Keeping your credit union collection department compliant and up-to-date
As we experience the unprecedented impact of the COVID-19 pandemic on the U.S. economy and unemployment rates, an unfortunate result is the expected increase in delinquencies – which means an even busier collections department than usual for credit unions.
Over the years, most collection departments have conscientiously gathered information about service providers, infrequently used data and helpful peer contacts. However, this information might be located on the supervisor’s desk, in a file cabinet, or on sticky notes around the workstation, and may not be readily available to collectors when needed. Add to that the uncertainty of how often the data is updated and the key question becomes: “How reliable is the information we have collected?”
Maintaining Compliance and Staying on Top of New Resources
Is your credit union struggling to achieve and maintain a solid compliance strategy when it comes to collections? Here are some best practices to get started.
- Develop a desktop resource manual and have one person in charge of its modification as new information is received.
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