Dollar Associates has teamed up with National Bankruptcy Services to tailor its bankruptcy administration program to credit unions.
New bankruptcy filings in the credit union industry are growing dramatically, Dollar Associates asserted, despite the passage of bankruptcy reform legislation in 2005. "Credit unions are beginning to look at their bankruptcy portfolios as being in need of increased focus to become a book of business with greater returns and less costs," said Dennis Dollar, principal partner with Dollar Associates and former NCUA chairman.
"With their need for loss prevention and reduced expenses in every possible area," said Paul Bourke, CEO of NBS, "we are hearing more and more from credit unions that want to manage their bankruptcy portfolios as a source of improved recoveries and reduced legal costs. We've brought Dollar Associates on board to help us position our programs to make sure they effectively fit the needs of credit unions today."
Dallas-based NBS manages a portfolio of over 150,000 active loans in bankruptcy for numerous financial institutions nationwide.