A radical culture change in the workplace and a shift in how collection efforts are carried out have helped two credit unions in the Midwest grow their loan portfolios well above the industry's national average.
For the $1.5 billion Affinity Plus Federal Credit Union in St. Paul, Minn., the collections department became the "solutions department" a few years ago, said Dave Larson, senior vice president.
Larson was one of the guest speakers on Aug. 1 during the "Loans: The Next Frontier" Web seminar, which was hosted by Credit Union Times and moderated by Editor-in-Chief Sarah Snell Cooke.
- SEE the Aug. 1 webinar.
- READ followup questions and answers from the participants.
- REGISTER for the Oct. 17 webinar on managing through mergers and acquisitions.
- REGISTER for the Dec. 5 webinar on regulation and compliance.
That name change helped Affinity Plus empathize with a member's circumstances rather than rely on traditional methods of collecting on delinquent loans, Larson said.
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