A new standard for member relationships is waiting.
For years, the economy felt like anything but a day at the ballpark. Washingtonians might be left shaking our heads after our own opening day (don’t worry, we’re used to it), but this spring, the cooperative industry is aiming for the fences in more ways than one.
Forming community ties and setting a high standard of communication is a key priority for many institutions. Efforts can be as simple as volunteer tax preparation or as ambitious as connecting minor league baseball players with children of deployed soldiers for an afternoon workshop. Whatever, the approach, credit unions are out in their local communities identifying needs and creating solutions. Learn more on CreditUnions.com.
The economic field is abuzz with energy as the return of consumer demand heralds in 17% annualized growth in new autos sold, reports the New York Times. Although national unemployment numbers continue to fall and asset quality rebounds, some members aren’t out of the woods just yet.
Complaints stemming from debt collection practices increased annually by more than 20,000 in 2010, says the Federal Trade Commission in its Fair Debt Collection Practices Act (FDCPA) report.
However, ethical collections is no crime. Credit unions must communicate the connection between the success of the borrower and the success of the institution. A compassionate strategy and comprehensive solutions that repair or consolidate the effects of past financial mistakes goes a long way in reversing negative expectations. Learn more about collections strategies this week on CreditUnions.com.
Member debt, like the recession before it, is a situation credit unions can remedy. It’s time for credit unions to call their shot.