Loan outsourcing allows your credit union the ability to transfer some or all of its daily collection functions to an outside source.  Turning Point formerly, Hampton Roads Contact, has been providing this service to credit unions since 2003. Outsourcing provides your credit union the ability to transfer its daily collection functions, legal functions, bankruptcy tracking functions and repossession functions to one company.


Loan Servicing can work for any size credit union and you will receive the advantages of a full service loan department and specialty functions associated with Loan Servicing. By outsourcing these functions to TURNING POINT your credit union can reduce employee expenses by allowing you to reduce staff or refocus those employee resources in other areas of your credit union.








TURNING POINT will work closely hand in hand with your credit union to develop a plan that will give you all the features of a loan servicing department at a reduced cost while decreasing your credit unions loan delinquency and increasing efficiency.




Woodrow Williams - Thursday, October 09, 2014

CFPB Eyes Checking Account Screening

By Nicholas BallasyOctober 08, 2014 • Reprints

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WASHINGTON – The CFPB will review how credit unions and banks use reporting agencies to screen members when they open a checking account.

In his prepared remarks during a checking account access and screening forum hosted Wednesday by the bureau, Director Richard Cordray criticized credit unions and banks for using credit reporting agencies to screen for checking accounts. However, in his remarks he interchanged credit agencies with consumer reporting agencies like ChexSystems, which reports deposit account loss, fraud and NSF activity.

“It is one thing to use a credit report or similar type of consumer report as a means of assuring that consumers do not take on more risk than they can handle. Indeed, the bureau would be concerned if banks or credit unions were to grant credit to consumers without regard to their prior credit history,” Cordray said. “For most consumers, though, checking accounts are not inherently credit vehicles, but instead are products for depositing and transferring funds. So it is troubling then that banks or credit unions may use a credit report to exclude some consumers from these basic financial services.”   

Cordray defined speciality consumer reporting agencies as those that report NSF activity, unpaid or outstanding bounced checks, overdrafts, involuntary account closures and fraud.

Cordray said these reports could contain too many “imperfections and inconsistencies” and emphasized that each financial institution has different reporting policies.

CFPB officials cautioned after the event the bureau is still in the review process and has not made any decisions about screening procedures. They further clarified that the bureau's concern is with institutions that deny accounts based on involuntary closure records, and not loss records or suspected fraud.

Michael Coleman, NAFCU director of regulatory affairs, defended the checking screening process used by credit unions.

"Screening applicants for share draft accounts can be an important tool for credit unions to mitigate against fraud risk," he said. "In terms of consumers access to traditional banking products, credit unions have unique relationships with their members, and work with their members to provide them with the types of accounts and products that they want and need, and that make sense for their member."

The CFPB director also expressed concern about the accuracy of the reports and consumers’ ability to access the reports and dispute incorrect information.

“Some banks or credit unions separate out the principal and fees when they report overdue debts; others do not. Some update their reports daily and others monthly. Sometimes charged-off balances are sold as debts or assigned to collectors,” Cordray said.

Cordray told the audience the CFPB has issued a warning to some specialty reporting companies.

“Federal law requires them to provide consumers with access to their reports,” Cordray said. “And we issued a consumer advisory informing people that they have a right to obtain their reports from the nationwide specialty consumer reporting companies for free each year. We will continue to research and monitor this market carefully.”

Following Cordray’s remarks, Helen Godfrey Smith, president/CEO of the $100 million Shreveport Federal Credit Union in Shreveport, La., moderated a panel about the checking account screening system.

Celia Edwards Karam, managing vice president of Capital One, said Capital One only screens applicants for fraud but aside from that, everyone is approved.

Smith pointed out that checking account information is being recorded, which could hurt consumers in the marketplace.

The $416 million First Hope Bank, located in Newton, N.J., works with customers before charging off their checking account, according to Cara Quick, vice president for compliance. She said parents and schools have to do a better job educating children about checking accounts and financial planning.

Dave Bowen, director of the $92 million Key Community Bank, located south of St. Paul, Minn., said sometimes customers get declined for a checking account at his bank because they have an outstanding balance elsewhere.

Bowen encouraged financial institutions to be mindful of the difference between fraud and someone who had a lot of overdraft charges during their college years.

Stuart Pratt, CEO of the Consumer Data Industry Association, told CU Times there are many different companies that aggregate consumer data for risk, which has created a lot of competition in the marketplace and spurred innovation.

Pratt said credit unions are furnishers of data to consumer reporting agencies.

“They will choose to furnish data on fraud – that’s the whole point of these databases. They become shared exchange databases where the next credit union down the road can benefit from the unfortunate bad experience of the previous credit union and that’s the whole point about a risk decision,” Pratt said.

2014 Spring Compliance Conference

Woodrow Williams - Monday, March 31, 2014

DAY 1: Wednesday, April 30th


Marketing Regulatory Compliance

Jennifer Anderson, Policy Works


Marketing materials - brochures, direct mail, print ads, websites and email - are an ever-expanding portion of a credit union’s operations. Regulatory bodies have recognized this, and apply a variety of rules and regulations to them. This presentation will help you learn how to comply with various Federal laws and regulations, cover unfair, deceptive or abusive acts and practices.

