In a recent CU Today article, an economist with CUNA is forecasting a recession for the United States within the next two years.
Now is the time to assess your institution’s debt collection preparedness:
- Is your collections department able to scale up as recessionary times usually call for increased collections activity? If not, do you have a backup plan?
- Does your debt collections platform/software have the sophistication to engage borrowers via digital, omnichannel and 24/7 payment transactions?
- Are your policies, people and systems fully compliant with the myriad of debt collection regulations: Federal / CFPB / SCRA/ State law & statutes?