Collections have been added to the list of growing litigation risks for all credit unions alongside lending and employment practices. This often-overlooked operational area is at the crossroads of member service, compliance risk, and soundness. These factors make it the new target for enterprising attorneys creating a continual need for credit unions to constantly look for ways to improve their performance while limiting risk.
Most credit unions rely on third-party vendors such as law firms, repossession companies, and software companies to help attain their goals. It has always been a challenge to effectively manage our vendors in order to maintain the better end of the bargain. But general performance, recovery rates, privacy, and security are no longer your only vendor concerns. Under the broad scope of the current laws, you can be held liable for compliance violations committed by your vendors! What does your contract say about this? How are you monitoring and measuring the risk?
Join credit union collections veteran David Reed as he lays out a workable balance between maximizing recoveries and reducing third party risks and walks you through well tested best practices for your collections and vendor management teams.
- Review the essential elements of credit union collections
- Understand how to effectively utilize repo agents, collections agencies and law firms
- How to address performance and compliance in the contract
- Discuss best practices for managing vendors
- Learn how to conduct a risk-based collections audit
$295 Members | $395 Nonmembers
(Additional $50 for CD)
One registration gives your entire credit union access to the on-demand recording until January 23, 2021.
Already registered? Go to the Online Training Center to view live.
Who Should Attend?
- NAFCU Certified Compliance Officers (NCCOs)
- NAFCU Certified Risk Managers (NCRMs)
- Compliance staff
- Risk staff
- Collections staff
- Internal audit staff
- NCCOs will receive 1.5 CEUs for participating in this webinar.
- NCRMs will receive 1.5 CEUs for participating in this webinar.
- CPA credit information is below; recommended 1.5 CPE credits.
CPA Certification Credit Information
- Reviewer: Josie Collins, Education Manager, NAFCU
- Learning Objectives: Review the essential elements of credit union collections. Understand how to effectively utilize repo agents, collections agencies and law firms. How to address performance and compliance in the contract. Discuss best practices for managing vendors. Learn how to conduct a risk-based collections audit.
- Program Level: Basic
- Prerequisites Needed: None
- Advance Preparation Needed: None
- Delivery Method: Group Internet-Based
- Recommended CPE Credits: 1.5 credits
- Recommended Field of Study: Management Services - Technical
National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more.
About Our Webinars
Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer.