Where Have All the Loans Gone? What It Means for Banks and Credit Unions
Community banks and credit unions are facing historic challenges as the U.S. banking landscape evolves rapidly. Driven by monumental events like 9/11, the Great Recession, and the COVID-19 pandemic, the Federal Reserve held interest rates below 2.5% for most of the 21st century—fueling record-high consumer credit, now at $5 trillion.