Collections @Lunch Networking Covers the Gamut

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