Managing Delinquency and Negotiating Settlements

In this episode, Cristina speaks with John Roy, AVP of Collections and Risk Mitigation at Connex Credit Union, about safeguarding members from fraud and managing delinquency. John explains how criminals exploit loopholes, prompting credit unions to use risk scales and hold checks to prevent fraud. He stresses the importance of these measures, despite potential inconveniences to members.

John describes his team's approach to handling difficult financial conversations with members. Their method is firm, compassionate, and professional, tailored to individual needs to maintain trust. He also offers a practical tip for creating strong, memorable passwords using altered song lyrics.

During the pandemic, John's credit union effectively managed delinquency and settled charge-offs by negotiating settlements, benefiting both the credit union and its members. He emphasizes the member-centric nature of credit unions, contrasting them with banks that prioritize shareholders.