 Attendees have the opportunity to submit a marketing piece* to be reviewed prior to the session.


*Attendees must submit marketing piece (by April 21, 2014) to Jennifer - jennifera@policyworksllc.com and we will review the pieces compliance during the last part of our session.


  • 9:30 a.m.   Marketing Regulatory Compliance; Marketing Credit Products

                  Jennifer Anderson, Policy Works


  • 10:30 a.m. Marketing Regulatory Compliance; Common Errors

                              Jennifer Anderson, Policy Works


  • 1:00 p.m.  Marketing Regulatory Compliance; Examiner Issues

                             Jennifer Anderson, Policy Works

  • 2:30 p.m.  Marketing Regulatory Compliance; Unfair, Deceptive, Abusive Acts & 


                            Jennifer Anderson, Policy Works

DAY 2: Thursday, May 1st


9:00 a.m. Virginia Law on Non-Judicial Foreclosure

                Webb King, Woods Rogers, PLC                                                                    

                John Prillaman, Woods Rogers, PLC


Non-judicial foreclosures are heavily regulated and lenders must give special notices to the property-owner. This session will cover how to foreclose on a deed of trust in Virginia when a member’s mortgage goes unpaid. We will cover pre-foreclosure matters, required notices, advertising requirements, postponement of sale, day of sale, what happens when a member files bankruptcy, injunctions and trustee deed and other estate issues.


10:30 a.m. Auto Loans Collections in Virginia

                 Eddie Whitlock; Lafayette, Ayers & Whitlock


How to collect on an auto loan in Virginia (including doing a repossession). In this session we will cover from the first delinquency through the disposition of collateral including required   notices and what you should do if the member files for bankruptcy

1:15 p.m. Electronic Loan Documents & Signatures

                Nathan Bowden, VACUL


Credit union members are demanding the opportunity to apply for loans electronically. This session will cover the laws and regulations that you must be aware of in e-lending, including how things differ when you use e-documents,    e-disclosures, and e-signatures in the lending process.


3:00 p.m. Loan Collectability: Electronic Documents & Signatures

               Eddie Whitlock; Lafayette, Ayers & Whitlock


This session will share strategies your credit union could use to ensure contracts entered into electronically have the same protections they have when contracting the “brick and mortar” world. We will cover in this presentation practical examples of the procedures your credit union should have in place to ensure that your loan documents will be upheld in a Virginia court of law.

4:30 p.m.   Q&A Session

DAY 3: Friday, May 2nd


9:00 a.m. Bonuses, Gambling, Promotions & Sweepstakes

                 Nick Albu, Woods Rogers, PLC

                 Dan Summerlin, Woods Rogers, PLC


We will share in this session the authority of marketing and promotion activities, Virginia’s Illegal Gambling Law, Truth in Savings Disclosures for Bonuses, and legal disclaimers in promotional advertising. We will also cover 1099 Tax reporting for promotions.


10:45 a.m. Intellectual Property

                   Nathan Evans, Wood Rogers, PLC

                   Mike Hertz, Woods Rogers, PLC

Join us for an overview of the different types and ways to protect your intellectual property including patents, trademarks, copyrights and trade secrets. We will touch upon IP provisions in contracts and explain the basics of licensing agreements. In this session we will, by way of anecdotes and highlights, focus on how credit unions can use IP as an asset and how you can defend against the assertion of IP rights against your credit union by “non-practicing” entities.


12:15 p.m. Q&A Session


12:30 p.m. Adjournment



Registration Information

Registration Deadline:  April 21, 2014


Registration Cost:   April 30th, $145 per person;

                                May 1st,   $145 per person;

                                May 2nd,  $65 per person


Register online at www.vacul.org/events and pay by credit card or complete form and send with your registration fee to:


Virginia Credit Union League

            ATTN: Cathy Baldwin          

            P.O. Box 11469, Lynchburg, VA 24506

            (Phone) 800.786.3344, Extension 615

            (Fax) 434.237.5068

            (Email) cbaldwin@vacul.org


Hotel Information

Embassy Suites Hotel (2925 Emerywood Parkway, Richmond, VA 23294)


Room Rate for Overnight Guests: $119

Includes: Free cook-to-order breakfast, 2 hour evening receptions with complimentary drinks and snacks, complimentary WiFi and much more.


Room Reservation Deadline: April 15th


Code: Virginia Credit Union League - Compliance Conference

Please call the hotel directly to make the reservations at 804.672.8585.


Your VACUL Compliance Team:  Nathan, Clark & Robert


One Vision. One Voice.  


For compliance questions, contact the compliance team: 

800.768.3344 ext. 610 (phone)

434.237.5068 (fax)

compliance@vacul.org (e-mail)





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