It's a sensitive topic right now, but it will have to be addressed once the virus crisis starts to subside and business starts to get back to normal -- whatever that will be. The collections process is part of that getting back to business process that credit unions will have to approach -- perhaps, a bit differently given the unprecedented circumstances we all have been experiencing the past few weeks.
I've heard from a number of credit unions on this topic and decided to invite CU Recovery (a PSCU Company) Bryan Moffitt on the program to dig a little deeper. Bryan discussed what credit unions can start doing to prepare and how to handle member situations coming out of this crisis, as we won't be seeing any significant collections efforts for at least 60 days or more. Again, another opportunity for credit unions to be looking out for their members proactively.
Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.