This week CreditUnions.com looks at life without a CEO, how credit unions are advocating for themselves, what autonomous cars will mean for auto loan portfolios, and more.
Here are five can’t-miss data points for the week:
SF Fire Credit Union spent eight months looking for its new chief executive after its previous CEO retired. Find out how its new CEO, Kathy Elser, is adjusting to life on the job and learning from the succession experience in Life Without A CEO: How Interim Support And Cross-Communication Created A Succession Success Story.
The credit union movement has long relied on its trade associations and leagues to handle the heavy lifting when it comes to lobbying Congress and state legislatures, but it’s not unusual for larger cooperatives to hire their own, too.
PSECU positions itself as a subject matter expert for government and legislators in Pennsylvania. In From Hobbyists To Lobbyists, the credit union’s vice president of marketing and membership development offers seven tips on how other credit unions can do the same. Plus, see how other credit unions are looking to operatives to advance agendas at state houses and on Capitol Hill.
To Trish Shermot, the government relations and engagement officer at Visions FCU, her role is to give voice to the more than 187,000 members of the credit union and serve their best interests from a financial services and data security standpoint.
In Lobbying And Advocacy At A Northeastern Credit Union, Shermot shares how teamwork makes the dreamwork at the New York-Pennsylvania-New Jersey credit union. ContentMiddleAd
Disruption is a popular term for anything new that impacts business. And while driverless cars might seem like a disruption geared toward the auto industry, this disruption could also cost credit unions a sizeable chunk of its loan portfolio and membership.
As of second quarter 2017, auto loan penetration at credit unions nationally was 20.03%. Compare this to first mortgage penetration of 2.35% and the reach of credit union auto lending becomes clear. When autonomous cars come its no longer if will credit unions be ready to respond? Learn more in Caution: Disruption Ahead.
Loan growth outpaced deposit growth for the fifth consecutive year.
The industry’s loan-to-share ratio hit 79.6% in the second quarter; year-over-year, that’s a 1.9-percentage-point increase. June 30, 2017, also marked the 12th consecutive quarter that credit unions have posted double-digit annual loan growth.
To learn more about how strong loan production across all product segments underpins the industry’s lending momentum, check out Breaking Down Momentum In The Loan Portfolio.