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Valuable Collateral

August 2014 – Vol: 37 No. 8
by Jamie Swedberg

How credit unions protect the items that back their loans.

Toy house and car on a pile of moneyWhat happens if a credit union needs to repossess a vehicle, but the vehicle turns out to be damaged or missing? What if a newly mortgaged home catches on fire and suddenly isn’t worth the money the CU lent for it?

In a perfect world, members would always carry the proper insurance to protect those assets. But it’s not a perfect world. Sometimes, under stress and financial pressure, members make poor risk management decisions and don’t renew their coverage. Sometimes (although it’s rare) they even skip town or trash the house. How can CUs best protect themselves from loss?

One of the main ways is by purchasing insurance. Collateral protection insurance might not be…

Access is available to CUES members, CUES Director/CCUBE members, CUES Supplier members and to subscribers to Credit Union Management magazine.

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