When it comes to loan originations, it appears credit unions are seeing a glimmer of hope in their portfolios.
Callahan & Associates recently reported that the country's nearly 7,400 credit unions increased lending by 8% in the first half of 2011. The firm said mid-year marked the fourth consecutive quarterly rise in total loan originations. Comparing the first six months of 2011 to the same period in 2010, Callahan said consumer loan originations increased by 10%. First-mortgage volume grew 7.3% during the same time.
Of all the mid-year data now out, Callahan counts "credit unions' growing loan momentum [as] the most important trend reported by the $955 billion credit union system."
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