MADISON, Wis. – A new study probes why some credit unions have excelled at lending during a period when most CUs have seen the loan portfolios shrink.
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The study, “Superior Consumer Lenders During the Great Recession,” is being published by the Filene Research Institute and looks at credit unions that grew their loans by 5% each year from 2008-10.
One overarching finding is that none of the credit unions had “stumbled upon a wholly new product or program.” Instead, the most successful lenders shared some common attributes, including strong sales cultures, consistent underwriting that did not change drastically during the recession, market power, and symbiotic product lines, among other attributes.
