On this episode of Banking on Credit Unions, hosts Attorneys Jim Sorensen and Blair Boyd emphasize why regular audits of collection letters and procedures matter. They share cautionary tales of how small issues ballooned into major lawsuits and extra costs.

Tune in to hear their recommendations for keeping compliant and efficient with reviews every two years, examining actual staff practices beyond written policies. Don’t wait for the regulators to require changes. Revise first and avoid issues down the road.

• Not just what the letters or policies say, but what's happening inside the collections department.
• Lawyer-conducted audits offer confidentiality protection compared to other consultants.
• Stories from the auditing trenches: strange calls and conversations.
• Repossession letters as magnets for consumer class action suits.
• Real-life examples of how small changes led to huge payouts.
• Failures to give proper call disclosures are also common findings.
• Outdated procedures referencing wrong laws or defunct systems.
• Opportunities to improve efficiency as a byproduct of audits.
• Face-to-face collaboration during the review process builds relationships.
• Self-audits are still better than waiting for regulators to knock.
• An ounce of prevention versus a pound of lawsuit cures.

If you want to know more about the SVL Law Team, you may reach out to them at:

Website: https://svllaw.com/

https://svllaw.com/podcast/