Credit Unions

Blunders, missteps, oversights, errors… no matter what you call them, mistakes happen all too often in the world of collections. This blog covers the top 5 common mistakes in consumer collections. There are numerous debt collection laws and regulations — and numerous opportunities for errors. Borrowers, their attorneys, and regulators…

Credit unions have long taken pride in building relationships that prioritize people over products, and that has set them apart from their competitors. Their intent to give the profits back to members and their willingness to always be there for those members has earned true brand loyalty. However, expectations have…

Author: Raabiya Singh Scienaptic’s presence at CUNA GAC 2022 was hard to miss. The leading AI based credit underwriting platform provider organized an Industry Trends Panel session including Jennifer O Callaghan (SVP, Numerica Credit Union), Pankaj Kulshreshtha (CEO, Scienaptic), Soloman Semere (Senior Director, Lexis Nexis), Floyd Rummell III (CEO, Northern…

Author | Raabiya Singh One thing every industry will agree on today is — customer experience is everything. …

As credit unions across the country continue to evolve into next-generation financial cooperatives, they are increasingly turning to advanced transactional data strategies as a competitive differentiator. Read on for expert tips that can help you determine how to leverage your transactional data to create member value. In today’s credit union…

Credit memos and loan narratives are crucial to the loan committee, loan officers, and underwriters in making strong credit decisions; to loan review officers in understanding a credit being reviewed; and to examiners when reviewing your files. They can also document workout strategies for problem credits. — The purpose of the credit analysis memorandum (CAM) and loan narrative is to capture an accurate, complete snapshot of the applicant and credit request. These critical documents are the basis for making the initial credit decision and create a foundation for modifications and renewal decisions as the loan ages. Compliance…

Let’s say you had moved $5000 into my bank’s high interest savings account in March 2021 and didn’t touch it. By April 2022 you would be sitting pretty with a staggering $5005.14. If you’re holding a drink from Starbucks while reading this, you just drank all your profits. And it’s…

The Challenge According to SEIA’s Q3 2021 report, solar and energy storage experienced historic residential growth despite headwinds of supply constraints and rising costs. However, despite this impressive result during a pandemic, the Department of Energy’s goal is 4X 2020 solar deployment (15GW in 2020 to 60GW between 2025–2030). …