October 2022 Newsletter

Upcoming Industry Events

October 10

Bronco FCU CHKD Golf Tournament - Franklin, VA

October 12-14

Indiana CUL Annual Meeting & Convention - Indianapolis, IN

October 18-21

Southwest Lending & Collections Conference - The Woodlands, TX

October 28

Sabine Chapter of CUs Annual Kids Classic Golf Tournament - Beaumont, T

Industry News

Ian Will 'Financially Ruin' Homeowners and Insurers

Hurricane Ian's storm surge triggered river overflows and flash flooding across inland Florida, where almost nobody has flood insurance. Only 29% of 1.8 million households in the nine counties declared as disaster areas have federal flood insurance, leaving 1.3 million without federal flood coverage. Most of the flood coverage sold in the U.S. is through FEMA's NFIP and it is unclear how man people have flood policies through private insurers. Florida is already having issues with insurance availability and Ian's damage could force more private insurers into insolvency and trigger a surcharge on almost every Insurance policy in the state.

Read Full Article

eenews.net

Delinquencies on Auto Loans Originated in '21, '22 Are Starting to Rise Relative to Earlier Loans, New Analysis Finds

Auto loans originating in 2021 and 2022 are starting to show higher delinquency rates compared to loans originated in previous years. Brian Turner, president and chief economist with Median Economics, notes that auto loans originating in 2021 have a 13% higher delinquency rate than those originating in 2018 and this trend is even more pronounced for consumers with subprime and deep subprime credit scores.

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cutoday.info

Highlights

Raving Fan Review of the Month!

"I appreciate April's patience! You need more employees like her!"

Borrower from Associated School Employees CU

See what other Raving Fans are saying about ISI!

ISI Family Party at Main Event in Knoxville, TN

ISI hosted a party at Main Event in Knoxville, TN for our employees and their families! Most of our employees continue to work from home so it was a great time seeing everyone in person!

October Holidays, Fun Facts, and Folklore!

In October, autumn comes into full swing. Let’s get in the fall mood! Learn why this month is called October, which holidays to look out for, what to do in the garden, what to bake in the kitchen, when to see the full Hunter’s Moon, and more!

Everything You Need to Know about October

almanac.com

CPI Tip of the Month

In order to ensure your borrower has sufficient insurance, all of these items should be listed on the policy:

Lending institution must be listed as the lien holder
Acceptable deductibles
Comprehensive and collision coverage (if auto loan)
Acceptable/sufficient limits of liability
The effective and expiration date of the policy
Insurance company and agent information
The insured collateral

Connect with Us:

Contact Info:

Phone: 800-749-5440

Email: management@isicpi.com

Website: isicpi.com

ISI is an administrator of Collateral Protection Insurance (CPI) and Blanket Lenders Single Interest (BLSI) for financial institutions. We provide insurance, lending, and marketing products to the financial institution marketplace. Our mission is to deliver the best products and services in the industry through responsive service, comprehensive coverage, and advanced technology. We combine the lender's vision and our proven plan to create a portfolio that matches the lender's needs for a successful program and partnership.