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More than six months after the collapse of Silicon Valley Bank, the banking world still feels like it’s treading water. Interest rates remain high and continue to rise, the cost of bank deposits is extremely high and liquidity is low. And that means lenders – from international investment banks to regional credit unions – aren’t making a lot of new loans.

Still, though many banks remain wary of new commercial lending, the most innovation-minded credit unions have spent an otherwise tight period exploring options big banks often overlook. Recent data published by Pew, for example, revealed that in 2022 credit unions lent a record $227 million through the NCUA’s Payday Alternative Loan program.

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