Credit unions and their borrowers are facing challenging times. Many households are facing financial difficulties in the face of high inflation, while credit unions are struggling to maintain profitability due to economic uncertainty and rising [...]
The jobs report for the first month of 2023 showed a very strong start to the year, with nonfarm payrolls increasing by 517,000—the most significant gain since July 2022. Michelle Meyer, Chief Economist [...]
Delinquency and collections are an inevitable part of the lending business, especially as we head into an economic future dominated by inflation and high interest rates. Delinquent accounts present cash flow and many other challenges [...]
On January 4, 2023, the Insurance Commissioner for the California Department of Insurance, Ricardo Lara, issued an alert to insurance companies, agents, brokers, and state residents: Many people may not be aware that homeowners and [...]
As we discussed in Part 1 of Modernizing the Property Valuation Process, the housing market has experienced dramatic changes that have presented many challenges for appraisers. Although the market has shifted, the challenges remain. While [...]
Following three years of pandemic-related disruptions, it’s likely no surprise that the collections industry is poised for even more change in 2023. Historically low levels of delinquency since Q2 2020 have been artificially supported [...]
For many financial institutions, outsourcing critical and time-consuming collections efforts is key to saving money and reducing the strain that comes with hiring talented collections teams, especially in a historically tight labor market. Taking advantage [...]
It is clear that the most significant economic story of the past year has been high inflation, which has not only affected current economic activity but has also shaped the outlook for the foreseeable future. [...]
The holidays can already be a stressful time of year, and money is one of the leading causes of holiday anxiety for Americans. But this year, typical holiday stress is exacerbated by inflationary forces. The [...]
Without a doubt, the economic story of the past year has been the highest inflation in decades. Not only is it impacting current financial and economic activity, but it is dominating the outlook as well. [...]
Once relatively rare, fiduciary liability litigation is on the rise across the country: In 2019, participants in Anthem Inc.’s 401(k) plan reached a $23.7 million settlement in an ERISA fiduciary breach lawsuit. [...]
In my previous quarterly projections, I called for a recession to possibly begin as soon as the fourth quarter of this year (current quarter) and is more likely to occur in the first and second [...]
In this two-part blog series, we will cover the history of property valuation process improvements, the challenges the industry faces, and what the Appraisal Qualifications Board is doing to modernize the process for consumers. Over [...]
In benefits administration, as in life, mistakes happen. In spite of employers’ best efforts to facilitate a successful open enrollment, a few employees will inevitably miss the deadline or accidentally elect the wrong benefits. While [...]
Over the near term (12-18 months), credit unions will need to pull out their recession management playbooks. However, because we do not see the forthcoming economic downturn being anything as severe as the Great Recession [...]
