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Legal
Services
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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 nineteen 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 access to EFT networks and switches which enables 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, home equity loans, mini home equity loans, and
construction loans. My office assists the credit union in preparing the
complete mortgage program including development of 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 works with representatives
of Region II of the National Credit Union Administration on virtually a daily
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.
My office has represented the Asset Liquidation Management Center of the National Credit
Union Administration in reference to the disposal of property located in
New Jersey. 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 carefully 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 works closely 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 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 - As a result of the problems with the New Jersey real
estate market, which commenced in 1989, and other problems associated with
the recession, many real estate loans went into default. My office handled
a significant number of real estate loans, which became delinquent during
the period 1989 through 1991. As a result of this practice, 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. In light of the many years which I have represented credit union clients, I
have developed a number of services especially for my credit union clients. I maintain an extensive library of banking and credit union treatises and
manuals. I also subscribe to numerous periodicals pertaining to banking
and credit union matters. NCUA Regulations - I also receive several credit union newsletters, as
well as all of the publications issued by the National Credit Union Administration including the amendments to the NCUA Rules &
Regulations, Standard Bylaw Amendments, Letters to Credit Unions, Interpretive Ruling & Policy Statements. Mortgage Program - I am the review
attorney for all of my credit union clients who offer first mortgage
loans. I have maintained for many years, a first mortgage closing
department, which is staffed by full-time employees. This enables my
office to process and review first mortgage packages on an expedited
basis. As a result of the volume of first mortgage closings, my office
maintains computer access to the Federal Express Powership 3 tracking
program so that we may instantly monitor the location of any mortgage
package which was sent by my office through Federal Express. The firm's
mortgage department is completely utilized and uses desk top publishing
and laser printers to expedite the closing process and to prepare the loan
forms and documents in a professional manner. NCUA Web Site and Other Electronic Banking Information
My office has access through the Internet to the Web Site maintained by
the National Credit Union Administration, which allows immediate access to
all of the NCUA publications, including Interpretive Ruling and Policy
Statements, and Opinion Letters of the General Counsel's Office. My firm has acquired a number of banking and financial institution
publications in CD-ROM format, which includes an extensive inventory of
banking forms. It has been my policy for several years to acquire all form books on CD-ROM to enable my
staff to immediately duplicate any operations form required by the credit
union in "camera-ready" format so that it may be sent to the
credit union and immediately printed by the credit union. My firm maintains an E-mail address and it is anticipated that E-mail will
become an increasingly greater form of communication between our office
and our credit union clients in the future. Desk Top Publishing of Credit Union Documents and Forms -
Virtually all of the employees in my office are trained in desk top publishing and each
secretary has access to a laser printer which enables all credit union
forms and documents to be typeset by my office. This greatly reduces the
time associated in developing new documents and also provides the
documents in a format, which can be cheaply and quickly reproduced by the
credit union. Many of my credit union clients request my office to create
new forms and forward them to the credit union on a "floppy
disk", which can then be loaded into the credit union's computer
enabling the credit union to print the new form on its stationery. |
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