At one point in time, risk management was not as pressing as other operational concerns for credit unions. With the changing lending landscape, however, it has become priority No. 1 for many, particularly with regulators calling for more stringent monitoring.
Mike James, chief operating officer of Lending Insights, the flagship brand of CU Direct Corp., a vehicle lending and sales solutions provider, said risk management is among the top concerns credit unions are seeking guidance on these days. With that in mind, the CUSO recently launched a new range of consulting services to help credit unions better understand their lending programs, establish essential policies and procedures to meet regulatory requirements, and help advance their programs and improve overall lending performance.
Among the areas targeted are risk mitigation program development, loan profitability and pricing review by credit tier and lending peer comparison. Other areas include lending program and strategy development and underwriting effectiveness.
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