CUNA Lending Council Announces New White Paper: Collections During a Recession10.13.2020
It’s been more than a decade since the throes of the Great Recession, meaning mid-career and even seasoned credit union lenders may lack the hands-on experience of managing lending during an economic downturn-era. Furthermore, in these unprecedented times of pandemic, there are emerging challenges that no one—entry-level, mid-level or seasoned—has experienced before. Lending, and therefore collections, during uncertain and tumultuous economic times must adapt to the situation.
This paper examines:
- Novel and effective methods and technologies that facilitate smarter and more efficient collections,
- How credit unions consider the human element of collections,
- Potential changes in approaches to collateral and underwriting,
- Managing assets through recession,
- How credit unions consider economic trends and overall indicators during a recession,
- How credit unions have tightened and loosened select standards to serve members in times of need,
- How changes in collections strategies can affect asset management during the short and long term, and
- How credit unions sift through noise and uncertainty to determine what is best for the business and members, and how those choices are reflected in collections.
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About CUNA Lending Council:
The CUNA Lending Council is a member-led community of credit union professionals dedicated to providing the highest level of networking, professional development and advocacy to its members. The CUNA Lending Council is one of eight CUNA Councils, a network of more than 7,300 credit union professionals. For more information, visit www.cunacouncils.org.