This week, CreditUnions.com finds one credit union successfully making business loans in a banking market, another that has introduced a new type of credit card control, and a third betting big on investments after shuttering its indirect program.
Here are four can’t-miss data points for the week:
Charlotte Metro Credit Union began offering business accounts and loans in 2008. Today it has approximately 1,800 deposit accounts and 200 loans in its portfolio that serves a mix of small entrepreneurs, including hair stylists, landscapers, and in-home e-commerce vendors on up to an operator of several Domino’s Pizza franchises.
To see how the credit union is aggressively expanding its member business lending and services while expertly balancing the assets and liabilities in its commercial portfolio, read How To Make Business Loans In A Bustling Banking Market.
In July 2017, Technology Credit Union soft-launched its Card Manager mobile app, a do-it-yourself application that allows members to personalize debit and credit card controls across five variables, including location, merchant, and transaction.
To see how this app goes beyond security controls offered by other financial institutions, read A New Type Of Credit Card Control.
Shoreline Credit Union is going a bit longer and lighter in its investments portfolio than the typical credit union, but it’s not just chasing yield for yield’s sake. The credit union has given up its $1 million a month volume in indirect lending and is sharply cutting expenses and putting cash to work to make up for lost income.
Learn more about the strategy in Shoreline Goes Long In Investments.
1.75% To 2.00%
For the past five years, economists have been projecting a stronger economy. They’ve also drawn the logical conclusion that rates would rise because of this. Economists have been absolutely right on the economy and absolutely wrong on interest rates. Now, economists are predicting an improved economy boosted by the tax reform bill and are looking for a funds rate of 1.75% to 2.00% by the end of 2018.
To find out what this might mean for yields, read Something Different For 2018.