Aug 31 2021
Beyond Legacy Lending: Strategies for Loan Growth and Inclusion
Explore how credit unions adapt to new paradigms for consumer lending while navigating a pandemic economy, and advancing the credit union people-helping-people philosophy.
Report Number 546
Summarizing key insights from ethnographic interviews with credit union chief lending officers, the brief highlights the barriers to adopting new technologies, the challenges presented by the COVID-19 pandemic, and showcases the ways that credit unions are seeking to grow responsibly and advance inclusion through more calculated and innovative lending.
What is the Research About?
As COVID-19 continues to impact the livelihoods of many, credit unions are seeking ways to juggle the head with the heart and grow their lending responsibly while meeting the complexities around the financial well-being of their members.
This research brief explores current and legacy risk assessment models used by credit unions and the strategic decision-making trends shaping how credit union leaders evaluate and evolve those models.
What are the Credit Union Implications?
This brief further explores five alternatives credit union leaders are implementing and the barriers they've faced so you can responsibly grow your lending and maintain a positive member experience in these shifting times.
- Inclusive Lending
- Alternative Data
- Barriers to Adoption
- Beyond Fair Lending