What are the responsibilities and job description for the Collections Manager position at City of Boston Credit Union?
Description
The Collections Manager is a key position within City of Boston Credit Union (CBCU), responsible for coordinating activities within the Collections department. This role will assist in developing and implementing effective strategies for managing delinquencies, mitigating credit risks, and providing remediation solutions for CBCU members. The Collections Supervisor will play a crucial role in ensuring compliance with regulatory requirements, optimizing collection processes, and fostering positive relationships with members.
Requirements
The Collections Manager is a key position within City of Boston Credit Union (CBCU), responsible for coordinating activities within the Collections department. This role will assist in developing and implementing effective strategies for managing delinquencies, mitigating credit risks, and providing remediation solutions for CBCU members. The Collections Supervisor will play a crucial role in ensuring compliance with regulatory requirements, optimizing collection processes, and fostering positive relationships with members.
Requirements
- Strategy Development: Assist in formulating and implementing comprehensive collections strategies to minimize delinquencies and credit losses.
- Collaborate with leadership to align collections goals with CBCU’s overall objectives.
- Team Supervision: Lead, motivate, and develop direct reports. Foster a positive and collaborative team culture focused on achieving departmental and organizational goals.
- Policy and Procedure Oversight: Enforce collections policies and procedures in accordance with regulatory guidelines and make recommendations for revisions.
- Stay updated on industry’s best practices and implement improvements to enhance the efficiency of collection processes.
- Delinquency Management: Monitor and manage delinquency levels by implementing proactive measures.
- Analyze delinquency trends and collaborate with production teams to address root causes.
- Compliance: Ensure strict adherence to all relevant laws, regulations, and internal policies in the collections process, to include repossessions and foreclosures.
- Member Communication: Assist in the development of member communication strategies for delinquent accounts. Work to preserve positive member relationships through effective resolution strategies.
- Performance Monitoring and Reporting: Provide input to establish key performance indicators (KPIs) for the Collections department.
- Prepare regular reports on collections of activities, performance metrics, and trends for executive leadership and Board of Directors.
- Training and Development: Provide ongoing training and development opportunities for collections staff to enhance their skills and knowledge.
- Vendor Management: Collaborate with external collection agencies and attorneys to optimize recovery efforts. Ensure that vendor relationships align CBCU’s values and expectations.
- REQUIREMENTS
- Bachelor’s degree in business, Finance, or a related field.
- 7 years of experience in collections supervision within a credit union or bank environment.
- In-depth knowledge of all state and federal collections regulation and compliance requirements.
- Strong leadership and team management skills.
- Excellent communication and interpersonal skills.
- Analytical skills to make data-driven decisions.
- Proficiency in using collections software and relevant technologies.
- Ability to adapt to a dynamic and evolving credit union environment.
- Demonstrated commitment to ethical collections practices and member-focused resolution strategies.