Legal pitfalls in Right of Setoff

GJ Luchs

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Description:

"Right of Setoff" is used frequently in the banking industry when trying to collect on past-due debts owed by customers. Unfortunately, many bankers don't understand the legal requirements and procedures necessary to use this process. The risks of using the process incorrectly can be costly to your financial institution. On the other hand, successfully using the right of setoff can protect your financial institution from significant financial losses.

Do you know when the right of setoff is allowed and when it isn't? Do you know if your financial institution has a statutory or contractual right of setoff? Do you understand the financial risks of using your setoff rights incorrectly? If you don't know the answers to these questions, make sure to attend this valuable webinar.

Areas covered:

  • What are the legal requirements to create a "right of setoff?"
  • What is the difference between a contractual right of setoff and a statutory right of setoff?
  • What are the differences between setoff, garnishment, and foreclosure of security interest, and why are these terms frequently misused?
  • What happens when a third party is competing with your financial institution's right of setoff?
  • How does the automatic stay in bankruptcy affect the right of setoff?
  • When is the right of setoff absolutely prohibited?
  • How to handle notice to the customer?
  • What is sample contractual language that can help your financial institution exercise its setoff rights?
  • What are the liabilities that can be incurred when setoff is done incorrectly?

 

Who Should Attend?

All loan and deposit personnel, bank counsel and compliance officers.

Webinar Events
Live -Coming soon!

Training CD-DVD

Physical CD-DVD of recorded session will be despatched after 72 hrs on completion of payment


Recorded video

Recorded video session



Speaker: GJ Luchs, BSA/Compliance Auditor and Consultant

GJ Luchs, PhD (ABD), CAMS, CRMS  is a highly experienced and educated BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting experience. Her emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work from small community banks to large, international financial institutions. Her roles not only included BSA/AML and Compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.

GJ Luchs has worked with all of the financial regulators and examiners. She possesses advanced Microsoft Excel, PowerPoint, Word, Internet Explorer, Visio, and Access skills. She also has experience with Fiserv, BAM, CRA Wiz, Teammate, COGNOS, and Metavante banking software. She has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to her above experience, she is also an adjunct instructor for the business and construction management programs at a local college, as well as writes numerous BSA/AML and Compliance articles, training materials, and manuals as requested from numerous clients.


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