The Rundown
- Since 2007, credit unions have originated $1.5 trillion in loans to consumers and small businesses.
- Experts suggest expanding risk, mimicking successful programs to grow loan portfolios.
- Offer a myriad of options to low income members as alternatives to high interest rate loans.
Amuch anticipated gift arrived during the holidays when third quarter data showed credit unions posted their strongest loan performance in history.
Through the first three quarters of 2012, the industry posted 4.2% loan growth with credit unions in nearly every state experiencing upticks in lending, according to Callahan & Associates.
Loan originations hit the $88 million mark as of the third quarter, which was a 31% increase over the same period in 2011. Overall, credit unions held nearly $600 million in loans as of Sept. 30.
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