Collections assistance to help Katrina-affected CUs
HARAHAN, La. (2/23/06)--The Louisiana Credit Union League conducted a collections fact-finding meeting Feb. 10 in Harahan, La., to help credit unions severely impacted by Hurricane Katrina.
Seven New Orleans area credit unions attended the meeting (eNews Feb. 22).
Shelia O'Leary, manager of Creditors Resource Services, the Illinois Credit Union System's collections credit union service organization, met with credit unions to find out their collections needs and to determine how Creditors Resource Services could assist them.
O'Leary also had a chance to view the destruction caused by Hurricane Katrina and to meet onsite with several credit unions this week.
"The destruction and the situation that these credit unions are dealing with are overwhelming," said O'Leary. "I've seen and learned more in a few days on the ground in New Orleans than I learned seeing it on television and in the newspaper over the last five months."
The league it is working with the Credit Union National Association's research department to help hurricane-impacted credit unions project loss impact for their loan portfolios.
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