A rising tide, especially an economic one, raises all boats, as the saying goes. Third-quarter economic trends have found U.S. credit unions swiftly sailing toward a much brighter horizon, according to Callahan & Associates.
The Washington-based consulting firm reported at its Wednesday Third Quarter Trendwatch webinar that the "firming economic outlook" has helped drive credit union growth for the three-month period ending Sept. 30 in virtually all areas. Highlights included double-digit loan growth, increased interest income due to rising loan-to-share ratios, and investments in new products that improve member service.
Even the nature of the credit union system itself has begun to evolve, a positive change that is helping foster stability and growth, according to Chip Filson, chairman of Callahan and one of the webinar's co-presenters.
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