Fee Elimination, Loan Trends, And Strategy Development

Five can't-miss data points featured this week on CreditUnions.com.

 
 

This week, CreditUnions.com covers how to eliminate fees and improve the member experience, credit union lending trends, and the role of middle management in strategic development. 

Here are five data points you can't miss:

$600,000

During Coastal Federal Credit Union's 2016 strategic planning session, the institution reviewed its fee schedule and decided to cut the 41 it had in place to 21 effective Jan. 1, 2017. In 2016, those fees generated approximately $600,000 in revenue.

To see the fees the credit union cut, why it cut them, and how it thinks it can make up the lost revenue, read "How To Eliminate Fees And Improve The Member Experience."

$343.6 Billion

Credit unions originated $343.6 billion through third quarter 2016 — an all time record.

To see which areas contributed to this double-digit year-over-year growth check out "Lending By The Numbers."

One

Middle managers typically oversee one specific area of a credit union — be it the call center, a branch, accounting, IT, or marketing. These employees are well-versed in their area of responsibility and, for many, thinking about the credit union as a whole represents a brand-new experience.

That's wrong. Mid-managers should talk about strategy. Learn why in "What Is Mid-Management's Role In Strategy Development."

56%

According to available fourth quarter 2016 performance data, credit unions had $165 billion in outstanding indirect loans and $130 billion in direct loans. Said another way, at year's end, indirect lending accounts for approximately 56% of total auto lending.

Learn more about indirect lending growth trends overall, as well as both regionally and by asset range in "Indirect Lending At Year-End 2016."

15.1%

Member business loan originations increased 15.1% year-over-year at fourth quarter 2016, according to available data. This was faster than first mortgage originations (14.1%), consumer loan originations (11.3%), and other real estate originations (10.1%).

Learn more about this book of business in "2016 Was A Good Year For Member Business Lending."

Happy Reading!

 
 

Feb. 13, 2017


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