From the editor
Will 2023 be a challenging year for credit union lending? All signs point to yes, but there are a few bright spots breaking that could prevent your lending program from becoming dust in the wind.
In our cover story, we present our annual lending outlook for the coming year. As the article predicts, the end of low rates will bring big ch-ch-changes in 2023. A hard rain has (likely) already started falling on your mortgage and refinance business. Lenders originated $4 trillion in mortgages in 2021, reports Steve Hewins, SVP of CUESolutions provider CU Members Mortgage. That will fall to around $2.2 trillion in 2022 and even lower in 2023. And since there ain’t no sunshine when the loans are gone, you need to find a way to shelter from the storm. Home equity lines of credit and green lending products might have you singing in the rain. Read more in “Cloudy With a Chance of Everything” , and here’s hoping that, with careful work and prudent planning, your credit union will be singing “Here Comes the Sun” before too long. Other highlights from this issue:
- Turn to “Technology and the Successful CHRO” for a look at how the role, tools and skillset of the chief human resource officer needs to evolve to keep up with a changing employment landscape.
- Your cybersecurity protection also needs to keep up with the times. Credit unions are no longer defending a castle with a single drawbridge. Today, threats come from all directions. Read more in “Call (Cyber) Security .”
- No matter what you call it (omnichannel? digital transformation?), it’s essential to offer consistent service and experiences across channels. Read more in “A Worthy Work in Progress .”
- Find inspiration in our profile of 2022 CUES Exceptional Leader Kevin Martin, MBA, CUDE, CCE . “I’ve worked at Goldman Sachs, I’ve worked at Bank of America, and I am 100% convinced that credit unions are the best game in town for consumers,” says Martin, EVP/strategic integration and member experience at $28 billion SchoolsFirst Federal Credit Union.
- And don’t miss our special online feature, “Key Considerations for Crossing the $10 Billion Threshold.”
P.S. Check out my Spotify playlist for all the songs mentioned here and several more! What songs would you add to this list? Let me know and I’ll add them!