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 cant 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:
nReviewed the steps necessary to digitally communicate the bankruptcy to all staff
nUnderstand what member information must be maintained to stay in compliance.
nReview the requirements for member communication while they are in bankruptcy
nReviewing methodology to track bankrupt accounts through tickler processing
nUpdating Member Account Information Related to Bankruptcy
nStatement Mail Group Configuration
nCredit Reporting Codes
nPlacing Comments and Freezes on Member Accounts
nDesigning Tickler Types to Monitor Bankrupt Accounts
nPayment Processing Challenges