This PA Credit Union Association Webinar will be held on Wednesday, August 8 at 10 am. Registration link:
The Federal Credit Union Act gives federal credit unions the right to impose a lien on “the shares and dividends of any member, to the extent of any loan made to him and any dues or charges payable by him.” The NCUA regulations provide the guidelines for credit unions wishing to create and impose a statutory lien on a member’s account. The PA Credit Union Code grants a similar power to state-chartered credit unions. This can be a very effective and powerful tool when a member’s loan has gone delinquent.