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 [...]
With inflation reaching its highest point in 40 years and subsequent steep interest rate hikes, the real estate investment insurance landscape has changed significantly this year. For one thing, insurance costs are rising. Two Main [...]
Homebuying is one of the most daunting processes someone can go through—spending hours driving around, attending open houses, swiping on real estate marketplaces—and that’s before entering the negotiation and closing processes. Now, [...]
Your borrowers expect a wide range of valuable services that are timely and relevant in today's economy. For example, Guaranteed Asset Protection (GAP) coverage gives them a safety net if their vehicles are ever totaled [...]
Open enrollment season has officially begun. The period from Nov. 1 through Jan. 15, 2023, marks the busiest time of year for many HR leaders and business owners. According to a report on a survey [...]
Collecting on delinquent accounts is a time-consuming challenge for many financial institutions. The tasks involved are often tedious for internal employees using manual (vs. automated) processes and can lead to a decrease in productivity for [...]
In their Q2 report, Historically Low Delinquency Rates Coming to an End, economists at the Federal Reserve Bank of New York made the following observations about the economy that point to delinquency storm clouds brewing [...]
In order to tamp down stubbornly high inflation, the Federal Reserve recently announced a third consecutive 0.75 percentage point rate hike in late September, further increasing the cost of debt for credit cards, auto [...]
No one knows your home like you do. You see its flaws, charm, and room for improvement daily. Whether you are looking to increase the value of your home over time, sell in the near [...]
As delinquencies begin to rise, your institution may be evaluating your internal operations and expenses to help you determine potential costs and impacts of scaling your collections department, compared to outsourcing one or more aspects [...]
As a business leader struggling with an uncertain economy and tight labor market, you already know that running a business is not as simple as producing products or providing services. There are numerous laws and [...]
One of the most common ways your borrowers can suffer significant loss of income is through a disability. While many disabilities cause only temporary loss of income, the average long-term disability lasts 31.2 months. [...]
As a retirement plan sponsor, to ensure your organization is compliant with the Employee Retirement Income Security Act (ERISA) regulations, it’s critical to understand everyone’s role as it relates to fiduciary responsibility. Although [...]
In his Q3 Economic Outlook for Financial Institutions, SWBC’s Chief Economist, Blake Hastings, provided the following insights on deteriorating member balance sheets and rising delinquencies: Delinquencies are beginning to pick up as consumers grapple [...]
