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Banking Professionals Optimistic About Consumer Lending in 2011

A survey of more than 1,000 banking professionals shows 79 percent of respondents anticipating their consumer lending businesse sides to grow or remain steady in 2011.

Minnesota-based risk management business ""Wolters Kluwer Financial Services"":http://www.wolterskluwer.com/Pages/Home.aspx conducted the survey in January, finding only 5 percent of respondents expecting a decline in consumer loan volume.


Institutions with more than $250 million in assets were most likely to anticipate an increase, and 16 percent of respondents said they weren't sure what would happen with their company's consumer loan volumes.

Respondents said a soft economy, stricter compliance regulations, increased competition, and reduced loan demand could be hindrances to increasing consumer loan volume.

Upcoming regulatory changes resulting from the Dodd-Frank Act and mortgage lending requirements were the main compliance concerns, with one-fourth of respondents saying they believe Dodd-Frank will have a significant impact on their operations.

""To proactively address rapidly-growing and increasingly-complex regulatory challenges at a time when internal resources are already constrained, it will be essential for financial institutions to find help in the form of a trusted compliance provider with deep and broad expertise,"" said Lisa Fraga, vice president and general manager, Banking, for Wolters Kluwer.

About Author: Joy Leopold


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