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Fourteen credit union professionals from seven Utah credit unions popped into the Association office for the first @Lunch Networking round table. The topic: collections.
Discussion started out with thoughts on hardship assistance, and whether processes for members were too difficult or effective enough, then quickly passed to just about every collections topic imaginable:
· Details of collections practices
· Disposition of collateral, including auctions and alternatives
· Tools used in collections efforts
· Staffing and duties
· Trends and the current situation
Many of the credit unions present expressed interest in a collaborative solution to unloading repossessed automobiles, and one participant said he would take the baton. He’ll be reaching out to other interested credit unions to further discuss options.
Other @Lunch Networkings are scheduled for CEOs (April 11), Organizational Development (May 1), CFO/accounting/ALM (May 8), Lending (June 4), and Tech (June 20).
Participants of today’s meeting agreed to gather again in six months, so the next Collections @Lunch Networking meeting will take place on October 9, at noon
