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Who Wants to Be a Target?
Monday, May 2, 2016 6:30 AM

Who Wants to Be a Target

Learn How to Avoid Being a Target at the Bankruptcy and Collections Seminars in Little Rock

This year brings an excellent training opportunity to Little Rock for a key aspect of your credit union's business: bankruptcy and collections. The seminar is presented by noted experts in the field.

Little Rock, May 25-26
Arkansas Credit Union Association
1023 W. Capitol Ave.
Little Rock, AR 72201
More information and registration

WHY YOU SHOULD ATTEND
Credit unions should not forget they have more to watch than their own regulators. The recent rise of “champions of consumers' rights” has increased the risk of exposure to predatory litigation from over-eager, under-employed debtors’ lawyers looking for a fee and a fearsome reputation.

How fast must a credit union furnish a complete payment history to avoid an automatic $500 penalty owed to a consumer? How many days must a business borrower be afforded to redeem repossessed collateral before resale can occur? What happens if an un-redacted account number appears on a proof of claim, a small claims complaint, or a residential mortgage?

Credit unions rely on cross-collateralization provisions in their loan contracts, but do you know that there exists a method for a savvy borrower to defeat it with a single letter? Were you aware that a defaulted debtor can use a “request for information” to harvest enough penalty money from a lender to erase a mortgage loan delinquency?

The real problem is not so much a single case. One $500 settlement won’t ruin a credit union. It’s the appearance of your settlement check on social media or a lawyers’ listserv that can. Suddenly, your credit union has been identified as one that does not respond quickly enough to account history requests or who chronically misaddresses Notice of Intent to Sell. Your state’s “consumers’ rights champions” now know you as a target for scrutiny, whether warranted or not.

YOUR PRESENTER
Frank DrakeYour presenter will be Franklin Drake. Drake has been a partner in the firm of Smith Debnam Narron Drake Saintsing & Myers since 1994, following a 16-year practice specializing in creditor's rights, bankruptcy, and repossession law as a senior vice-president of William Mapother's law firm.

For the last 30 years, Drake has lectured regularly at practical training courses, bankruptcy and regulatory compliance programs and webinars.Sponsors include NASCUS, CUNA, NAFCU, ACUIA, AACUL, NCUMA, state regulators, and more than two dozen state credit union leagues across the US. His articles on the practical application of laws and regulations to credit union procedures have appeared in state bar magazines, nationally distributed newsletters and on the Internet. For the past 31 years, Frank has advised and represented most of the major secured and unsecured financers on secured lending, bankruptcy and regulatory compliance matters. He especially enjoys teaching participants around compliance pitfalls and how NOT to get sued.

YOUR INVESTMENT
Get educated, and stay off their radar. Come learn how from a “champion of credit union rights” with almost four decades of experience in five states. Get this premier training now for the reduced price of $169.

WHO SHOULD ATTEND?
Presidents/CEOs/managers, loan officers, credit committee members/volunteers, collection officers, compliance officers, and any other credit union staff responsible for minimizing the credit union's exposure to bankruptcy losses, collections, or lending in general would benefit from these seminars.

More information and registration.

NEED GRANT ASSISTANCE?
The Cornerstone Credit Union Foundation is accepting grant applications for League training events based on financial need. Applications must be received by application deadlines. Please visit the Foundation’s website to view all grant applications, guidelines and deadlines. Contact Emily Moreno, Foundation grants manager, at 469-385-6483 for more information.

QUESTIONS?
Call 800-442-5762, ext. 6634, or 469-385-6634, or email Janine McBee at jmcbee@cornerstoneleague.coop.