The Credit Union National Association (CUNA) Lending Council presented awards to credit unions to recognize outstanding work and exceptional service in credit union lending.
“Throughout all of this year’s winners, you see a talent in lending strategy and a commitment to credit union ideals that are exemplary,” Bob Stowell, CUNA Lending Council Chair and SVP/chief strategy officer, Firefly CU, a $1.1 billion institution based in Burnsville, Minn., said in a statement. “In their own unique ways, each of these winners are making lending stronger in the credit union movement.”
The awards were presented at the CUNA Lending Council Conference this week in Las Vegas. Five credit unions were honored with Excellence in Lending awards, divided into specific asset categories.
- Business lending (assets more than $250 million): Service CU, a $3 billion institution based in Portsmouth, N.H., which developed a “comprehensive strategy” centered on commercial construction lending and floor-plan financing to widen banking relationships with business members. Service CU also created a credit union service organization (CUSO) initiative to allow for lending opportunities beyond its initial business lending footprint of New Hampshire to other New England markets. In 2015, Service CU issued $15.8 million in loans through this expanded lending program.
- Consumer lending (assets more than $250 million): USF FCU, a $558 million institution based in Tampa, Fla., which refocused its strategic plan to center on loan growth. This strategy included an expansion of indirect auto lending operations, credit card and balance transfer incentive programs as well as the installation of an auto loan recapture program focused on both current and target members. This effort boosted consumer loan volume by $2 million per month.
- Consumer lending (assets less than $250 million): NET CU, a $184 million institution based in Olyphant, Penn., which ”simplified its previously complex” loan policy to focus on FICO score and debt-to-income ratios with the goal of facilitating more lending across all credit tiers. NET CU also launched new auto lending products and promotions, including a 125% loan-to-value (LTV) loan option and a first-time car buyer program. These programs increased the credit union’s loan portfolio from $49.8 million in 2014 to $64.1 million by mid-year 2016.
- Mortgage lending (assets more than $250 million): United Nations FCU, a $4.7 billion institution based in Long Island City, N.Y., which saw its mortgage portfolio grow by 20% in 2015 due to its “focused efforts in expanding markets.” The credit union also opened a new branch in Washington, D.C., along with a service center in Virginia – both focused on servicing mortgages – and introduced a “special program” for qualified UN employees and retirees wanting to finance a home in Nairobi, Kenya.
- Low-to-modest means lending (assets less than $250 million): Lower Valley CU, a $110 million institution based in Sunnyside, Wash., which partnered with community groups to develop path-to-citizenship loans to help immigrant members cover expenses associated with the naturalization process. As part of this effort, Lower Valley CU accepted alternatives to Social Security numbers from working non-residents for auto and home loans, and offered financial education classes and materials in both English and Spanish. The credit union’s assets have grown by more than $50 million during the last three years with loan-to-share ratio increasing from 79.20% to 93.51%.
Additionally, The “Rising Star” Award, which honors an emergent talent in the field of credit union lending, was presented to Stephanie Zuleger, vice president and chief lending officer of Y-12 FCU, a $1 billion institution based in Oak Ridge, Tenn.
Zuleger was honored for revamping Y-12’s mortgage products and services, implementing new lending origination platforms for both consumer and mortgage loans, and co-founding the Tennessee Credit Union League’s young professionals group.
Finally, The “Top Contributor” Award was presented to Jaccie Gaines, consumer loan manager at Matanuska Valley FCU, a $485 million institution based in Palmer, Alaska; and Scott Baker, vice president of lending at Priority CU, a $70 million institution based Orlando, Fla.
