What's the 2015 Lending Outlook?

News of credit unions' strong loan growth has spread far and wide in recent months. Heightened recognition that credit unions are a better all-around deal is one factor fueling the industry's loan growth. And in 2015, loan growth will nudge up even higher to about 11%, according to estimates from CUNA's economics and statistics department. Other factors driving loan growth include the improving labor market, strong wage growth, recovering housing markets, improved consumer confidence, and pent-up demand for durable consumer goods, says Mike Schenk, vice president of CUNA's economics and statistics department. Member business lending also will be stronger in 2015, predicts Barry Sloane, president/CEO of Newtek Business Services, a CUNA Strategic Services alliance provider. Executing across delivery channels will be key to lending success in 2015 and beyond, says Steve Hoke, CUNA Mutual Group's director of loan growth products. Other elements for lending success next year will include solid risk management coupled with a good dose of creativity.