Collections Director

hace 2 semanas

Puerto Diablo Barrio, Puerto Rico City Of Boston Credit Union A tiempo completo

Collections Manager Role Overview

The Collections Manager at City of Boston Credit Union is a pivotal position responsible for leading and overseeing the collections department. This role involves developing and implementing effective strategies for managing delinquencies, mitigating credit risks, and preserving the financial health of CBCU. The successful candidate will play a crucial role in ensuring compliance with regulatory requirements, optimizing collection processes, and fostering positive relationships with members.

Key Responsibilities:

  • Formulate and implement comprehensive collections strategies to minimize delinquencies and credit losses.
  • Collaborate with leadership to align collections goals with CBCU's overall objectives.
  • Lead, motivate, and develop a high-performing collections team. Foster a positive and collaborative team culture focused on achieving departmental and organizational goals.
  • Develop and enforce collections policies and procedures in accordance with regulatory guidelines.
  • Stay updated on industry best practices and implement improvements to enhance the efficiency of collection processes.
  • Monitor and manage delinquency levels by implementing proactive measures.
  • Analyze delinquency trends and collaborate with the lending departments to address root causes.
  • Implement strategies to minimize credit risks and exposure. Work closely with lending teams and Credit Committee to assess and mitigate potential risks associated with delinquent accounts.
  • Ensure strict adherence to all relevant laws, regulations, and internal policies in the collections process. Collaborate with outside Auditors to conduct regular audits and assessments.
  • Oversee the development of member communication strategies during delinquency. Work to preserve positive member relationships through effective communication and resolution strategies.
  • Establish key performance indicators (KPIs) for the collections department.
  • Prepare regular reports on collections activities, performance metrics, and trends for executive leadership and Board of Directors.
  • Provide ongoing training and development opportunities for collections staff to enhance their skills and knowledge.
  • Stay informed about industry developments and share relevant insights with the team.
  • 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; Master's degree is a plus.
  • 5+ years of experience in collections management within a Credit Union.
  • In-depth knowledge of collections regulations, compliance requirements, and risk management principles.
  • Strong leadership and team management skills.
  • Excellent communication and interpersonal skills.
  • Analytical mindset with the ability to make data-driven decisions.
  • Proficiency in using collections software and relevant technologies.
  • Previous experience with external auditors, NCUA and regulatory examinations.
  • Ability to adapt to a dynamic and evolving credit union environment.
  • Demonstrated commitment to ethical collections practices and member-focused resolution strategies.

Benefits:

  • 401(k)
  • 401(k) matching
  • Dental insurance
  • Flexible spending account
  • Health insurance
  • Life insurance
  • Paid time off
  • Vision insurance

Location: Boston, MA. Relocation is required before starting work.

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