Lending

By Mastercard’s own reckoning, the point-of-sale financing space is a $1.8 trillion market in the U.S. alone, making its Vyze acquisition a natural way to pursue an opportunity that’s being gobbled up by fintechs and card alternatives.

The Illinois-based credit union, which recently announced an expanded field of membership, saw loans rise by nearly 7% in 2018.

2018 was mixed bag for credit unions in the Wolverine State, with membership and lending still seeing positive numbers but down from previous years.

The Bedford, Ind.-based credit union distributed a $2.7 million dividend to members in recognition of a year that saw loan growth exceed 9%.

On Sep. 30, 2018. Dollars in thousands.

Growth in the KeyStone State was close to or surpassed national averages across a number of fields.

While banks are oftentimes simply too big to react to this consumer change quickly, more agile fintechs have been much faster to prioritize mobile-first POS financing, argues Nufar Segal, general manager of consumer financing at Jifiti.

Some institutions have benefited from revitalization in the Motor City but just as consumers fled for the suburbs decades ago, most CUs in the area are headquartered outside the city itself.

The Scarborough, Maine-based credit union also posted a more than 4 percent uptick in membership.

The Rhode Island-based institution also finished building a 27,000-square-foot operations center and branch.