Who We Are: We are a multi-faceted Credit Union firm serving and consulting with Credit Unions across the US for the last 30-years. Our success comes in part from knowing Credit Unions better than other providers. Through our programs we share the risk; and do not sit on the sidelines and merely cheer you on.


Compliance Counsel: We developed an outsourced compliance adviser/counsel option to provide counsel to Credit Unions on a day-to-day basis where the services are not based on an hourly fee; and access is unlimited. Since we work on a community concept of participating Credit Unions the risk is spread; and there is never the disincentive of hourly fees for calling/posing/submitting any covered matter. In most cases we are simply the alternative to in-house counsel.

CUPP: We developed “Credit Union Policies and Procedures” (the “CUPP system” Email us for the 26-page table of Contents to Assess the scope of these resources) to provide a pooled system for compliance resources where Credit Unions share the costs of participation. Through these resources we keep Credit Unions up to date on all federal laws, Regs and other government requirements.

Bankruptcy; Collections and Foreclosure: Bankruptcy, Collections and Foreclosure.  The litigation practice group of the firm is experienced in handling all aspects of the bankruptcy, collections and foreclosure processes.  In bankruptcy cases, we are available to object to plans, file proofs of claims, obtain reaffirmation agreements, dispute lien avoidance motions, attend meeting of creditors, and handle adversary proceedings.  Collections representation primarily involves claim and delivery (or replevin) matters, judgments on deficiency balances, overdrawn accounts and unpaid notes, and includes repayment settlements and Confessions of Judgments.  The foreclosure practice includes deeds in lieu, short sale negotiations, and Writs of Ejectment post-sale. 

Our staff has been on the staff of CMG, CUNA, ACUIA and other trade groups (including over 40 Leagues) over these 28-years; and have evolved a web-based series of training that covers Credit Unions’ required legal/compliance training as well as many hands-on practical areas based on our day-to-day interactions. See other content on this site for details.

Audit: We provide a range of compliance / legal audit options to help Credit Unions assess where they have weakness; and then direct the Credit Union on corrective action to put our Credit Unions into the best defensive position. Unlike competitors, our assessments are conducted by and under the direct supervision of lawyers; meet and exceed regulatory guidelines; and do so at a cost that is far less than what others charge.



WebEx Sessions - Tuesday, August 11, 2015

 August & September Webinars

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August 4 -- Financial Literacy 11-FCU-02; and Ethics and Fiduciary Duties – per 03-FCU-07 and in a broader legal perspective). This will address required volunteer training per NCUA standards; and for due diligence coverage as a part of the Credit Union's greater liability protection program.

Presenter: Todd Sherpy

August 12-- Member Accounts Primer: We will walk through the legal and compliance issues prevalent to general member accounts; discuss common errors to avoid; and Credit Union mythology on member accounts. This will include the myth of the need for a “Membership Account.” Presenter: Todd Sherpy

August 13 -- 
Mergers: We will address common legal, compliance and practical issues in the merger process; current issues with NCUA; common oversights; and legal contracts and protections. We will also address the duties and obligations of a Credit Union’s management and Board. Presenter: Todd Sherpy

August 18 -- Real Vendor Management:We will address vendor management policies, monitoring, and regulatory requirement; disaster recovery plans/tests, incident response plans/tests, and other IT-related documentation; methods for risk rating vendors; legal and compliance concerns and contracts clauses to understand (and be aware of risk in order to exercise proper business judgment). Presenter: Todd Sherpy

August 20 -- Fair Credit Reporting Act Part II – The Privacy Rules: We will address the various privacy and information security rules associated with FCRA and Regulation P. From the use and protection of medical information to rules associated with NCUA Rule 748 – Appendix A, and returned mail rules -- we will address all aspects of the rules affecting privacy and information security. Presenter: Todd Sherpy

August 26 -- Stopping Payments on Checks: Can any accountholder place a stop payment on a check drawn from his or her account? Why shouldn’t stop payments be placed on official checks such as teller or cashier’s checks? Do you have options? What are those options and associated risks. Can you ameliorate the risk? Presenter: Todd Sherpy

August 27 -- Commercial Account Issues to Watch Out For: In this session we will address common practical, legal and compliance concerns from account opening to issues that arise after the fact such as how should checks be handled when payable to a fiduciary capacity, such as a trust or trustee? Should checks made payable to a business be deposited or negotiated against a personal account? We will also address documentation as relevant to protection of the Credit Union. Presenter: Todd Sherpy


August 28 -- Cross collateralization and Bankruptcy: Building on Christy’s Bankruptcy Primer Session on June 10, this session will provide a detailed assessment of the concept of cross-collateralization; its uses; common Credit Union errors and other insights in the proper use of this valuable right. Presenter: Christy Jones

September 8 -- 
Unfair Deceptive Acts and Practices “UDAAP”: What do you need to know; and what should your Credit Union be doing to ensure it meets CFPBs standards? Why is this so important to the overall liability protection program for the CU? These and other issues will be considered. Presenter: Todd Sherpy

September 10  -- 
Reviewing Compliance obligations in light of FFIEC’s New Appendix J on Outsourced Technology Services: The guidelines from FFIEC now include a new 16-page appendix. Appendix J is titled “Strengthening the Resilience of Outsourced Technology Services” and specifically addresses the need for more third-party due diligence and the infrastructural dependencies regulators have been advising financial institutions to address. This webinar will provide a detailed review of Appendix J and outline what must be done to comply.
Presenter: Todd Sherpy

September 10 -- Using the newly released FFIEC Cybersecurity Assessment Tool to Align your Credit Union’s Cybersecurity Defenses with Inherent Risk. Convergent Information Security Solutions, LLC will be addressing the newly released FFIEC Cybersecurity Assessment Tool designed to help Credit Unions identify their risks and determine their cybersecurity preparedness. During this presentation, we will examine this tool and discuss ways we can help align your credit union’s cybersecurity maturity with your inherent risk. For small and medium sized credit unions with limited to no IT staff, these requirements may seem overwhelming. We will show you how our managed services will improve your security posture and can be customized to fit into your specific credit union’s budget and compliance requirements. 

September 15 -- Fair Credit Reporting Act Part III – Consumer Complaints: In this last installment in this series we will address consumer complaints and Credit Union obligations. We will address Credit Union policy and procedures; CFPB guidance; and steps the Credit Union should consider when addressing these matters to ensure compliance. Presenter: Todd Sherpy

September 21 -- ABCs of Accounts for Aliens: We will assess by way of a “primer” the issues and considerations for handling accounts for resident aliens from IRS and BSA considerations to practical application issues. Presenter: Todd Sherpy

September 30 -- MLO Certification Session III (Four Sessions to be held 2015) Length of Program: This program will be approximately 2.0 hours. Self-work on the honors system for certification may take several hours. This is a Certification Session for MLOs under 12 CFR 1036. Completion of the Course will achieve Sherpy & Jones Certification of meeting legal / compliance requirements. Presenter: Todd Sherpy