You just received a notice from the court that one of your members has filed bankruptcy. What are the procedures you must follow to make sure you manage this situation properly?
The class focuses on the communication of the bankruptcy to staff, the compliance of the laws relating to what you can and can’t do, and making sure the account is tracked and treated appropriately.
Credit union staff responsible for the collection of problem loan and saving accounts.
By the completion of this course, students will have:
- Reviewed the steps necessary to digitally communicate the bankruptcy to all staff
- Understand what member information must be maintained to stay in compliance.
- Review the requirements for member communication while they are in bankruptcy
- Reviewing methodology to track bankrupt accounts through tickler processing
- Updating Member Account Information Related to Bankruptcy
- Statement Mail Group Configuration
- Credit Reporting Codes
- Placing Comments and Freezes on Member Accounts
- Designing Tickler Types to Monitor Bankrupt Accounts
- Payment Processing Challenges