Halleck: Rolling Up Her Sleeves at a Sand State CU
Teresa Halleck is just one year into her tenure at San Diego County Credit Union, but she’s no newcomer to the credit union community. She’s been in the industry for nearly two decades. As she approached this mile marker in her latest position, Halleck took time to reflect on what makes credit unions tick and how they can keep on ticking into the future.
Credit Union Times: What priorities had you set for your first year at San Diego County Credit Union and have you met them? What are you still working on?
CU Times: What do you see as the top three threats to the credit union industry right now?
Halleck: 1. The sustained anemic economic environment poses a threat to the long-term survival of some credit unions. The sustained economic lull is squeezing margins at the same time fee income is also greatly at risk, quality loan volume is lackluster and investment yields are low. For the credit union industry to remain profitable in the current economic environment, which appears likely to continue for several more years, credit unions in general need to improve internal efficiencies and drive their operating costs down significantly, manage resources more effectively and seek economies of scale, and closely manage their loan portfolios and cost of funds.