Get ready for David Reed!
by CUAD Communications
9/23/2020

David Reed, Partner at the law firm of Reed & Jolly, PLLC and self-described “recovering credit union executive and current volunteer” will be leading two amazing breakout sessions on October 6 at the Summit in Sioux Falls. CUAD’s Chief Officer of Strategic Services, George McDonald had the opportunity to meet David virtually on a Zoom call just last week to discuss his topics and said this: “Our folks are going to love him! He’s full of energy and wisdom!” Here is a preview of David’s breakout sessions:

 

Managing After the Pandemic – Embracing the Change

 

We are clearly living in unprecedented times. Most dictionaries define “unprecedented” as something unknown, not experienced, or never done before. At first glance, such definitions could definitely apply to the current COVID era and would seem negative. But, have you considered how close that definition is to “innovation” – the successful exploitation of new ideas?  One day we will all look back on 2020 and think to ourselves what an interesting year it was. Gone will be the panic, worry and constant reshuffling. In its place will be the new normal you are creating and it will include many changes and innovations that would have never been considered without the pandemic. From work from home arrangements to virtual board meetings and increased electronic service delivery to enhanced cybersecurity; consider all the positive changes your credit union has made in the last several months.

 

Instead of looking at the current environment as a series of endless calamities, embrace it as an opportunity to make valuable adjustments. Some change comes from inspiration. Other change comes from desperation. Both can advance the mission of your credit union – if you choose wisely.

 

Collections with a Dash of Compliance – Maximizing Member Service and Avoiding Risk

It seems that almost every day brings a new headline regarding a financial institution being sued as a result of a collections-related compliance mistake. Even during the best of times, collections can be a very tricky proposition. An effective collection process must include sound methods for communicating with borrowers, resolving the delinquency, recovering collateral on defaulted loans and doing all of this while following an increasing variety of state and federal laws, rules and regulations. Add to this mix a growing group of “consumer protection attorneys” who are looking for any collections related violation as a reason to pounce. The rise of class action lawsuits has been one of the most alarming developments in the financial services arena. And, then COVID hit!

Don’t let your institution’s delinquency numbers and low bankruptcy filings give you a false sense of security. There is a tidal wave of defaults coming your way! Record unemployment and a fractured economy will not bring good news. It won’t be long before the stimulus money, modifications, forbearances and other rescue options are exhausted and the dormant delinquencies arise.

You need to be prepared. With increased volume and consumer desperation comes increased risk from the collections function. Understanding the areas of this litigation and the sources of the most common collections mistakes is necessary to successfully manage collections risk during the pandemic. Better yet, that understanding will also allow you to make a more robust effort in assisting the troubled borrower! Join collections veteran and compliance attorney, David Reed as he helps you navigate the rapidly changing waters of COVID Collections Risk and helps you reduce risk AND increase recoveries at your institution.

Here is some great news – It’s not too late to register for the Summit and join us for our in-person meeting in Sioux Falls on October 5 – 6! We have assembled another excellent conference with outstanding keynote speakers and breakout sessions! Click here to review the agenda and register today!

 

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