Total loans from credit unions increased by nearly 18%, driven in part by car dealerships rebuilding their inventory. Headwinds in the mortgage market also fueled interest in home equity loans.
State legislators plan to allow credit unions to serve more people below the poverty line, including those living in banking deserts, but the state's banks say the credit unions could use the legislation to dodge field-of-membership limits.
Smaller credit unions' focus on interest rates and service may not be enough to overcome a lack of tech resources. All categories below $1 billion of assets lost members in the third quarter compared to a year earlier, despite a 4.4% rise in membership industrywide.
Sharonview Federal Credit Union in Indian Land, South Carolina, named Herb White as its new president and chief executive. He will replace outgoing CEO Bill Partin on Jan. 1.