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.