Collections Success During An Economic Crisis

Webcast: Wednesday, January 7, 2009
2:00 p.m. - 3:30 p.m. EST; Available until July 7, 2009

The current financial crisis is having a negative impact on many of your members. What if there was a way your credit union could help “bail out” your delinquent members from their economic woes? Is your collections staff ready to help both the member and the credit union weather the storm? Now, more than ever, communication is the key to an effective collections strategy.  

Your member is actively searching for a way out of their financial problems, let’s show them a solution! A good collector will fashion a win/win scenario with each interaction. Since the telephone continues to be the most important tool of the collector, this exciting and timely session will focus on maximizing telephone collections efforts during these difficult times. 

This session will cover:

·                     Understanding the mindset of the delinquent member;

·                     Member service through collections;

·                     Essential elements of a collections phone call;

·                     Leveraging your existing relationship;

·                     Dealing with difficult members;

·                     Overcoming the most common objections to payment; and

·                     Follow up strategies.

Speaker:
David A. Reed, Esq., NCCO, author, consultant and nationally recognized speaker. David Reed received his undergraduate degree from Virginia Tech in 1986 and his Juris Doctorate from George Mason University School of Law in 1989. Formally, Reed was Vice President and General Counsel for Apple Federal Credit Union in Fairfax, Virginia. As his role as chief legal officer, he established institutional legal policy, provided legal advice to the credit union concerning a variety of matters including the establishment and revision of credit union policies and procedures, organization compliance with federal regulations, contractual agreements, regulatory matters, and corporate governance. He also directed and coordinated the activities of the Collections Department, Regulatory Compliance, Government Affairs and Security Department and all interactions with outside counsel.

Noted as an expert in the areas of bankruptcy and collections, Reed currently serves as editor of several manuals including Practical Guide to Bankruptcy: Protecting the Bank Against Bankruptcy-Related Losses, NAFCU’s Collections Manual for Credit Unions; Debt Collection Manual: Regulations, Law and Best Practices; and NAFCU’s Bankruptcy Guide for Credit Unions.

Moderator:
Anthony Demangone, Esq., NCCO, Director, Regulatory Compliance Division, NAFCU

Broadcast live from NAFCU's Headquarters in Arlington, VA.

Who Should Participate:

NCCOs will receive 1.5 continuing education units for participation.

NAFCU's Collections Manual for Credit Unions

NAFCU’s Collections Manual for Credit Unions gives you everything you need to make your collections process as productive and safe as possible. This manual will show you how to avoid bad debt and minimize losses, and covers legal procedures you can use. This will manual will cover, Precollection Considerations, Collection Techniques, Dealing with Mass Layoffs and Bankruptcy, Methods of Recovery and Legal and Regulatory Issues.

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   To purchase NAFCU's Collections Manual for Credit Unions or any of NAFCU's Compliance manuals, please visit: www.nafcu.org/products