2023 Collections & Bankruptcy Conference
Wednesday, May 3, 2023, 9:00am
Thursday, May 4, 2023, 4:00pm
Winning at Collections: The Best Defense is a Great Offense
If your credit union is focusing solely on the delinquency report to identify troubled members, you are ready for an upgrade! There was once a time when the collections function was one of the most underappreciated areas of the credit union. Guess what? That time is over! The current regulatory environment is having a negative impact on many of your members and credit unions are in a unique position to assist them, as long as they avoid the landmines along the way.
Is your collections department ready to help both the member and the credit union weather the storm? Every member who has their loan charged off made a final payment at some time. The problem is the credit union didn’t realize it was the last payment when it was made. This full day workshop examines the nuts and bolts of an effective collections program and centers on maximizing collections efficiency and the role of member service. From regulatory compliance to marketing campaigns to interdisciplinary collections involving all credit union staff to loan modifications and charge offs, this session reveals innovative ways to identify and communicate with troubled members before it’s too late.
This session will cover:
Part One (What Makes Members Pay)
- Creating a Collections Mission Statement
- Collections as a Member Service
- Mapping Out Key DQ Member Contact Points
- Educating all Staff on the Collections Function
- Cross Selling in a Collections Environment
- Prioritizing Collection Efforts
- Pre-Contact Preparation
- Essential Elements of a Collections Phone Call
- The Art of Closing the Call
Part Two (“Fool” Proofing Your Collections Processes)
- Compliance Traps and Regulatory Requirements
- Performing a Collections 360° Analysis and Inventory
- Creating Effective Staff Incentives
- Working with Senior Management and the Board
- Tracking Effort AND Results
- Defining and Celebrating Successes
- Dealing with Difficult Members
- Overcoming the Most Common Objections to Payment
- From Robo Calls to Repo Letters - Identifying Liability Landmines
Part Three (Special Collections: From Skips to Repos to Real Estate)
- Repossession and Foreclosure Issues
- Skip Tracing Resources and Tips
- Real Estate Collections
- Modifications and Workouts for Real Estate Loans
- NCUA guidance on Loss Mitigation, Foreclosures, and Loan Modifications
- Troubled Debt Restructuring
- Understanding and Communicating the Recovery Options
- Maximizing Recoveries on Charged Off Loans
- Agency vs. Attorney Placement
Effective Bankruptcy: Understanding the Process and Developing a Strategy
Bankruptcies continue to be a dark cloud on the credit union’s economic weather report and it looks like the storm is just getting started. Rising filings and new rules are making the collections process even harder after a member “commits bankruptcy” against the credit union. This session is designed for the credit union professional that is familiar with bankruptcy and wants to sharpen their skills in this debtor friendly world. We will examine the current state of consumer bankruptcy and how it continues to impact credit unions. This full day seminar will focus on advanced bankruptcy recovery and loss reduction concepts.
From best practices to the most common landmines to maximizing recovery methods in collections, this interactive program walks the credit union professional through the complicated world of bankruptcy in an easy to understand (and retain) format. Better yet, the instructor is a former bankruptcy attorney who has represented both debtors and credit unions during his 20 plus year career.
