Credit unions’ efforts to focus more on B and C credit should be made with an even more watchful eye now, cautioned several lending executives attending the 2012 CUNA Lending Council Conference.
As credit unions increasingly are turning to mortgages to boost their loan portfolios, three CEOs said real estate lending is a key factor in their success.
As the San Francisco Bay Area housing market continues its recovery, $3.8-billion Patelco Credit Union expects to set a record for mortgages this year and top it in 2013.
The housing market’s gradual recovery on a national level has picked up “measurable speed,” according to new analysis from Veros Real Estate Solutions.
With low rates largely a commodity but with fees that are below market, the $2-billion Redwood CU has found another factor is helping drive mortgage volume: being locally owned.
Although this market has a well-earned reputation as a depressed real estate market crushed by a glut of unsold housing, Wayne Tew, president and CEO of Clark County CU believes already strong mortgage volume would be even better if there were more homes to sell.
With the housing market staging a “minor recovery” in the Silver State’s capital city, one credit union lender here is finally seeing an equal number of purchase mortgages and refinances.
Don’t try telling Jennifer Denoo, chief operations officer for Great Basin Credit Union, it is difficult or impossible for consumers to get a mortgage due to tighter underwriting standards in a post-crisis market.
There is an interesting little theme to be found in Credit Union Journal’s ongoing coverage of the one-year anniversary of Bank Transfer Day. And perhaps it’s not so little after all.
True to his style, John Annaloro was too modest, but for those of us who had the privilege to work with him, his departure is a huge loss for credit unions.
P2P/digital wallets are likely here to stay, and credit unions need to be mindful of potential solutions and how they can help credit unions add new members and forge stronger relationships with existing ones.
In a new survey of executive compensation and benefits in the credit union movement indicates that Supplemental Executive Retirement Plans (SERPs) are an increasingly important component of a credit union’s chief executive officer total pay.
What was initially dubbed a “Hackathon” actually turned into a game of “Knockout” here, as 100 CU technology execs competed to create innovative tech concepts over a 48-hour period.
The $7.9-billion The Golden 1 CU has been welcoming 6,000 new members each month in 2012, which CEO Donna Bland said is a marked improvement from the 2,000 to 3,000 it used to see each month.
More members, 7.5% loan growth and a better PFI score than a year ago are all benefits Pennsylvania State Employees CU has seen from Bank Transfer Day.
Affinity Plus FCU was already several months into a “Ditch Your Bank” campaign when Bank Transfer Day hit, and the event helped augment what was already robust growth.
NuMark CU was a big booster of Bank Transfer Day, and one year later membership has increased by more than 7%, nearly double the previous year’s gains.
Joe Kelly, CEO of $36-million S.T.A.R. Community CU, said membership growth is finally slowing down after substantial growth from October 2011 through May of this year.
San Diego County CU has posted exceptional numbers since Bank Transfer Day, with Executive Vice President ofMarketing and Business Development Nathan Schmidt noting its numbers are roughly three times better than that of the credit union community as a whole.
Another credit union has used the kissing booth strategy as a tactic to lure consumers from banks to credit unions. Fire Police City County FCU has been running a “Kiss Your Bank Goodbye” campaign in in response to public frustration over fees at the big banks.
One year later, Bank Transfer Day is alive and kicking in South Carolina, where CUs across the state are using “Every Day is Bank Transfer Day” as a membership rallying cry.
Credit unions added more members–nearly 2.15 million–in the one-year period of June 2011 to June 2012 than they have added in any June-to-June period over the past 13 years.
With credit card competition from banks heating up again, credit unions are responding to the challenge with marketing analytics, creative promotions, and simply greater attention to a lending product that’s essential to ROA.
A recent FIS consumer survey indicates it may not take a great deal of CU effort to encourage a sizeable portion of members to swipe their debit and credit cards more often.
The Members Group (TMG) has released a new white paper in which two payments experts explain the liability shift deadlines proposed by the major card networks are not EMV mandates.
While analytics are being touted as the best means to target members, at least three credit unions have found that creativity is not a bad second strategy.
After 10 days without power, employees at Public Service FCU here are getting tired of working in the cold and the dark, and warming their hands from the heat of desk lamps.
Some credit unions are getting money back from the IRS due to rules related to healthcare, with one pocketing almost $7,000 this year that it says can be a nice little bump to the bottom line for smaller CUs.
The best practice employed during a 2010 merger of $177.4-million Metro 1 CU into $1.6-billion Travis CU, Vacaville, Calif., was “communication, communication, communication.”
At the recent CUNA OpSS Council (Operations, Sales & Service) Credit Union Journal asked attendees to name the biggest challenge or challenges for their credit unions, from the OpSS perspective.
Heritage CU Marketing Director Cindy Schrader ventured to Belarus to share her marketing expertise as a member of the World Council of CUs’ Global Women’s Leadership Network.
After everything it went through after Sept. 11, 2001, Municipal CU thought it had disaster recovery down to a science, but Superstorm Sandy proved there’s always another lesson to be learned.
