Topic: Washington Update – What’s New and What’s Next on the Legislative and Regulatory Front
Hear about the latest developments from Washington D.C. lawmakers and regulators, what proposed changes could mean for your credit union’s day-to-day operations, and how NAFCU is working to achieve the best policy outcomes that prioritizes industry growth and innovation opportunities.
Bruce Pearson - General Session #1
Wednesday, April 12, 2023 10:15am – 11:00am
Title: Come Out on Top – How to Prepare Your Financial Institution for an Uncertain Future
This session will cover how to decrease material risk and grow with confidence.
Ashish Garg - General Session #2
Wednesday, April 12, 2023 11:00am – 12:00pm
Topic: Delinquencies on the rise? Learn best practices from Canvas CU
Description: Abstract: Being able to effectively collect money from your members is, obviously, pivotal to your credit union’s financial health – especially with a looming recession and delinquencies expected to rise.
The problem: Most members dislike collections calls (to put it lightly). In fact, only 1 in 100 collections phone calls get answered. However, when Canvas CU adopted Text for collections, they saw a 40x better response rate from members.
In this session, Shawn Spratte, SVP of Loss Mitigation at Canvas CU and Ashish Garg, Founder and CEO of Eltropy, will discuss compliance, data security, best practices and learnings from leveraging Text as a Collections tool.
Attendees will learn:
How Text messaging replaces ineffective phone calls in Collections
What the laws are in the Collections world surrounding Texting, and how credit unions can comply with those laws to keep it legal
Text messaging best practices around one-to-one and one-to-many Texting
How can you integrate Text messaging into your IT systems like Cores (Symitar) and Temenos for automation
Breakout Session with Alana Anaya, Esq.
Wednesday, April 12, 2023 1:15pm – 1:45pm
Topic: Collection on Solar Energy Loans
Energy loans having increased across the nation with many Credit Unions. Handling these type of delinquent loans with our changing economy and real estate market can be complex and there are many factors to consider. This session will review the protocols, procedures and nuances of the collection process to recover on delinquent solar energy loans.
Breakout Session with Joette Colletts
Wednesday, April 12, 2023 1:15pm – 1:45pm
Topic: The Growing Problem of Plastic Card Fraud – Implementing effective controls and understanding industry fraud trends
Description: This session will cover implementing effective controls to mitigate plastic card losses. Card-Not-Present Fraud, Fallback Fraud, ATM Fraud and other fraud methods will be explored.
Breakout Session with Erika Cotterman
Wednesday, April 12, 2023 1:15pm – 1:45pm
Topic: Harnessing Vehicle History Data to Predict Loan Behavior
Description: Vehicle history is predictive of loan performance. Incorporating vehicle history, such as prior damage, ownership history, and reliability and repair data into the lending process helps credit unions make more informed decisions with greater confidence. Considering vehicle history during the entire lifecycle of a loan becomes more critical than ever as vehicle values lower, loan terms rise, and delinquencies continue to escalate. This session will discuss the importance of using vehicle history data to make underwriting decisions, evaluate a loan’s propensity for default, and how lenders are actively incorporating this into their processes.
Greg Pesci - General Session #3
Wednesday, April 12, 2023 2:00pm – 3:00pm
Jerome Wade - General Session #4
Wednesday, April 12, 2023 3:00pm – 4:00pm
Topics: Leading On Empty: How to move beyond surviving to thriving.
Life and business is filled with endless deadlines, unreasonable demands, and all-consuming dilemmas. For many, the pursuit of success and their drive to achieve leads them to perform at an unsustainable pace putting at risk the very things they love. Left unchecked, drive and ambition can cause anyone to find themselves leading on empty, suffering from the devastating consequences of overwhelm, burnout, and fatigue.
It doesn’t have to be that way, you can stay at the top of your game and get what you want without putting at risk everything that matters to you. In this unfiltered, solution-rich presentation, you will learn how to:
Drive for increased performance without driving yourself into the ground.
Recognize, reverse, and prevent fatigue, overwhelm, and burnout.
Increase performance and daily productivity so you can do more with less.
Activate clarity, confidence, and courageous leadership.
Troy Stang - Keynote Speaker #2
Thursday, April 13, 2023 11:00am – 11:45am
Topic: Embracing the Credit Union Difference
Ron Brown - General Session #5
Thursday, April 13, 2023 1:45pm – 2:30pm
Topic: The only thing more expensive than hiring a professional is hiring an amateur
In 2022 credit unions lost tens of millions of dollars in courtrooms across America for “Wrongful Repossessions”, for individuals killed in repossessions, and for illegal and UDAAP scams by unprofessional repossessors. No matter how much insurance your credit union carries, no matter what the “HOLD HARMLESS” says, the one who will bear the weight of these practices will be YOUR CREDIT UNION.
