Florida attorney Michael D. Lozoff, partner at Shutts & Bowen in Miami, has certainly seen many trends come and go in the credit union industry throughout his 35-year career. But he has seen very few trends as popular as the "bring your own device," or BYOD, to the workplace.

That concerns him, and other legal professionals as well, who serve the credit union industry. They say cooperatives that don't have sufficient BYOD policies are putting themselves at a high risk for unwanted legal issues that can be costly in more ways than one.

"In general, unfortunately, the technology is still running ahead of the ability of some of these institutions to keep up with policies that they should have," Lozoff, who chairs the law firm's credit union practice group, said. "We run into all kinds of questions that sometimes surprise us to the extent that the institutions have not addressed something as basic as BYOD."