Collections Manager

Who We Are

We have the fundamental belief that we, as an organization, can and will improve lives. Rooted in the centuries-old credit union philosophy of people helping people, we maintain a simple premise. Those we interact with will receive equal and just treatment, devoid of intolerance, false judgment, racism, or discrimination of any kind. We must not accept less if we are to fulfill our mission, "We Improve Lives." This mission empowers us to serve the greater good and to make a difference in our world. Our cooperative structure creates a cycle of mutual assistance towards the common goal of the financial well-being of members.

At BHFCU, we’re committed to improving the lives of our members every day, and we look for people who share that passion. Don’t have a ton of financial industry experience? No problem. Our onboarding includes an orientation program with ongoing training to help staff further their career at BHFCU by building on their existing strengths.

General Purpose: The Collections Manager is responsible for providing oversight of the overall operation and supervision of the Collections Department. This role ensures alignment with the organization’s business goals, collaborates with leadership, manages and mitigates various risks, and ensures regulatory compliance to maintain the financial health and stability of the organization.

Essential Duties/Responsibilities

• Supervise day to day operations of the Collection Department, ensuring efficient and effective operations.
• Develop and implement collection strategies to minimize delinquency rates and recover outstanding debts.
• Lead the collections team by setting clear expectations, fostering a collaborative environment, and ensuring alignment with the department's strategic goals.
• Implement and monitor processes to maximize team productivity, ensuring that all team members are meeting or exceeding performance standards.
• Regularly review and assess both department and individual performance metrics, identifying areas for improvement and recognizing achievements.
• Conduct regular observations of team members' work, providing constructive feedback and coaching to support their professional development and enhance overall team performance.
• Monitor collection activities and performance metrics, providing regular reports to executive leadership.
• Ensure compliance with all relevant regulations and policies.
• Work with third parties, including legal, to ensure alignment and effective recovery strategies and mitigation.
• Recommend accounts to be charged-off to the Asset Management Committee/ALCO as well as provide recommendations for at-risk loans that need to be monitored or appropriately prepared for.
• Prepare monthly charged-off loan payment report for Management and Board of Directors.
• Ensure all collection activities comply with legal and regulatory requirements.
• Conduct regular audits and reviews to ensure compliance.
• Prepare and present regular reports on collections performance to executive leadership.
• Analyze data to identify trends, risks, and opportunities for improvement.
• Utilize data-driven insights to refine strategies and improve outcomes.

Other Duties/Responsibilities

• Responsible for the development of department budget consistent with the strategic plan and overall budget.

• Review and update policies to ensure best practices, regulatory compliance, and appropriate risk tolerance levels, as appropriate.

• Evaluate vendor performance and the deliveries of their services, maintaining strong relationships. Collaborate with internal and external teams regarding system integration to ensure seamless operations and alignment with organizational goals.

• Stay updated on changes in regulations and adjust strategies accordingly.

• Other duties as assigned.

Job Qualifications (Knowledge)

• Strong knowledge of regulatory requirements and compliance.
• Excellent leadership, communication, and analytical skills.
• Ability to work collaboratively with leadership and cross-functional teams.
• Expert knowledge of laws and regulations affecting lending and collections.
• Strong written and verbal communication skills, with an expert knowledge of conflict resolution.
• Advanced knowledge of organization's policies/procedures and Credit Union's service philosophy.
• Advanced knowledge of the Credit Union's products and services.
• Expert knowledge of repossessions, bankrupt and credit counseling accounts. Be able to counsel members and determine workable payment arrangements.
• Knowledge of the legal, insurance, regulatory, economic, competitive, and technology environments that may affect the collections operation function.

Job Qualifications (Skills)

Black Hills FCU is committed to working with its employees to reasonably accommodate them with the physical aspects of the position. The following list outlines the physical considerations that are normally encountered in this job.

• Vision: A sighted person to read and interpret financial data.
• Speech/Hearing: Ability to communicate verbally and in writing with staff, members and vendors.
• Manual Dexterity: Ability to perform necessary computer-related input.
• Physical Mobility: Limited mobility required. Requires the ability to work flexible hours.

Job Qualifications (Ability)

• Ability to understand and follow complex written and oral instructions.
• Ability to prepare and maintain confidential records and reports.
• Ability to analyze statistics and financial data.
• Ability to communicate with all levels of staff and management in a clear, concise, and professional manner.
• Ability to convey information clearly, demonstrate active listening and facilitate an open dialog.
• Ability to accept and communicate the change process through organizational growth and directional movements.
• Ability to manage challenging performance behaviors with a calm and measured approach to a resolution.
• Ability to accept feedback in a professional and productive manner and implement any necessary adjustments.
• Ability to develop and write effective and clear procedures.
• Demonstrated ability in leadership role coaching, developing and training staff.
• Ability to manage multiple projects in a high paced and demanding environment.
• Ability to analyze data and situations to identify problems, and implement solutions with attention to detail, professionalism and accuracy.

Job Qualifications (Education/Experience)

Bachelor’s degree in Finance, Business Administration, or related field preferred, but not required.

Minimum five years of experience in a collections role, or more than five years of relevant experience in a related field provided candidate has held equivalent responsibilities. Formal training should be complemented by ongoing professional development. Advanced ability for high-conflict conversations with members and vendors.

Working Condition

Material and Equipment Involved

• In-House Computer System
• Various Software Applications
• Scanners
• WebEx

Work Environment/Physical Activities

Occasional travel to one of BHFCU’s branch locations or attendance at community events may be required.

Physical Requirements

Perform primarily sedentary work with limited physical exertion and occasional lifting of up to 10 lbs. Must be capable of climbing / descending stairs in emergency situation. Must be able to operate routine office equipment including telephone, copier, facsimile, and calculator. Must be able to routinely perform work on computer for an average of 6-8 hours per day, when necessary. Must be able to work extended hours whenever required or requested by management. Must be capable of regular, reliable and timely attendance.

Working Conditions

Must be able to routinely perform work indoors in climate-controlled shared work area with minimal noise.

Mental and/or Emotional Requirements

Must be able to perform job functions independently or with limited supervision and work effectively either on own or as part of a team. Must be able to read and carry out various written instructions and follow oral instructions. Must be able to speak clearly and deliver information in a logical and understandable sequence. Must be capable of dealing calmly and professionally with numerous different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of customer service and discretion when dealing with the public. Must be able to perform responsibilities with composure under the stress of deadlines / requirements for extreme accuracy and quality and/or fast pace. Must be able to effectively handle multiple, simultaneous, and changing priorities. Must be capable of exercising highest level of discretion on both internal and external confidential matters.

Notice: This job description is not intended to be, nor should it be construed as, a contract or guarantee for employment. BHFCU adheres to all federal and state labor laws regarding termination and probationary periods. This position is also subject to all the personnel policies of the Black Hills Federal Credit Union. Changes may be made to this job description at any time by the President. Black Hills Federal Credit Union is an equal opportunity employer.

Black Hills Federal Credit Union is an equal opportunity employer. All applicants will receive consideration without regard to age, race, color, sex, sexual orientation, genetic information, religion, national origin, disability, veteran status, or any other status or condition protected by state or federal law. BHFCU will provide reasonable accommodation to qualified persons with a disability but who are otherwise able to perform the essential functions of the job.