A 1.4% decline in loans outstanding in 2010, modest 1.2% increase in 2011 at credit unions linked to how members feel about economy, jobs.
Credit union vehicle loans outstanding have dropped 2.2% so far in 2012 but lending activity is still higher than it was a year ago.
It may be hard to truly gauge whether the majority of members are feeling skepticism toward signs that an economic recovery is well on its way.
Credit union CEOs are especially buoyant about prospects for their own institution, per Catalyst, representing a sharp turnaround from year-ago gloom.
If credit unions were looking for a lending panacea in 2011, it was nowhere to be found. It wasn’t for a lack of money to lend because many cooperatives were awash in funds, economists said over the course of the year.
Fresh out of college a few years ago, Tyler Leonhardt accepted a position at Bank of America.
One industry expert believes credit unions can become a new member’s primary financial institution without negatively impacting the delivery costs of their products and services.
Despite a 7.5% increase in auto sales over the past 12 months, credit unions are not enjoying the uptick in related lending activity.
At best, modest loan growth is the most credit unions are experiencing even as auto sales increased by 8% in September.
Data suggests CU still struggle for bigger share of auto loan market.