The California Credit Union League’s San Diego Economic Update is posted! This recorded session spotlights leader perspectives with Richard Hubeny, executive vice president and chief lending officer for California CU (locally branded as North Island CU), and Dr. Robert Eyler, League economist and board member for Redwood CU.
Listen to how this credit union is moving forward as local members react to concerns in today’s economy, banking environment, and loan/deposit decision-making, including:
Highlights With Hubeny and Eyler
“Many financial institutions are still lending, but a lot of others are pulling out. They aren’t offering the loan products they once had, or they’re pricing it in a way that takes them out of the market. For us, it’s important for members to know we’re still offering competitive loan pricing. By not doing so, you really exacerbate your liquidity issues. If you have members with loan demand and you’re not providing those loans, the demand doesn’t magically go away — they just go somewhere else. If you’re not offering loan products, you’re giving another financial institution the opportunity through the back door to take your member from you — and take their deposits.” — Richard Hubeny
“San Diego’s labor force has recovered a little better than most metropolitan areas across California, except for Sacramento and Fresno. What’s interesting is, several San Diego-based employers are hiring from outside the area. The local numbers are now showing a gap between those who live in San Diego and have a job versus those with a job but living elsewhere. There are now more people working for San Diego-based employers in total than those who actually both have a job and live in San Diego. It’s a very strange twist in this post-pandemic world in how employers are utilizing workers today.” — Dr. Robert Eyler
Prior Economic Updates
Prior local updates on the economy with Eyler and local credit union leaders include: