Charting the Course: An Industry Review and A Look Ahead with Vince Passione

About the Podcast

Tune in to the NAFCU podcast for an insightful episode featuring Vince Passione, a respected figure in the financial industry. Join us as we embark on a journey to thoroughly review the credit union industry's recent developments and set our sights on the path forward. 

Listen On:

iTunesSpotifyApple PodcastRSSStitcher

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.

Presented By

Vince Passione
Vince Passione

CEO and Founder  | Lendkey

Vince Passione is the visionary CEO and Founder of LendKey, a pioneering lending platform and network at the forefront of the market. With a rich history as a veteran technologist within the financial services industry, Vince's journey to LendKey has been marked by significant milestones. He served as the COO of DealerTrack, the nation's inaugural and largest automotive credit portal, and held prestigious positions such as President of Ameritrade's Institutional Client Division, CEO of, and CTO of Citigroup's US Consumer Bank. His distinguished career also includes a role as a Business Unit Executive at IBM. Vince holds a B.S. degree from Polytechnic University, and his visionary leadership has been instrumental in driving innovation and success in the lending landscape.