The Kaufman & Canoles Credit Union Team is once again revealing our top predictions for major legal challenges for credit unions in 2014. At Kaufman & Canoles we believe that legal fees for credit unions need to be better managed, controlled and hopefully even reduced. Our six legal predictions for 2014 are as follows:

1. Privacy Rights. Andy Keeney predicts that credit unions will spend substantial time and resources in 2014 to update their policies and procedures regarding members' privacy rights. Despite the publicity surrounding the Target breach, we predict that there will be no regulatory reforms in 2014. Credit unions will need to address many legal issues, revise their policies and procedures and update their websites. It will be costly but will ultimately be a significant enhancement to the reputation and brand of all credit unions.

2. Lending Changes. Ran Randolph predicts that legal opinions will return as a customary part of member business loans in 2014. Before the recession, some credit unions decided to forego requiring borrower's counsel to render legal opinions on transaction fundamentals such as good standing and enforceability of loan documents. However, because of recent problems in MBLs, more and more credit unions likely will insist upon legal opinions to gain that comfort factor.