As credit unions budget for 2011, many financial managers are searching for revenue sources, as traditional money makers like consumer loans and investments still aren't performing to historical norms. Business services and innovation may be the answer.
Terry Halleck, preparing her first budget as president/CEO of the $5 billion San Diego County Credit Union, said she's making a number of adjustments for 2011, including “realistic loan-volume projections” and the identification of niche loan products and related opportunities.
California's housing market is still relatively weak overall, she said, and home purchases, home equity lending and refinancing aren't expected to rebound in 2011. Auto loans could be a source of revenue, but competition is fierce because there are fewer qualified buyers.
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