PASADENA, Calif. — When $3.8 billion Wescom Credit Union reduced staffing by about 10% last month–so soon after news of layoffs at $700 million USA Federal–tongues were wagging about the effect subprime lending might be having on California credit unions.
Sub-prime lending isn't to blame in Wescom's case, CEO Darren Williams said, though he confirmed the $2.8 billion institution reduced staffing by a little more than 100 positions last month.
"We never participated in subprime real estate loans. All of ours are prime," Williams said.
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