SAN DIEGO ― Stiff competition in the financial services sector has put credit unions at a crossroads ― they must adapt or risk extinction.
“One thing is clear: Simply staying with the old model of branch dynamics will eat you alive,” said John Lass, SVP of strategy for CUNA Mutual Group, during a session at America’s Credit Union Conference held here yesterday.
Lass talked about the uphill battle credit unions face these days to keep up with technology changes and to remain…Continue
A year ago, Valley National Bank said it wouldn’t cave to irrational pricing. Apparently, the bank has stood its ground.
The bank’s loan portfolio dropped 9% last year ― to $772.5 million from $850.8 million ― in part, because of competition. From the Wayne, N.J. bank’s…Continue
Ask anyone in auto finance, and they’ll tell you that competition is getting tougher. New companies are cropping up, LTVs are inching higher, and lenders are developing more innovative products.
But how will competition in 2012 differ from competition in years past? What must lenders do to prepare for the showdown? And what’s the likelihood the industry will emerge unscathed?
Valley National Bank is holding firm with underwriting guidelines, despite competitive pressure to loosen standards.
Since June 2008, Valley National’s portfolio has plunged 44% to $850.8 million as demand for new and used cars declined. Though car sales are slowly rebounding, competition is heating up quickly. Low-rate financing by other banks and captives has Wayne, N.J.-based Valley National on guard.
"We like the auto business," Valley National's CEO Gerald Lipkin…