Five Lending Leaders

Through November 2009, credit union loans outstanding increased an anemic 1.5%, according to the Credit Union National Association’s (CUNA) economics and statistics department.

That’s down from 6.8% for the same period in 2008—and the smallest increase since World War II, when credit union loans outstanding fell from $216 million in 1941 to $122 million in 1944.

The chief culprit: Flagging consumer confidence, says CUNA Senior Economist Steve Rick.

But some credit unions buck this trend with innovative products, creative pricing, flexible terms, new markets, and genuine concern for members’ well-being. The credit unions featured here are 2009 Credit Union Excellence in Lending Award winners. This award, created by the CUNA Lending Council and CUNA Mutual Group, recognizes credit unions for achieving exceptional results in consumer, mortgage, and business lending, and serving members of modest means.

See how these five lending leaders have succeeded despite the poor economy:

►'Rogue' Lender Helps Members Keep Collateral

►CU Fills Erie Business Gap

►Mayo Nurses Niche Market

►Firing Up a Tired Loan Portfolio

►Focus on Economic Empowerment