Stalled Lending Leads Senate FCU to a CUSO
After seeing a prolonged period of stalled consumer lending, Susan Enis knew it was time to go shopping.
"Like with a lot of other credit unions, consumer business is drying up. Rather than stare at an empty bread box, we had to go to the pantry," said Enis, president/CEO of the $482 million United States Senate Federal Credit Union in Alexandria, Va.
CU$$ plans to keep its focus on loan participations, Hayes said. There has been some discussion about possibly adding business services. However, the industry already has many CUSOs filling this need and CU$$ does not want to compete in this area, he noted.
Hayes brings more than 35 years of financial services experience to the table having originated over $100 million in commercial loans and supervising commercial loan officers. His professional affiliations include chairman of the Metropolitan Area Credit Union Management Association and past president of the Mortgage Bankers Association.