Powers of attorney are complex legal documents that can wield a broad array of authority.
Your team must be conversant with POAs, be alert for fraud and good faith issues – and
know when to seek legal counsel. With so much at stake, this timely program is a must!
- Distinguish among the various types of power of attorney documents (durable, springing, limited,
military, etc.) and when they can be used
- Understand the fiduciary duties owed by the attorney-in-fact and what actions he/she can and
- Explain the difference between an attorney-in-fact, a representative payee, and an authorized or
- Recognize the red flag indicators of possible fraud by the attorney-in-fact
- Realize when your institution can be held liable even when the attorney-in-fact acted in good faith
- Take steps to reduce risk of loss from powers of attorney
Powers of attorney are used to transact business with your financial institution daily. If each situation
isn’t handled properly, your institution can be exposed to significant risks of loss if the attorney-in-fact
intentionally (or innocently) acts outside the scope of his/her authority. Dealing with the attorney-in-fact
is substantially different from dealing with the actual accountholder. This webinar will explain everything
you need to know when dealing with powers of attorney.
Elizabeth Fast, JD & CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.