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CUNA Mutual challenges Kentucky CUs to strategize growth
LOUISVILLE, Ky. (10/27/10)--Scott Powell, managing director of MEMBERS Capital Advisers, Madison, Wis., challenged credit unions at the Kentucky Credit Union League Annual Meeting and Convention to generate ideas and strategies to grow their loan business. Powell told Kentucky credit union leaders that the global economy and capital markets face continued challenges that will hamper economic growth and keep short-term interest rates lower than expected. Meanwhile, consumers will struggle with job loss and underemployment. American households will engage in “de-leveraging” practices such as paying down debt, dealing with defaults and bankruptcies and remaining risk-averse in their spending and investments. While the Kentucky outlook is slightly better than the national economic recovery, margins for Kentucky credit unions are still tight and will continue to shrink. To grow their loan business in this environment, Powell said credit unions must become more aggressive. Powell advised credit unions to develop highly-targeted, value-added lending programs that appeal to higher-quality credits within their member profiles to build the asset side of the balance sheet.
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