No staff member is authorized to issue a denial, therefore, it is imperative that the Committee know the policies, procedures and federal laws that govern all types of loans at the credit union. Decisions on loan requests must be made without regard to race, religion, sex, age or national origin, and based solely on the application data. During the last 12 months, the credit committee reviewed over 1,500 loan requests. In addition, loan officers at the credit union reviewed and approved over 6,000 requests for credit. Many of the requests this year included consolidation of debts by members intent on reducing their monthly payments to an amount they could more easily handle.
Delinquency is one of the pitfalls of making loans.
By helping members restructure their debt, often they are able to avoid delinquency. One statistic we have begun to track is the percentage of loan losses due to bankruptcy. As you may know, a bankrupt loan is uncollectible and must be charged off. My thanks to my fellow committee members, Audrey Mae MacWilliams and Jackie Quinn. They are extremely dedicated to their jobs and to assisting the membership with their credit needs.