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Economist on Effects of Coronavirus: “Comes like a freight train, but expect it to go away quickly”

Economist on Effects of Coronavirus: “Comes like a freight train, but expect it to go away quickly”

The traditional definition of a recession is two consecutive quarters of negative GDP growth — but the worldwide shock of the Coronavirus has forced that model to stand on its head. According to economist Elliot Eisenberg, president of Graphs and Laughs, LLC, and wildly popular presenter at CU Direct’s annual conference over the last few…

Bulldog FCU Goes From “0-60” with Indirect Lending Success

What would your credit union do if you could start your indirect lending program from scratch? In February 2018, $167 million Bulldog Federal Credit Union, headquartered in Hagerstown, Maryland, got to answer that very question – and the clear choice was CU Direct and its CUDL indirect auto lending platform. Bulldog FCU was chartered on…

Economic and Lending Trends Webcast Recap: Continued Low Unemployment, Recession Fears Wane, But Subprime Auto Lending a Concern

Economic and Lending Trends Webcast Recap: Continued Low Unemployment, Recession Fears Wane, But Subprime Auto Lending a Concern

The U.S. economy is in a “Goldilocks” state of low unemployment and sustained, if unspectacular, growth, but Dr. Elliott Eisenberg warned of a potential trouble spot in subprime auto lending. Eisenberg, an internationally acclaimed economist who has appeared at numerous CU Direct Drive Conferences, spoke during our December quarterly Economic and Lending Trends webinar. During…

Credit Union’s New Lending Strategy Brings Unexpected Benefits Beyond Loan Growth

Sandia Laboratory Federal Credit Union, Albuquerque, N.M., thought its switch to CU Direct’s CUDL platform would help the credit union provide more convenience to its existing members who were looking to buy a car. But what the credit union didn’t anticipate was a dramatic surge in new memberships. SLFCU was founded in 1948 by 15…

Economic and Lending Trends Webcast Recap: GDP Growth is Slowing, But No Recession In Sight

Economic and Lending Trends Webcast Recap: GDP Growth is Slowing, But No Recession In Sight

The U.S. economy posted huge growth numbers in 2018. Conditions have cooled a bit in 2019, but despite numerous predictions of a pending recession in recent weeks, there are signs pointing to continued economic growth, for at least the next 12 months. That was the prediction from Dr. Elliot Eisenberg, nationally acclaimed economist, who spoke…

CUDL Complete Helps Patelco Navigate Processing Hurdles After Robust Indirect Volume Growth

CUDL Complete Helps Patelco Navigate Processing Hurdles After Robust Indirect Volume Growth

The $7 billion Patelco Credit Union set lofty growth goals for its indirect auto lending program in 2017. With the help of an aggressive rate strategy, the credit union’s indirect team delivered. As of Dec. 31, 2017, the Pleasanton, Calif.-based credit union had grown its total indirect loans outstanding by 65%, to $730 million from…

MODDern Times In Auto Lending, Deep in the Heart of Texas

MODDern Times In Auto Lending, Deep in the Heart of Texas

Randolph Brooks Federal Credit Union (RBFCU) is way ahead of the game when it comes to supplying the three most important elements in the modern auto buying experience – convenience, convenience, convenience. RBFCU is a $9.2 billion credit union headquartered in Live Oak, Texas, a northern suburb of San Antonio, near the legendary Randolph Air…

New Loan Origination Technology Helps Vantage West Drive Speed and Efficiency Across the Entire Lending Process

New Loan Origination Technology Helps Vantage West Drive Speed and Efficiency Across the Entire Lending Process

The $2 billion Vantage West Credit Union is one of Arizona’s largest financial institutions, serving nearly 157,000 members. Lending has driven its strong and steady growth; according to NCUA financial reports, Vantage West’s key financial measures show it has led its peers in nearly every lending category, even through the Great Recession. In fact, in…

Consumer LOS Upgrade Generates Big Gains for CU in Niche Markets

Consumer LOS Upgrade Generates Big Gains for CU in Niche Markets

Credit unions are coming full circle in the current business climate that favors those who drill deep into niche markets, rather than casting a wide but shallow net. Technology has enabled businesses to locate ideal customers, reach them where they live, and speak their language. That’s good news for credit unions like the $260 million…

LOS Technology Cultivates Healthy Auto and Consumer Loan Programs at MVFCU

LOS Technology Cultivates Healthy Auto and Consumer Loan Programs at MVFCU

The Alaska State Fair in Palmer, Alaska, is well-known for its giant vegetable exhibits, including a world record cabbage that weighed almost 140 lbs. and pumpkins that regularly top 1,000 lbs. Matanuska Valley FCU, also in Palmer, had similar goals five years ago: grow a large auto loan portfolio, according to Consumer Loan Manager Jaccie…