Yes, both a write-off and a charge-off feature, in fact.  A written-off loan is still collectible whereas a charged-off loan is released from debt and closed.  Both steps are recorded as part of the CU*BASE written-off/charge-off loan history database.  (Use the link below to learn more about this database and associated dashboard.)

To write off a loan, use Tool #1006 "Write Off / Charge Off Loans" and use the write-off option.  This reclassifies the loan but it is still retained on the member record for tracking and accepting payments.  Or in situations where payments will no longer be received, i.e. bankruptcies, etc., the loan can be charged off and closed via that same tool.  You must Write Off a loan before you can charge it off, but both can be done during the same process if you like.