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David Tuyo, CEO of University CU and Member of the UCLA Anderson Forecast Board of Advisors.
David Tuyo, CEO of University CU and Member of the UCLA Anderson Forecast Board of Advisors.

CEO Adds Credit Union Viewpoint to UCLA’s Economic Dialogue

David Tuyo, CEO of University CU, recently spotlighted credit unions’ unique relationship with their members and connection to the regional economy during the UCLA Anderson Forecast’s economic forecast event last week, contributing industry data and a consumer analysis perspective with fellow banking, finance, and small business panelists.

His participation — starting here at the 1:42:00 minute mark — added a distinct perspective to the conversation as the forecast initiative’s professors transitioned to its expert panel to showcase interesting anecdotes and trends in the local economy, as well as questions from the audience. The panel also included experts and professors from UCLA’s Fink Center for Finance and Investments.

“It was truly an honor to join the recent UCLA Anderson Forecast panel, delving into the economic outlook of California,” Tuyo said. “Being the sole credit union representative among the five panelists, I had a unique opportunity. I believe representation from the credit union industry is crucial for understanding the full financial picture and upcoming trends in the 2024 economy.”

Tuyo plays an active role on the UCLA Anderson Forecast Board of Advisors, which consists of a broad spectrum of local industry, workforce, and corporate leaders. He said his volunteer role is a testament to University CU’s dedication as an organization to the community, including the financial success of universities statewide and nationwide.

“It allows us to spotlight University Credit Union’s remarkable legacy of serving UCLA and other universities,” he added. “Beyond that, we wanted to emphasize the critical role credit unions play in the financial landscape of the greater Los Angeles area. By bringing consumer data and insights to a dialogue typically focused on macroeconomic trends and larger financial institutions, we aimed to raise awareness and foster a deeper understanding of the impactful contributions credit unions make to the economic fabric of our community.”

University CU has remained an active player in the local university community on this and other fronts, including an upcoming ribbon-cutting ceremony at its renovated UCU Headquarters & Westwood Advisory Center in Los Angeles next week on Tuesday. Those attending include key partners and stakeholders, the board of directors and other executive leadership, celebrating an innovative industry design that eliminates traditional teller lines to allow for more personalized member service in a state-of-the-art facility. Building renovations also include upgrades to energy efficiency and a specialized work environment that’s more conducive to the unique hybrid work culture of the credit union.

When it comes to the economy’s future direction in California and the United States, both regions will continue their expansion, although there is concern that higher short-term interest rates, tighter lending standards, and a shift toward national banks from regional financial institutions could choke off the recovery, according to the UCLA Anderson Forecast report.

With the failure of Silicon Valley Bank, First Republic Bank and Signature Bank in the rearview mirror, the UCLA Anderson Forecast examined the landscape of finance and banking, as well as the implications of recent trends for the 2024 economy. The forecast predicts that:

  • California’s unemployment rate for the fourth quarter of 2023 is expected to average 4.7 percent. The state’s average unemployment rate for 2024 and 2025 is expected to be 4.5 percent and 3.8 percent, respectively. This means some sort of economic slowdown — whether a full-blown recession or not — is in store.
  • For 2024 and 2025 across California, total non-farm payroll jobs are expected to grow at a 1.8 percent and 1.7 percent rate, respectively (slower than recent years).
  • California’s real personal income (adjusted for inflation) will grow 1.7 percent in 2024 and 2.7 percent in 2025.
  • California’s economy will most likely underperform the United States’s economy in 2024.

To view the full forecast for California and the United States, click here. For the event’s entire recorded presentation (including the expert panel), click here.

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