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.