The legal landscape has drastically changed as it relates to repossession and now more than ever you must use a professional asset recovery specialist who is fully knowledgeable of these changes. When you assign a vehicle for repossession to a recovery agency or agent that action essentially makes you a partner with the repossession agent in the recovery process.
Choosing the wrong agent can prove to be a very costly mistake both financially and reputation wise.
As a lender there is no action that carries any higher risk of litigation than a repossession, and court decisions clearly defines the act of repossession to be an action which holds your credit union responsible for any and all problems which occur during that entire process.
Does the agent you have chosen to perform this high-risk action have the knowledge and expertise to perform the recovery in a professional, legal, and CFPB compliant manner? Do they have the proper training required to avoid the risks of litigation and bad publicity? Do they carry the proper insurance and is their bond valid? Are they properly licensed where required?
Be advised the agent you choose may hold the future of your credit union in the palm of their hand and the decision you make as well as the process you used for your selection may be the crucial element in a class action lawsuit.
Auto loans are the third largest category of outstanding consumer debt, after mortgages and student loans. In recent years, the cost of vehicles has risen substantially, leading to increased borrowing. Over the last year, the CFPB has increased its monitoring of the credit union auto lending market. We have seen the number of lawsuits and complaints increase as the CFPB has made it very easy for Consumers to submit complaints about credit union auto loan products, and about other credit union financial products and services, by visiting the CFPB’s website or by calling (855) 411-CFPB (2372). The CFPB has gone so far as to encourage employees who believe their credit union may have violated federal consumer financial protection laws to send information about what they know to firstname.lastname@example.org.
The Consumer Financial Protection Bureau (CFPB) appears to be starting 2023 right where it left off in 2022. On December 20th, they hit Wells Fargo Bank with fines and civil penalties of $3.7 billion dollars , now it’s Credit Acceptance Corporation’s (CAC) turn. This should come as little surprise considering as far back as 2018, they’d still managed to make a profit with 35% of their loans defaulting. The only way to make that work is with extreme interest rates, fees, and some heavy-handed collections efforts.
Attend this (these) informative sessions presented by Eagle Group XX/USA founder and facilitator Ron Brown, benefit from his 40 plus years in the recovery industry and discover the vital elements needed to ensure proper vetting and the most effective methods to obtain fast and compliant service, at a fair price while protecting your credit unions assets and reputation.
Roundtable Session (3, 30 minute increments per topic)
Thursday, April 13, 2023 12:00pm – 1:30pm
Attendees will choose and rotate every 30 minutes for 1.5 hours
Roundtable Session Topics (by table)
See How Text Messaging Can Help Your Loan Servicing by Jenn Quinn, Customer Success Manager at Eltropy Jennifer will host an interactive session demonstrating the power of text messaging for your collections department and borrowers. Staying on top of delinquencies means being proactive and connecting better with members. Text messaging enables your team to do this more efficiently, and with an improved member experience, from funding to payoff. Make sure to bring your cellphones to experience the demo for yourself.
Where Are We Now – FDCPA/REG F Litigation Roundup 2023 Karel Rocha, Principal Attorney at Prenovost, Normandin, Dawe, & Rocha It has been almost 1 and a half years since Reg F was implemented nationwide and already Plaintiff’s attorneys have been actively pursuing claims against regulated debt collectors. Join Karel Rocha as he provides a sweeping review of litigation filed nationwide relating to Reg F. Learn how your third-party debt collectors are being challenged with FDCPA claims in the wake of the CFPB’s Reg F rules since November 2021. Karel will also provide a preview of the CFPB’s request that the US Supreme Court overturn the Fifth Circuit Court of Appeal decision finding that the CFPB’s funding structure was unconstitutional. Will the US Supreme Court decide to take up the question now and how might the Court rule?
Remarketing Vehicles in a post-COVID World by Daniel Hernandez, Regional Remarketing Director at South Bay Remarketing Services What changes did you make to maximize your remarketing program during a period where used car values are increasing. How restricted supply and unprecedented surge in demand shocked the market, but just because values are up, doesn’t mean you are leveraging the best in your repo sale process. As auctions are closing or consolidating, dealers are fighting for repo purchases. Join us for a session on best practices to help move your inventory consistently avoiding peaks and valleys while maximizing your returns with regional remarketing concepts.
Increasing efficiency in collections through automation with anticipated surges in delinquencies and loan losses in 2023 by Kris Nuss, Director of Sales at FIntegrate Technology Kris will host an interactive session discussing how predictive risk analysis, automated workflow, and multi-channel communications drives increases in operational efficiency and member engagement.
