Loan Surge: Economists Smile, CUs Fret
Ask credit union economists about lending growth, then stand back while they wax enthusiastic about the opportunities available in a new period of growing prosperity. Lending is on the rise, they assert, with the data in hand to prove it.
Happy days are here again.
Growth in the high tech and oil industries has fueled credit union lending programs in areas of California and Texas, Johnston said. But credit unions need the desire, capabilities and opportunities to rebuild their lending portfolios, and the economic condition of the members is often a key variable.
“A lot of credit unions really need to dig deeper and understand their members and what they do,” said Johnston. “If they understand the employment sectors growing in their market they can tap into them more quickly with targeted marketing campaigns and begin to grow their loans.”