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A History Lesson on Consumer Lending

Posted by Susan Griffin

Thu, Feb 07, 2019 @ 11:19 AM

Part 1: The Early U.S.

It’s always good to look back on how segments of banking originated based upon events or existing needs of the time. And, as the old cliché goes, you can't know where you’re going until you know where you’ve been. This is as much true in business as it is in life.

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Topics: Credit Unions, consumer lending, financial institution, consumer, fintech, banks

Six Steps for Loan Officer Success in 2019

Posted by Patrick True

Fri, Dec 14, 2018 @ 07:00 AM

 

In late 2015, I published a blog that explored six steps financial institutions could take to ensure loan officer success in business development. While demand has shifted since that time, the six steps are as critical today as they were four years ago. When that original blog was written, the primary lending industry driver was commercial real estate (CRE).

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Topics: Commercial Lending, small business, consumer lending, C&I, sales, sales strategies

Understand Small Business Cash Challenges and Turbocharge Your C&I Efforts

Posted by Susan Griffin

Fri, Nov 30, 2018 @ 07:00 AM

 

There are currently more than 30 million small businesses operating in the US. While the large majority of these are non-employer businesses, approximately six million are firms with more than one employee. Small businesses account for more than 47% of the US workforce—which is almost 60 million people. As the economy has continued to expand, many of these businesses have sought working capital facilities in recent years.

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Topics: Commercial Lending, small business, consumer lending, C&I, money management

A History Lesson on Consumer Lending - Part 2

Posted by Susan Griffin

Fri, Oct 12, 2018 @ 11:00 AM

Part 2: From the 1900s to the New Millennium

In the early 1900s, banks and finance companies were unwilling to lend to many poor laborers, who then turned to corrupt moneylenders and loan sharks, which defines the term predatory lending. Edward Filene, co-owner of the Filene Department Store (later referred to as Filene’s) wanted to give his workers a way to save their money or obtain credit when hard times hit. He formed a savings and loan association for employees which later became the Filene Employee's Credit Union. This helped to form the Massachusetts CU Association established in 1909 by Edward Filene. This later served as a model for the Federal Credit Union Act of 1934.1

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Topics: Credit Unions, consumer lending, financial institution, consumer, fintech, banks

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