SAN DIEGO — Even a credit union that acknowledges it has been lucky to serve a relatively stable market during the recession has also had to make some changes to its loan underwriting.
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Judy Hodges, VP-consumer lending for Bayport FCU in Newport News, Va., told the CUNA Lending Council her $1.1-billion CU serves an area where delinquencies and unemployment have been below national averages, and BFCU's capital has held steady at 12.5%. Still, it is seeing the bankruptcies and declining credit scores others are seeing.
As a result, BFCU has moved to centralize its loan decision process, and has begun requiring proof of income for all new members and for those who are self-employed.
