West Coast CUs Borrow To Ease Liquidity

- SAN DIMAS, Calif. (07/13/00) - Credit unions inthe west, spurred by growing auto lending, are increasingly turningto their corporate credit unions to increase loan funds. WesCorpFCU has seen borrowing from member credit unions soar to recordlevels in each of the last few months, first to $411 million forMay, then to a new record $469 million for June, Todd Lane, chieffinancial officer, told The Credit Union Journal. About 200 creditunions have taken out loans from the $11 billion corporate. Averagedaily loan volume was $313 million for June, about seven times whatit was a year ago. Lane attributed much of the liquidity crunchamong WesCorp's members to the broad expansion in auto loans fueledby the growth of CUDirect, the California-based indirect loanprogram.