Vicki Lovett has been with Suncoast Credit Union ($12.0B, Tampa, FL) for 39 years, the past 12 as chief lending officer at what is now the nation’s largest low-income designated credit union (LICU).
Looking back at the Great Recession, what are you and your lending operation doing differently this time and why?
Vickie Lovett: There were a lot of learnings from the Great Recession. One of them was that restricting our lending guidelines significantly isn’t always the right answer. Even in an economic downturn, members still need to borrow.
Today, we’re continuing to lend to our members using only minimally adjusted underwriting guidelines. We know first-hand the best way to recover from a recession is to lend our way out. We’re doing exactly that this time.