As many as 30 credit unions in West Virginia and Ohio have been scrambling to establish new correspondent vendors after a regional and national bank terminated their accounts over the past few weeks.
Reports of banks closing credit union correspondent relationships have extended to New York and New Jersey.
For the first time ever, credit unions originated more than 8% of all U.S. mortgages originated in any given three month period, Callahan and Associates announced in May. The previous record had been just over 5%.
Navy Federal wins in low interest card category; PenFed cited for best introductory rate.
As far as Bob Fisher, president/CEO of Grow Financial Federal Credit Union, is concerned, joining the Billionaires Club doesn’t mean you don’t need to stop growing. In fact, he believes growth is essential.
Credit card portfolios have had a rough go at things the past couple of years. Even with all the media attention on credit union credit cards in 2010, they grew just 2% that year. The previous five-year trend was an annual average growth rate of 10% to 12%.
While it may not be much of a surprise to credit unions that some banks are not eager to approve funding for small businesses these days, the rate of rejections might cause some alarm.
In an unforeseen management shift, Benson Porter, president/CEO of the $5 billion First Tech Federal Credit Union of Palo Alto, Calif., will be taking over the $9.7 billion BECU of Tukwila, Wash., next April, succeeding retiring CEO Gary Oakland.
Report author says the "big banks are sitting on their assets."