Sounds like the beginning of a bad joke – what do you get when you cross a nearly flat yield curve, NCUA assessments, toxic legacy assets and burdensome new regulations with a limping economy that is impeding loan growth?
Answer – today’s credit union business environment.
So where does a credit union look for long-term growth today? The answer lies in non-interest income.
Historically, many credit unions have relied on lending as a primary source of income, which has built strong member relationships. There is a tremendous untapped opportunity to leverage those existing member relationships to offer solutions that members are purchasing elsewhere. Growing your percentage of non-interest income also diversifies sources of revenue.