Listen On:
Key Takeaways:
- [0:30] Today’s guest is Vince Passione, CEO and founder of LendKey.
- [1:07] Vince reveals that the credit union faced challenges with rate hikes, bank failures, high costs, and declining loan quality, causing financial strain for the next year.
- [3:22] There are worries about high delinquency rates but sees hope in stabilizing deposit outflows.
- [5:12] Learn how some credit unions adapt with Federal Home Loan Bank borrowing.
- [8:39] Clients contemplate selling loan portions for liquidity, advocating strategic adaptation amid changing credit union dynamics.
- [11:15] Deciding to sell should be a board-level choice, considering the evolving operational environment.
- [15:59] Anticipating auto price drops, Vince points out that a 29% rise in negative equity poses challenges for borrowers, necessitating refinancing solutions.
- [20:22] What does Vince consider most important for credit unions to consider when selecting a fintech partner?
- [21:23] Vince adds that investing in fintech doesn't guarantee partnership; caution and comprehensive solutions ensure enduring collaborations.
- [25:40] Hear how pandemic-fueled demand propels a lasting surge in home improvement lending.
- [30:40] Delays in federal student loan delinquency reporting prompt a focus on DTI, refinancing, and simplified repayment.
- [33:46] The Safe program, aiding borrowers with loan forgiveness potential, aligns with Vince's partnership for streamlined accessibility.