Contract Terms, Credit Unions

Is the ‘Clarified’ AAA Clause Registration Rule Clear Enough?

Ballard Spahr LLP on 6/10/2025

Effective May 1, 2025, the American Arbitration Association (“AAA”) amended its Consumer Arbitration Rules, including Rule 12 dealing with the registration of consumer arbitration clauses. The AAA stated that its goal was to...more

NC Supreme Court: Credit Union Can Unilaterally Add Arbitration Provision and Class Action Waiver to Agreements

Parker Poe Adams & Bernstein LLP on 5/24/2024

The North Carolina Supreme Court on Thursday, May 23 held that a credit union’s unilateral update to add an arbitration provision and class action waiver to its contract with one of its customers was valid under North...more

Mandatory Arbitration and Class Action Waivers by Amendment: Easier Said Than Done

Holland & Knight LLP on 10/31/2023

In response in part to the dozens of cases filed throughout the country related to assessment of insufficient funds (NSF) and overdraft (OD) fees, many banks and credit unions have sought to add arbitration and class action...more

Credit Union Client Alert - Year-End Housekeeping for Credit Unions - Is Your “House” in Order?

Kaufman & Canoles on 12/7/2022

Credit unions should take the time to ensure your house is in order and fully compliant in every area before the year’s end. This will help prepare for new developments, rulings, guidance, settlement actions, and anything...more

NYDFS FAQs Confirm Scope of COVID Mortgage Forbearance Law

McGlinchey Stafford on 8/5/2020

Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law on June 17, 2020. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

Eleventh Circuit Affirms That Banks Must Use Unambiguous Language When Disclosing Methods For Assessing Overdraft Fees

Burr & Forman on 9/20/2019

In Carol Tims v. LGE Community Credit Union, the Eleventh Circuit Court of Appeals held that a credit union’s account agreement with one of its customers was ambiguous about which account balance calculation the bank would...more

CFPB enters into consent order with credit union

Ballard Spahr LLP on 10/17/2016

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

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