This comprehensive Charge-Off Policy template is an essential tool for credit unions seeking to establish clear guidelines for managing delinquent loans and accounts. Designed by industry experts, this Word-downloadable document provides a robust framework for implementing consistent charge-off procedures across your organization.<\/p>\n

The template covers all aspects of the charge-off process, including criteria for identifying accounts eligible for charge-off, timing considerations, documentation requirements, and regulatory compliance measures. It outlines specific procedures for different loan types, such as consumer loans, real estate loans, and credit card accounts, ensuring a tailored approach to each product category.<\/p>\n

Key sections of the policy template address topics such as:<\/p>\n

1. Charge-off thresholds and timelines
\n2. Required documentation and approval processes
\n3. Handling of collateral and security interests
\n4. Reporting requirements and record-keeping
\n5. Recovery efforts and debt sale procedures
\n6. Compliance with applicable laws and regulations<\/p>\n

This customizable template allows credit unions to easily adapt the policy to their specific needs, risk tolerance, and operational structure. It includes placeholders for institution-specific information and offers flexibility to modify or expand sections as required.<\/p>\n

By implementing this comprehensive Charge-Off Policy, credit unions can ensure consistent decision-making, mitigate risks associated with delinquent accounts, and maintain compliance with regulatory standards. This template serves as a valuable resource for financial institutions looking to streamline their charge-off processes and maintain a healthy loan portfolio.<\/p>\n","protected":false},"excerpt":{"rendered":"

Covers: Criteria for determining when a loan should be charged off; Procedures for recommending and approving charge-offs; Documentation requirements for charge-offs; Timing requirements for charge-offs; Reporting of charge-offs to management and board; Procedures for pursuing collections after charge-off; Impact on allowance for loan losses.<\/p>\n","protected":false},"featured_media":5967,"comment_status":"open","ping_status":"open","template":"","meta":{"content-type":"","rank_math_lock_modified_date":false,"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2},"_wpscp_schedule_draft_date":"","_wpscp_schedule_republish_date":"","_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_selected_social_profile":[]},"product_cat":[186,201],"product_tag":[188,191],"class_list":{"0":"post-5855","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-credit-union-policies-templates","7":"product_cat-lending-credit-union-policies-templates","8":"product_tag-credit-union-policies-templates","9":"product_tag-lending","10":"entry","12":"first","13":"instock","14":"downloadable","15":"virtual","16":"taxable","17":"purchasable","18":"product-type-simple"},"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/fintechpolicies.com\/wp-json\/wp\/v2\/product\/5855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fintechpolicies.com\/wp-json\/wp\/v2\/product"}],"about":[{"href":"https:\/\/fintechpolicies.com\/wp-json\/wp\/v2\/types\/product"}],"replies":[{"embeddable":true,"href":"https:\/\/fintechpolicies.com\/wp-json\/wp\/v2\/comments?post=5855"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fintechpolicies.com\/wp-json\/wp\/v2\/media\/5967"}],"wp:attachment":[{"href":"https:\/\/fintechpolicies.com\/wp-json\/wp\/v2\/media?parent=5855"}],"wp:term":[{"taxonomy":"product_cat","embeddable":true,"href":"https:\/\/fintechpolicies.com\/wp-json\/wp\/v2\/product_cat?post=5855"},{"taxonomy":"product_tag","embeddable":true,"href":"https:\/\/fintechpolicies.com\/wp-json\/wp\/v2\/product_tag?post=5855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}