Anthem
David Curtis
Director, Compliance Services
Phone: 206.340.4785
Toll-free: 800.995.9064 x151
David Curtis is the director of compliance services at the Northwest Credit Union Association. In this role he is responsible for responding to credit union compliance inquiries, informing and instructing credit unions on new compliance responsibilities through updates and council meetings. He is a liaison, facilitator, and presenter at both the compliance and collectors’ networking […]
Will Hall
Director, Legal Advocacy
Phone: 208.297.5877
Toll-free: 800.995.9064 x302
Will Hall serves as the Director of Legal Advocacy for the Northwest Credit Union Association, providing compliance expertise to the Association’s member credit unions, helping them navigate the many compliance challenges they face. After graduating from Davidson College in North Carolina, Hall moved to the nation’s capital, where he worked for several years before attending […]
Compliance Question of the Week
August 27, 2013
Aug. 27, 2013
We received a garnishment notice for a member who has a joint account and a business account. Are the funds in both accounts subject to the garnishment?
The general rule is that if the person to be garnished is the OWNER of the funds, not just a signer, the funds should be held. In practice, this means that if a business is organized as a sole proprietorship, the funds are held. If, however, the business is a corporation, LLC, LLP or partnership, the funds are not held. Similarly, if the person to be garnished is the custodian on an UTTMA account, the funds are not held. So in this example, the funds from the joint account would be garnished, but the funds in the business account, unless it is a sole proprietorship, would not be garnished.
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Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.
Posted in Compliance.