Lending Articles

The Quest for A Simplified Lending Experience

The Quest for A Simplified Lending Experience

Published in Lending

I’ve read a number of credit union industry articles recently that focus on the rise of consumer peer to peer (P2P) lending/marketplace lenders, usually with speculation about when these new competitors will start impacting our industry’s loan volume.  That’s a fine discussion to have, but what seems to be lacking is an in-depth conversation around…

Looking Forward to the Next Year with Resolve

Looking Forward to the Next Year with Resolve

If you are at all like me, then you imagine a day where you can get the things done that YOU have set as a priority, rather than spending your time meeting other’s expectations.  Over the last twelve months, we have seen a number of new issues on the horizon that promise to fill out…

Embracing Technology to Assess Risk and Improve Your Competitive Edge

Embracing Technology to Assess Risk and Improve Your Competitive Edge

Have you ever bought a new car and, like me, just hopped in and started driving without reading the owner’s manual to discover what features and options the vehicle had?  Months, and maybe years, go by without knowing you have some really cool features.  Or maybe, you have a feature you know about, but you…

Credit Unions Continue to Make Gains in the Auto Lending Marketplace

Credit Unions Continue to Make Gains in the Auto Lending Marketplace

Published in Auto Lending, Lending

Credit union auto lending marketplace performance continues to shine through the mid-year point of 2015. With new car sales up 5%, 2015 is looking like a record year for the auto industry, with about 17.4 million projected new auto sales units by year’s end. Credit unions have been able to capitalize on the increase in…

Data Governance – Who Owns the Data?

Data Governance – Who Owns the Data?

As credit unions get on board with Big Data and realize the benefits and value of the data they have at their disposal, there continues to be quite a bit of struggle with developing a program to store the right data, and retrieve and successfully utilize the data they collect. Beyond these challenges, data sources…

Moving Beyond Out-of-the-Box Models

Moving Beyond Out-of-the-Box Models

I’ve been working in and with credit unions for over fifteen years and in financial services for over twenty five. Based upon my experience, I believe that there is one critical area where credit unions have lost ground when it comes to capturing the consumer market for loans and other financial products; that area is,…

Developing A New Growth Channel Through Point Of Sale Financing

Developing A New Growth Channel Through Point Of Sale Financing

Published in Lending, Retail Lending

In 2015 we have continued to see positive loan growth in many areas. That said, we all know that loan growth can be heavily tied to, among other things, economic, regional, and seasonal factors that aren’t always in our control. Because of this, many credit unions have identified the need to diversify their portfolios, seek…

Are You Treating Every Member Fairly?

Are You Treating Every Member Fairly?

There has been a lot of discussion over the last couple of years among credit unions related to fair lending and disparate impact.  Beyond the debate over who has regulatory power over who, and whether the testing procedures are even accurate, many credit union lenders believe that they would be safe in the event their…

A Real “Blue Ocean” Lending Opportunity for Credit Unions:  Point of Sale Financing

A Real “Blue Ocean” Lending Opportunity for Credit Unions: Point of Sale Financing

Published in Lending, Retail Lending

During the recent Drive ’15 Conference for credit unions, George Hofheimer, Filene Research Institute’s Chief Knowledge Officer, unveiled to attendees exciting new research findings from Filene and CU Direct on point-of-sale financing (POSF).  (POSF is defined as providing financing at the point of sale for large consumer purchases.)  The research examines loan growth opportunities for…

Leveraging Technology to Better Serve Members and Increase Loans

Leveraging Technology to Better Serve Members and Increase Loans

Credit unions can increase loan growth 27% by doing one simple thing; increase system decisions on loan applications.  In a recent study of credit union indirect application data from 2014, CU Direct was able to determine that auto-approved loan applications are 11% more likely to fund than applications approved manually.  When one considers that about…