Critical Issues on Power of Attorney Documents
This program will look at power of attorney "hotspots" and how to prevent your institution from making costly mistakes in handling these high risk documents, including new CFPB guidelines for POAs.
Today, someone you have never met walks in with a power of attorney (POA) and demands to be added to your account holder’s accounts–an account holder with hundreds of thousands of dollars with your bank.
Your account holder is elderly and has no children. Immediately, your mind jumps to thoughts of fraud and protecting your account holder as you scramble to figure out what to do.
This is when well written and thought out POA procedures can keep you out of litigation and liability. We don’t want to have to decide what to do in each case. We need to know our institution’s procedures to protect the institution and the account holder and begin to work those procedures so that we follow state law, our internal procedures and our signature card contract.
This program will look at POA “hotspots” and how to prevent your institution from making costly mistakes in handling these high risk documents. We will also provide you with some guidance about what procedures you should have in place for handling POAs. As a bonus, you will receive a chart with your state law link and key components for your state’s POA statute.
- Types of POAs–springing, durable, specific, military and other types of POAs
- New CFPB guidelines for POAs
- Specific types of POAs on treasury checks
- State law issues: Affidavits for POAs, POAs accepting the job and recording of the POA
- Durable versus nondurable POAs–what is the risk?
- POAs on trusts, businesses, UTMA, Social Security Accounts, IRAs and other fiduciary relationships
- What can a POA do? Can a POA make a loan? Open a safe deposit box? Sign a signature card? Remove an authorized signer?
- What happens when a POA tries to benefit his or herself such as naming his or herself as Joint WROS, or POD beneficiary?
- When a conservator is named by the court, does it bump a POA?
- How should POAs endorse checks?
- Who do you run your Customer Identification Program on? Owner or POA?
- Can the financial institution set rules for POAs and when should that be done?
- And much, much more…
New accounts representatives, CSRs, deposit operations, tellers, branch managers and anyone who opens or manages deposit account relationships
Deborah Crawford is the President of Gettechnical Inc, a Baton Rouge-based firm, specializing in the education of financial institutions across the nation. Her 27+ years of experience began at Hibernia National Bank in New Orleans. She graduated from Louisiana State University with both her bachelor’s and master’s degrees. Debbie specializes in the education of financial institution employees and officers in the area of deposit account laws, new account documentation, insurance, complex compliance regulations and IRAs.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2 hours/session
Member price: $275.00 | Non member price $550.00
Member price: $295.00 | Non member price $560.00
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