The shifting economic landscape over the past 10 years has changed the way financial institutions operate and interact with consumers. As banks and mortgage lenders pulled back following the crash, credit unions stepped in and increased lending when members needed it most.
In the 10 years following the recession, the credit union industry has grown its loan portfolio 82.7%. Banks in the United States increased their portfolio 73.4% during the same period. Keep reading to learn how credit union lending has evolved in the past decade.
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