The session will cover:
Part 1 Bankruptcy Fundamentals
- Brief history and “intended purpose” of bankruptcy
- Review of key bankruptcy terms and concepts
- Overview of the Bankruptcy Process
- Understanding Your credit union’s Value Proposition
- Filing Trends
- Bankruptcy timeline: From first payment reminder to discharge
Part 2 Operational Issues in Bankruptcy
- What every credit union should be doing after it receives a bankruptcy notice
- Bankruptcy Checklists
- Reaffirmation Process and Challenges
- Limitations on Cram Down of Automobile Loans
- Debtor’s Statement of Intent and the Ride Through Problem
- When to Call Your Attorney
- When to Call Their Attorney
- Bullet Proof your Proof of Claim
- Utilizing Electronic Services
Part 3 Bankruptcy Recovery and Fraud Control
- Leveraging the Credit Union Relationship to Reduce Losses
- The Right To Set Off
- Achieving Relief from the Automatic Stay
- The Truth Behind Voluntary payments
- Rights under the Cross Collateral Clause
- Motions to Dismiss or Convert under the new Means Test
- Fraud and Preference Actions
- Meeting of Creditors Tips and Tricks
- Effective Policies and Procedures
- Real Estate Loans in Bankruptcy
Part 4 Regulatory Compliance Traps in the New Bankruptcy Order
- Overview of NEW Bankruptcy Rules and Forms
- News from the Competition: Examining bankruptcy attorneys’ marketing strategies
- Fair Credit Reporting Act and FACT Act Violations
- Avoiding Automatic Stay Violations
- Denial of Member Services
- Post Discharge Injunction
Conference Agenda:
*Subject to change*
| Wednesday, May 3, 2023 | |
| 8:30am - 9:00am | Registration/Breakfast |
| 9:00am - 12:00pm | Session |
| 12:00pm - 1:00pm | Lunch |
| 1:00pm - 4:00pm | Session Continues |
| Thursday, May 4, 2023 | |
| 8:30am - 9:00am | Breakfast |
| 9:00am - 12:00pm | Session Continues |
| 12:00pm - 1:00pm | Lunch |
| 1:00pm - 4:00pm | Session Continues |
NOTE: POSSIBILITY ON THE MORNING OF DAY 2
Coffee with the Guru
Have you ever wanted to just sit and chat with a balding, slightly overweight collections and bankruptcy expert? Well, here’s your chance! We have added a morning session that allows you to bring all of your questions and crazy ideas up for discussion is a small group atmosphere. Don’t miss this added bonus to take advantage of David’s years of experience with credit union collections!
Location:
New York Credit Union Association
4 Tower Place, 5th Floor
Albany, NY 12203
Educational Investment:
- Credit Unions Up to $50 Million in Assets - $275 per person
- Credit Unions Over $50 Million in Assets - $549 per person
The New York Credit Union Foundation is proud to support New York credit unions with up to $50 million in assets by underwriting this special rate on Association events. To learn more about the Foundation and its programs, click here.
Registration Deadline: April 28, 2023
Presenter:
David Reed’s recovery training philosophy is centered on the member service approach to effective collections. In his 30 plus years of law practice he has been a bankruptcy and collections attorney for debtors AND credit unions. When he “saw the light”, he went to work for a credit union and became a collections manager AND then general counsel! He may be the only attorney training credit unions today who has seen collections and bankruptcy from both the members’ and credit unions’ perspectives.
Attorney, author, consultant and nationally recognized speaker, David A. Reed is a partner in the law firm of Reed and Jolly, PLLC. Through Reed and Jolly, Mr. Reed provides guidance to credit unions concerning a variety of matters including the establishment and revision of credit union policies and procedures, organizational compliance, collections, security, contractual agreements, regulatory matters and corporate governance. His engaging speaking style has garnered him status as a regular lecturer nationwide on topics such as regulatory compliance, consumer lending, bankruptcy and collections. And, he offers facilitation services and a full range of on-site training programs that can be delivered to the Board, executive team, managers or frontline staff.
A former trial attorney and Vice President and General Counsel of a large credit union, Mr. Reed is particularly noted as an expert in the areas of credit union operations, bankruptcy and collections. He has been selected to train NCUA Field Examination and Audit Staff on numerous issues including ID Theft Red Flags, S.A.F.E Act, Third Party Contract Management and Bankruptcy matters.
Mr. Reed received his undergraduate degree from Virginia Tech in 1986 and his Juris Doctorate from George Mason University School of Law in 1989. He is also a Certified Fraud Examiner. He resides in Fairfax, Virginia with his wife Diane and an odd assortment of cats.
Thank you to our sponsor!
Cancellation Policy:
A refund of the amount paid, less an $110 administrative fee per registrant, will be given for all cancellations submitted via email to events.training@nycua.org ten or more business days prior to the start of the session. No refunds will be granted if the cancellation is received after that time frame. Substitutes will be accepted any time prior to the start of the program at no additional cost. Simply email events.training@nycua.org, listing the new participant and who they will be replacing.