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Members-First Mindset: Credit Unions Focus On Service to Weather Pandemic

DRN’s Virtual Showcase in October 2020 brought together leaders from across the vehicle financing industry to discuss various issues and trends affecting their businesses, including both short- and long-term impacts of the COVID-19 pandemic.

We focused time on credit unions with several representatives of that industry and other finance experts. Our discussions included:

  • Danielle Arlowe: SVP, American Financial Services Association (AFSA)
  • Anne Holtzman: SVP Risk Management Services, Allied Solutions
  • Melinda Zabrintski: Senior Director, Experian
  • Jeremiah Wheeler: EVP and General Manager, DRN

Our credit union panel opened with discussion of COVID-19 and how it changed their businesses, both for the short and long terms. Anne Holtzman of Allied Solutions discussed the rapid shift her teams had to make at the onset of the pandemic and as the economic impacts of restrictions and business shutdowns became clear.

One industry expert noted that the CARES Act created a 12-month forbearance on mortgages and up to a 12-month deferral on auto loans. In addition, many states instituted bans on collections and repossession activities.

As restrictions have lifted and the economic climate has improved, credit unions are seeing their operations begin to normalize and collections and repossessions are starting up again. “We’re still in that mitigation mode now, but back to repossessing when appropriate,” another panelist said.

Click here, to read the full white paper and learn more about how credit unions have weathered the pandemic.

About the author:

Senior Solutions Sales Delivery, FinTech Mike has more than 10 years of experience in the data, analytics, collections, recovery and financial services industries. As a member of DRN’s Solution Sales Delivery team, Mike specializes in consulting with CU's, Banks and Financial institutions to provide solutions designed to improve their collections and recovery operations. Mike continues to help lenders optimize their collections and recovery strategies through DRN’s extensive suite of products.