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Tagged: Credit Committee Report
- 22/10/2020 at 11:35 pm #2236AdminKeymaster
Q: Bylaws state Credit Committee is final approval – How is it that the Credit GM is approving loans now and placing conditions instead of Credit Committee?
A: The Credit Administration department was formulated to perform analyses on proposed loans and to provide recommendations to the Credit Committee. (The General Manager Credit Administration does not approve loans. ) The Credit Committee still gives final approval for all loans.
Q: Which loan type has the lowest delinquency?
A: Loans that are fully secured by cash
Q: During covid people may have become delinquent but are still trying to pay what is VENTURE doing to help these Members?
A: The Board approved the increase of loan waivers (Principal and Interest) from one month to three months to the affected Members. Members are also offered payment arrangments, loan restructuring, debt consolidation etc.
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