Credit unions have become increasingly popular with consumers in the last few years. Many credit unions have responded by increasing their marketing, opening new branches and seeking ways to more effectively serve a larger, more diverse set of owners. Some credit unions have also focused on offering additional services to businesses, providing them an alternative to traditional banks and other lenders.
As credit unions grow, so do the number and complexity of the potential legal issues they face. Nexsen Pruet’s attorneys — more than 180 strong — understand that a credit union isn’t just another lender or financial institution. Our lawyers appreciate the unique nonprofit mission of credit unions, the challenges and opportunities that come with being member-owned, and the pressures faced by their volunteer boards and executive management teams. Our clients include several of the larger credit unions in the southeast.
We offer a broad range of legal services. Our attorneys have extensive experience with issues unique to credit unions and we have deep knowledge in financial services and general business operations.
Credit union-specific services
Credit unions are governed by specific federal and state laws and regulations. Nexsen Pruet attorneys can advise on a wide variety of credit-union specific matters, including
- Federal Credit Union Act
- National Credit Union Administration (NCUA) regulations
- State laws and regulations pertaining to credit unions (when not preempted by federal law)
- Credit Union Service Organizations (CUSO) governing rules and operating agreements
Credit union business lending and merchant services
Many credit unions have become more active in business lending and providing merchant services. Our lawyers are prepared to assist on all aspects of business lending transactions, including:
- Developing and reviewing transactional documents to protect the credit union’s interests
- Advising credit unions regarding the NCUA’s updated Member Business Lending (MBL) Rule
- Advising credit unions in connection with loan participations
- Representing credit unions in lien claims
- Representing credit unions in foreclosures, defaults, receiverships and collection of business loans
- Handling bankruptcy, insolvency and preference litigation on behalf of credit unions
- Representing credit unions in lending disputes and lender liability claims
Financial services matters
Like all financial services providers, credit unions have faced a more complex regulatory landscape since the Great Recession. Our team stays current on state and federal financial services regulations and laws, including the latest CFPB requirements, and can guide credit unions through these complex requirements. Our lawyers provide comprehensive financial services counsel, including:
- Consumer Financial Protection Bureau (CFPB) rules and guidelines
- Reviewing and revising policies to ensure compliance with all applicable regulations
- Developing and overseeing training programs for front-line employees
- Advising on data and privacy matters
- Corporate finance transactions of all types and sizes
All your legal needs
Credit unions — just like any nonprofit or for-profit organization — engage in many day-to-day activities that have legal implications. In some cases, they will require legal assistance. Some of those legal services that credit unions often need include:
- Contract review and negotiation
- Contract disputes
- Examinations, updates and modernizations
- Employee benefits design, administration and litigation
- Executive contracts and compensation
- Discrimination, retaliation and harassment claims
- Occupational safety and health
- Wage and hour litigation and compliance
- Real estate and construction matters
- Public policy and government relations
Nexsen Pruet seeks to build long-term, trusted advisor relationships with its clients. Whether your credit union needs some routine assistance on a commercial loan, help with a corporate governance or compliance matter, or a legal review of a new strategic direction, our attorneys can help.
In part 1 of his video series, bankruptcy and financial services attorney Brooks Bossong discusses what receiverships in the commercial loan context are and how they work.