What's So Hard About Hardship Assistance

March 22, 2024

A free webinar brought to you by CUNA Strategic Services and Constant.

Featured Speaker: RuthAnn Riggs, Constant

With delinquency on the rise, it’s more important than ever to help members stay out of collections. Throughout RuthAnn Riggs' 20-year career in financial services, she’s been passionate about doing just that. With experience managing collections departments at large and small organizations, RuthAnn has been successful in transforming the loss mitigation experience for borrowers and staff.

During this session, Riggs will share best practices about what steps credit unions can take to set up fair and equitable hardship assistance programs and make them widely available to credit union members while mitigating credit risk.

Key takeaways:

• Mitigate Risk: Creating hardship assistance programs that are fair, equitable, easily managed and can stand up to regulatory scrutiny.
• Deliver Unparalleled Member Experience: Strategies for recognizing types of financial hardship and appropriate programs for each type, while staying hyper-focused on member experience and continuous improvement that will achieve business success.
• Developing a Board-Approved Policy for Hardship Assistance: Create a hardship assistance policy to create approval parameters, decreasing decision time to get solutions to members faster. Tips for reporting on program outcomes to validate the policy.
• Empower Frontline Reps: By streamlining all processes to emulate self-service channels, front-line representatives can feel confident that they are providing the right solution to address members’ specific needs.

About Constant

Constant's executives, experienced in managing billions in retail debt, grew frustrated with legacy core system constraints and manual operations. They boldly transitioned loan servicing from manual to digital self-service, reshaping the operations landscape. Constant’s mission is to empower members to self-serve online and help credit unions grow through meaningful interactions with their members.