On-Site Coverage: Credit Union Reality Check 2: Hunting Noninterest Income
ATLANTIC CITY, N.J. — If lending income is not going to increase near-term–and experts seem certain of that–where can credit unions find new revenue streams? Bob Larson, a CUNA consultant, told attendees at the New Jersey Credit Union League's “Reality Check” conference to accept that a growing reality is the importance of noninterest income.
From where? Larson pointed to a medley of possible sources, one of which is finding ways to serve the 17 million currently unbanked consumers, a number he said might go as high as 23 million as banks start increasing fees. “What a great opportunity serving this population is,” said Larson. “This is why the credit union movement was founded.”