As the economy grows, so does market for more and greater diversity of loans, CUNA Mutual leding SVP tells online conferees.
While credit insurance and debt protection have been long-time staples for credit unions as part of their loan add-on product suites, some experts noticed that they are becoming more of a priority as the industry continues to seek new noninterest income streams.
In an era of shrinking profit margins, credit unions can still find new lending opportunities, one industry expert said.
Only three credit unions were recipients of Excellence in Lending awards this year in large part because of a rough lending atmosphere.
CUNA Mutual Group acknowledged that a rough lending atmosphere was part of the reason that only three credit unions received Excellence in Lending awards this year.
When a bank in Indiana known for its robust business lending program was bought by a larger competitor in 2008, it left many local firms scrambling for other financing alternatives.