proved to be particularly effective and valuable for my credit union clients. The advantage to the program is that it allows the credit union to have my firm contact the member soon after the loan becomes delinquent without the credit union incurring additional costs or a contingent fee which would be charged by outside counsel or a collection agency. My office has prepared simple forms which can be used by the credit union staff to forward information to my office by "fax" or "e-mail" which is then used by my staff to generate the demand letters. The demand letters are used for delinquent loan accounts, negative account balances, ATM fraud and minor check kiting claims, and to obtain car titles and proof of insurance on automobile secured loans. All recoveries under the demand letter program are not forwarded to the credit union without reduction for any contingent fee, nor is the credit union charged any fee for the issuance of demand letters. Bankruptcy - My office will assist the credit union in all bankruptcy matters. My office files proof of claims, resolves disputes concerning collateral for credit union loans, negotiates and prepares reaffirmation agreements, resolves disputes concerning offsetting the debtor’s deposit accounts at the credit union, and handles other matters involving the member’s bankruptcy. All bankruptcy services are included as part of the monthly retainer with the exception of bankruptcy litigation. Loan Workouts and Foreclosures - As a result of the problems with the New Jersey real estate market, and other problems associated with the recession, many credit union mortgage loans are in default. My office works with our credit union clients in reference to loan workouts for real estate loans, and also represents our clients in foreclosing delinquent mortgage loans. Loan Workouts - As a result of the problems with the New Jersey real estate market, which commenced in 2008, and other problems associated with the recession, many real estate loans went into default. Over the years my office has handled a significant number of real estate loans, both residential and commercial which became delinquent. As a result of these experiences, my office has developed substantial experience with loan workouts. I have found that in many cases, a significantly better repayment agreement can be negotiated if the loan is initially approached as a potential workout as opposed to a collection litigation matter. My office attempts to contact the borrower. In the event the borrower responds my firm negotiates a repayment agreement, surrender of collateral, deed in lieu of foreclosure, etc. This program has proven particular valuable for my credit union clients in light of the substantial delays associated with foreclosure and the fact that many borrowers have filed bankruptcy rather than repay their loans to the credit union. Collection Litigation - All litigation is handled by my office on a reduced hourly basis for my credit union retainer clients. All litigation must be specifically requested by the credit union. Collection suits are litigated on a flat fee basis assuming the matter is uncontested. This results in the credit union having a fixed cost for the collection suit. My office will obtain a judgment, writ of execution and wage garnishment to collect the judgment. Bankruptcy litigation is relatively infrequent. Litigation in the bankruptcy court is normally associated only with vacating the automatic stay, which allows the credit union to repossess its collateral. In addition, my office is occasionally requested by the credit union to conduct a discovery hearing pursuant to Rule 2004. In the event the credit union suspects that it has been defrauded by the borrower, I would conduct a Rule 2004 hearing which enables me to question the borrower under oath as to the circumstances surrounding the credit union loan. This program has proven effective in obtaining payment agreements from individuals who file for bankruptcy with large unsecured loans under circumstances where the credit union believes it has been defrauded by the member. |
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