A complimentary webinar at 10 a.m. on Wednesday Jan. 6 will cover the key changes that credit unions should consider when implementing updated power of attorney procedures. The webinar will be led by Sarah Hodgens, the New York Credit Union Association’s director of compliance.
Governor Cuomo signed legislation on Dec. 15, 2020 that makes major changes to New York’s power of attorney laws.
The legislation addresses the complexity of the statutory short form, the exact wording requirement and penalties for those who improperly refuse to honor the document. Additionally, it eliminates the statutory gifts rider and gifts over $5,000 per year can be authorized in the modifications section of the power of attorney documentation. The changes will have a direct impact on whether or not your credit union decides to honor a power of attorney and will be effective in June 2021.
Interested participants can register for the webinar on the Association’s website.