A quick glance at how credit unions are faring when it comes to their loan portfolios revealed that most are seeing some growth.
Taken during the “Loans: The Next Frontier” Web seminar, hosted by Credit Union Times Wednesday, a poll asked, “What direction has your credit union loan’s growth taken?”
VIEWING: Watch the webinar here.
Of the 70 seminar attendees who responded, 42.9% said loan growth was “up somewhat,” while 27.10% reported negative growth. A little over 24% said growth was flat and 5.7% said loan activity was “through the roof.”
A second poll asked attendees, “What’s your credit union philosophy on collections?” Nearly 95% of those who responded said, “we approach members firmly yet courteously the day a payment is past due.”
Another 5.2% said “we don’t like to pressure our members; we ask once after 60 days.”
The lending seminar focused on how credit unions are succeeding in growing their loans without compromising asset quality. The seminar also focused on strategies, technology, sales-service culture and marketing as a way to earn more wallet share from members and increase market share.
The guest speakers were Minh McKenzie, vice president of sales and service at the $1.7 billion Community First Credit Union in Appleton, Wis., and Dave Larson, senior vice president at the $1.5 billion Affinity Plus Federal Credit Union in St. Paul, Minn.