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Default Management Committee
CBA’s Default Management Committee focuses on education, legislation, regulations and benchmarking for consumer, mortgage and small business default within financial institutions. The Committee takes a leadership role in providing CBA’s members with an appropriate open forum to discuss best practices, emerging trends, offer networking opportunities and provide advocacy in the federal legislative and regulatory environment.
For the critical area of default management, now a primary function in retail banking, CBA has developed a forum for discussing issues and comparing best practices. Mounting economic pressures have swiftly shifted banks' attention from generating loans to preventing loan losses. This change rapidly propelled default management from the back office to the front lines. Thanks to the work of CBA's Default Management Committee, CBA maintains a special focus on the unique needs of default management officers as they discuss best practices for minimizing losses and keeping customers in their homes as loan delinquencies and defaults increase.
Fast becoming one of the more creative groups in the bank, default management officers are exploring unique methods to reach out to the "new delinquent customer," who defies the traditional profile of customers who stop making loan payments. Banks now develop new approaches to customer outreach, such as customized work-out plans. Innovation often brings about regulatory road blocks. The Committee assists CBA in evaluating concerns about fair lending practices regarding restructuring loan terms to keep customers from defaulting.