The Children's House

Dear [redacted]   Thank you for clarifying this for us.  The response from our board was based on research that was conducted with fellow credit unions across the State of Indiana.  We discussed this further tonight at our board meeting and our Board of Directors stands by the findings and the letter that was sent to Ms. [redacted].  The Board also felt that our solutions were more than reasonable.  Her response to the board was one of rejection.  We acknowledged our shortcomings in the way the collection matter was handled; but our policy will not be changed as it is consistent with the other credit unions we surveyed.    Furthermore, Ms. [redacted]’s e-mail response to our Board Chairman, Mr. [redacted] was very puzzling in the fact that she wondered why we brought up the IRS refund issue.  In her mind it was not the issue at all.  With all due respect, it was the central issue.  She and her husband knew their accounts were closed and admitted as such.  If they had checked with their tax preparers before their returns were sent, we would not have had the initial call with them to start.    Finally, Ms. [redacted] should also understand that because they caused us a loss, they were not considered a member in good standing.  We were in no way trying to make them feel inferior.  That was our policy – no matter who the member is.  Yes, they paid 2 of the 3 three loans as agreed after a reaffirmation – but that was only to keep their cars and keep their home.  They have subsequently traded in the car loan that was still on our books, so the only thing now here is the Home Equity Loan and we gave them a very viable solution to this payment.    Overall, we are a not-for-profit financial cooperative that prides itself in being good stewards of our members’ money.  So we take it very seriously when a member has an issue.  We do not have shareholders that demand a dividend each quarter.  Each and every one of our members – no matter how much they have with us – are considered equal.  But when one causes the credit union a loss, it is a loss to our entire membership – not just the CEO and board of directors.  That is why we have the policies we do when it comes to collections.    I appreciate the opportunity to share our viewpoint with you.  If you need anything else from us, you may contact me via e-mail or at 260-632-4245 x 214.  Otherwise, we would kindly ask that this matter be closed as we feel we have provided a reasonable solution to this issue.    Kind Regards,   [redacted] CEO Financial Partners FCU   CC:  Board of Directors – [redacted].