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Copyright © Holzman Corkery, PLLC 2010 All Rights Reserved  28366 Franklin Road Southfield, MI 48034  Phone: 248-352-4340
Bulletins
In today's rocky economic climate, changes are happening at a whirlwind pace in the banking
and credit union industry. Here is some of the latest news in the banking and credit union
industry
  • New rules for corporates
The NCUA issued new rules for corporates and seized control of three more corporates. Read
the full article from the Michigan Credit Union League here
  • Participation Loans
The due diligence list (when considering a credit union for a merger) definitely needs to include
a review of what the target credit union has sold to anyone (land, buildings, loans, participation
interests, etc.) even if those things are not reflected on its books. A purchase and assumption
would avoid this problem since the buyer would not take on such liabilities.
Read the full article
from the Credit Union National Association here
  • Learn About Navigating Bond Coverage and Claims
Holzman Corkery recently presented at the 33rd Annual National Directors' Convention in Las
Vegas!

Learn More about Navigating Bond Coverage and Claims: Trends and Tips on Getting Paid
  • Merger database created
The NCUA has launched a merger database to help search for potential merger partners. Read
the full article from the National Credit Union Association here
  • Robo-signing on foreclosures has caused big problems
Loan servicers were rapidly signing foreclosure documents without even reading them has
uncovered a morass of serious paperwork problems.  
Read the full article from CNNMoney  
here
  • HELOC scam tapped $220,000 from member's equity
A lawsuit over coverage of $220,000 of home equity line of credit (HELOC) funds that went
missing from a credit union member's account has provided some details on the methods used
by international fraudsters in a dozen similar cases in the eastern section of the country.  
Read
the full article from CUNA.ORG here
  • Wire transfer fund warning
Imposters are stealing information from credit union members and using it for fradulent wire
transfers.
Read more about it here
  • Senate introduces interchange delay
The U.S. Senate has introduced legislation to void the Federal Reserve's proposed debit
interchange rule.
Read the article from CUNA here
  • NEW FEDERAL RULES REGARDING GARNISHMENT OF ACCOUNTS
March 21, 2011 -- New rules go in effect on May 1. Here is what financial institutions need to
know.
Click here
  • ATMs must have proper fee disclosures
March 22, 2011 -- Credit unions and other financial institutions could be fined up to $500,000 if
required signage is not properly affixed to ATMs explaining their fees.
 Read the full story from
the CUNA website
  • MORTGAGE LICENSING ACT REQUIREMENTS
April 1, 2011 -- Residential mortgage loan originators employed by credit unions must register
with the Nationwide Mortgage Licensing System & Registry by July 29, 2011.
 Click here for
more information
  • APPRAISALS AND EVALUATIONS
April 13, 2011 -- Guidance on sound practices for financial institutions for real estate appraisals
and evaluations are announced.
 Click here for more information
  • CYBER THREATS ON THE INCREASE IN 2010
April 18, 2011 -- According to a new report by systems security company Symantec, there
were more than 286 million new cyber threats in 2010. The attacks are increasing in frequency
and sophistication.
Click here to read the report from Symantec
  • COURT OF APPEALS RULING AFFECTS MORTGAGES
May 6, 2011 -- A recent Michigan Court of Appeals ruling says that Mortgage Electronic
Registration System may not legally foreclose mortgages in its name.
Click here to read about
how it is affecting foreclosures
  • Scenes from the recent Michigan Credit Union League Convention and Exposition in
    Grand Rapids. Click here
  • Appeals court upholds $8 million Michigan First ruling
May 6, 2011 -- The suit sought coverage from Cumis Insurance Society Inc. for substantial
losses caused by Michigan First employees who blatantly disregarded loan approval policies..
Read about it here
  • The Federal Reserve has voted to adopt new debit card rules
June 29, 2011 -- Banks could receive as much as 24 cents per transaction under new guideline.  
Read about it here
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  • Dade County Federal Credit Union wins lawsuit against CUMIS
October 31, 2011 -- Insurance company found in breach of contract.  Read about it here
  • Share Insurance advertising compliance date approaching
December 1, 2011 -- The Jan. 1 mandatory compliance date for the National Credit Union
Administration's (NCUA) new share insurance advertising requirements is rapidly approaching.
Read more about it here
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  • The pitfalls of Troubled Debt Restructuring discussed
December 5, 2011 -- The Credit Union National Association and credit union officials recently
discussed the range of regulatory problems and concerns credit unions face when they provide
TDRs.
Read the article from CUNA News Now here
HOLZMAN LAW, PLLC
28366 FRANKLIN RD., SOUTHFIELD, MI,  48034
248-352-4340 WWW.HOLZMANLAW.COM