Teamwork makes the financial relief dream work
STCU’s financial relief team pulls risk mitigation and member financial wellbeing under the same umbrella with employees who are simultaneously loan underwriters and financial counselors.
Delinquent borrowers at STCU ($4.4B, Liberty Lake, WA) receive more than phone calls, letters, and emails seeking to make payment arrangements.
Since the Great Recession, the Evergreen State cooperative has used a dual approach that offers assistance, including troubled debt restructuring (TDR), in conjunction with financial counseling and related services.
The approach has worked for more than a decade, with the pandemic putting the team’s skills to the test during the past year and a half.
“Our TDR portfolio performs well with charge-offs less than 1%,” says Jessica Golladay, a 10-year employee at STCU who has served as the credit union’s director of consumer lending and servicing for the past two. “It’s worth our investment to support our members.”
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