Credit Union Collections & Risk Manager

First Northern Credit Union; Chicago (IL); On-site; USD 75,000 - 80,000; Full time

Benefits offered by this job

Medical, dental, and vision insurance

Life & disability plans

401(k) with company match after 1 year

Job summary

First Northern Credit Union is seeking a Collections & Risk Manager to lead the Risk Management Department in Chicago's Loop, covering loan collections, collateral protection, and fraud prevention. You will supervise staff, manage CECL processes, and ensure policy compliance while collaborating with trustees and counsel.

The role requires leadership, strong analytical skills, and a commitment to minimizing risk across loan portfolios and member relations at a major Chicago credit union.

Qualifications

• Bachelor's degree required.
• 3+ years of experience in collections, fraud, and/or risk management.
• Strong analytical, computer, math, and communication skills.
• Management experience preferred.
• Bilingual English/Spanish is a plus.

Responsibilities

• Oversee the Risk Management Department including loan collections and collateral protection.
• Supervise a Collector and Loan Servicing Representative.
• Manage fraud prevention, CECL modeling, and loss reporting.
• Ensure compliance with collection policies and procedures.
• Coordinate with legal counsel and trustees on related matters.
• Prepare monthly delinquency and loan loss reports.

Skills

Analytical skills

Communication skills

Management experience

Bilingual English/Spanish

Education

Bachelor's degree

Job description

Collections & Risk Manager a/k/a Risk Mitigation Manager

We are currently seeking a Risk Mitigation Manager for our Chicago-Loop (Monroe Street) office to oversee the Risk Management Department, including: loan collections, collateral protection, negative shares, fraud prevention and resolution, credit loss estimation, and insurance-related programs.

Our credit union membership base consists of ComEd/Exelon, Constellation, Northwestern Medicine, and Northwestern University employees and students, as well as a 14-county community charter including Evanston and Rockford.

Primary responsibilities include:

• Supervise/manage a Collector and a Loan Servicing Representative.
• Oversee applicable Automatic Call Distribution (ACD) Workgroup(s).
• Provide resolution management for member service calls.
• Supervise all loan collections activities.
• Ensure that FNCU's collection activity is conducted in accordance with current collection policies and procedures.
• Prepare monthly delinquency and loan loss reports.
• Administration of bankruptcy and workout activities on accounts in a timely and consistent manner. Vendor management of legal counsel regarding account litigation. Coordinate with trustees.
• Management of the Negative Shares collection queues. Charge off approved negative shares per policy and procedures.
• Manage collateral/mortgage protection (CPI/MPI) programs to ensure proper insurance 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 identify theft and account takeover risks.
• Manage the credit union's Current Expected Credit Losses (CECL) methodology, assumptions, modeling, and reporting.
• Utilize software to monitor loan portfolio performance and trends to identify emerging risks and recommend corrective actions.
• Manage the processing and reconciliation of insurance refunds related to chargebacks and back-end refunds related to loan payoffs, charge-offs, or early terminations.
• Work as a leader of special or ongoing projects that are important to departmental development.
• Keep current on governmental regulations related to loan servicing repayment compliance, collections, member information, and record retention.
• Explain financial products and services to members, evaluating their needs, and recommending the credit union's best available options.
• Evaluate/review your staff's performance, including providing performance feedback and coaching.
• Develop, implement, and maintain department procedures and policies.
• Assist in auditing and reporting functions.
• Multi-task and receive and assign or complete work through a variety of channels, including online, telephone, in-person, mail, fax, etc.
• Maintain a thorough working knowledge of credit union history and philosophy, as well as policies and procedures.

Qualifications include:

• Bachelor's degree.
• 3+ years of experience in collections, fraud, and/or risk management.
• Solid computer, analytical, math, and communication skills.
• Management experience is preferred.
• Bilingual (English/Spanish) is a plus.

Office address:
First Northern Credit Union
230 W. Monroe St. Ste. 2850
Chicago, IL 60606
(on Franklin between Monroe & Madison)

Typical work schedule: In-person, Monday through Friday, 7:45 a.m. to 4:45 p.m.

Compensation:

• $75,100 - $79,815 per year
• Full-time, 40 hours per week
• First Northern offers a generous benefits package including medical, dental and vision insurance; free life & disability plans; 401(k) with company match after 1 year of employment.

Please be advised that First Northern Credit Union conducts background and credit checks for all positions.

EOE
Drug-Free Work Environment
M/F/D/V