Credit Union Collections & Risk Manager

First Northern Credit Union•Chicago, IL

2d•Onsite

About The Position

First Northern Credit Union is seeking a Risk Mitigation Manager, also referred to as a Collections & Risk Manager, to oversee its Risk Management Department at the Chicago-Loop (Monroe Street) office. The department’s scope includes loan collections, collateral protection, negative shares, fraud prevention and resolution, credit loss estimation, and insurance-related programs. The credit union serves employees and students of ComEd/Exelon, Constellation, Northwestern Medicine, and Northwestern University, as well as members in a 14-county community charter that includes Evanston and Rockford. This in-person position is scheduled Monday through Friday, 7:45 a.m. to 4:45 p.m., for 40 hours per week. Compensation is $75,100–$79,815 per year. First Northern Credit Union conducts background and credit checks for all positions and is an equal opportunity, drug-free-workplace employer.

Requirements

Bachelor’s degree.
At least 3 years of experience in collections, fraud, and/or risk management.
Solid computer, analytical, math, and communication skills.

Nice To Haves

Management experience is preferred.
Bilingual English/Spanish is a plus.

Responsibilities

Supervise and manage a Collector and a Loan Servicing Representative.
Oversee applicable Automatic Call Distribution (ACD) workgroups and provide resolution management for member service calls.
Supervise loan collections and ensure collection activity follows current policies and procedures.
Prepare monthly delinquency and loan loss reports.
Administer bankruptcy and workout activities on accounts in a timely and consistent manner.
Manage legal counsel vendors for account litigation and coordinate with trustees.
Manage negative-shares collection queues and charge off approved negative shares according to policy and procedures.
Manage collateral and mortgage protection insurance (CPI/MPI) programs to ensure proper coverage and minimize collateral-related losses.
Lead fraud resolution efforts, including investigation, recovery, and member communication for new memberships and newly opened savings and loan products, including indirect vehicle loans.
Implement and monitor fraud mitigation strategies to reduce identity-theft and account-takeover risks.
Manage the credit union’s Current Expected Credit Losses (CECL) methodology, assumptions, modeling, and reporting.
Use software to monitor loan portfolio performance and trends, identify emerging risks, and recommend corrective actions.
Manage processing and reconciliation of insurance refunds related to chargebacks and back-end refunds related to loan payoffs, charge-offs, or early terminations.
Lead special or ongoing projects important to departmental development.
Stay current on governmental regulations concerning loan-servicing repayment compliance, collections, member information, and record retention.
Explain financial products and services to members, evaluate their needs, and recommend the credit union’s best available options.
Evaluate staff performance and provide feedback and coaching.
Develop, implement, and maintain department procedures and policies.
Assist with auditing and reporting functions.
Handle, assign, or complete work received through online, telephone, in-person, mail, fax, and other channels.
Maintain a thorough working knowledge of credit union history and philosophy, policies, and procedures.