Collections using the Symitar Episys Core by Mike Schatzman, CEO at Technology Systems Solutions This roundtable will explore the capabilities of the Episys Collections Package. The integration of thirdparty products such as Tenemos or AKUVO. Leveraging PowerOns to create metrics to track performance. Using PowerOns to enhance reporting. Capabilities of interfacing with text messaging companies such as Eltropy. Understanding and resolving issues with CPI providers.
Handling Deceased Accounts by Alana Anaya, Esq., Principal & Owner at Anaya Law Group This session will cover Trusts, Probates, Secured/Unsecured Accounts, Power of Attorney and Examination of Questionable Documents.
A Proactive Approach to Protecting Growth Through Collections by Steve Castagna, Chief Revenue and Operations Officer at AKUVO With delinquency on the rise in 2023, how can credit unions prepare and, better yet, embrace uncertainty with confidence, not fear? How can credit unions do the same for their members while still protecting their own assets and growth? Led by Steve Castagna, AKUVO’s Chief Revenue and Operations Officer, this roundtable will discuss these questions and explore how proactive collection technology driven by data, analytics and AI can protect growth for both your credit union and its members.
Transforming the member experience and increasing recovery with DirectDrop Voicemail by Kirby Miller, Chief Revenue Officer at VoApps DirectDrop Voicemail Chief Revenue Officer of VoApps DirectDrop Voicemail, Kirby Miller, will share a peek behind the curtain on the #1 outbound contact tool that credit unions are leveraging today in collections, lending and more.
Common Challenges of Working From Home by Ann Johnson, PHR, SHRM-CP, SVP/Chief Administrative Officer for Silver State Schools Credit Union Interactive discussion about employees working from home. How do you monitor their work, productivity, and engagement. Practical recommendations for work at home employees that can fit your company and culture.
Strategic direction of the Temenos Collection Module by Kris Frantzen, Product Manager at Temenos (formerly Akcelerant) Kris Frantzen, the Product Manager for the Temenos (formerly Akcelerant) will provide insight on continued investment in the industry-leading solution, and lead a collaborative discussion around customer successes and opportunities for product expansion. Learn how the flexibility and automation of the solution is being coupled with new technologies and complementary services to deliver a future-ready Collections solution for Credit Unions.
Planning for Uncertainty – Credit Risk Analysis and Mitigation by Tom Orman, Credit Union Executive Tom Orman, long-time credit union Chief Lending Officer and Chief Operating Officer, will talk about practical strategies to prepare for higher delinquency in a possible 2023 recession. This will include collections strategies as well as collaborating with your Accounting or Finance teams to prepare for potentially higher losses and for questions from auditors and examiners.
The Future of Collections: Industry and Software Trends in 2023 and Beyond by Matt Smithson, MeridianLink Rising delinquency rates across the lending industry have brought collections management to the forefront in many Financial Institutions. While a high inflationary environment has highlighted the need for quality collections, addressing the undercurrent in changes to consumer behavior and regulatory compliance is critical to the success of your collections team. In this session, we will explore both causes of and potential solutions to collections challenges you face today.
Leveraging Technology to Maximize and Streamline your Collections by Amir Tajkarimi, Lexop The lending industry is currently facing harsh economic times. The rise in inflation, interest rate hikes and supply chain disruptions leads to increased consumer debt. With businesses competing for payments, technology continues to be a powerful tool for lenders to leverage to ensure they get paid first. Additionally, the same level of sophistication that begins in origination should be transferred over to collection techniques. In this presentation, we will discuss how lenders can adopt a cost-efficient digital collections strategy to regain control of their past-due accounts, reduce manual labor costs, maximize cash flow, and provide flexibility to their customers. Objectives: 1.) Bridging the technology gap between originations and collections, 2.) How technology can help lenders automate their collections, improve cash flow and retain customers, 3.) Insights into the preferences of past-due customers in 2023, with an emphasis on outreach and repayment, 4.) Discuss strategies to move away from traditional collection practices that come with higher manual labor costs.
Shift the Mix: Increasing Customer and Employee Satisfaction with Technology by Greg Cummings, Glia As members’ expectations evolve, it can be challenging to satisfy their needs and keep employee morale high, especially with urgent matters such as collections. In this roundtable, we will discuss how to provide the right digital tools and seamlessly unify interactions to expand the member experience and empower staff. The result: increased satisfaction on both sides.
Best Practices for GAP Cancellations and Refunds by Tyler Gray, Lender Compliance Technologies How are you managing Gap cancellations and refunds? Over the past several years, regulators have been targeting lenders on their Gap cancellation practices, often leading to fines, remediation measures and reputational harm. In this round table, we will come together to better understand where to start when it comes to solving this problem and how we can guide our financial institutions through the process compliantly and efficiently. This will be a solutioning session where we will discuss strategies and best practices a lender can pursue ensuring they can answer, with confidence, how their credit union is managing Gap cancellations and refunds.