Filene Finds CU Lending Leaders
Despite a lingering lending slump, several credit unions managed to grow their loan portfolios by more than 5% during the Great Recession.
The Filene Research Institute highlighted some of those credit unions in a new report, “Superior Consumer Lenders During the Great Recession.”
Six of the 12 credit unions interviewed identified consistent underwriting as a key differentiator for their lending successes, the report noted. Historically, it had positioned them as stable, meaning they were able to manage delinquencies and losses going into the recession. They also didn’t radically alter their terms in search of new members or new revenue, the data showed.
For those credit unions that relied more on direct lending, Filene found that refinancing was a key factor for lending success.