Record-High Ventura County Deposits Playing Role in Economic Growth & Inflation

Local Credit Union Members Gauge Inflation as 3Q Kicks Off

Ventura County (July 12, 2021):  While higher inflation is concerning local households and business owners, record-high deposits at Ventura County credit unions continue playing a key role in the economic growth that’s driving those price increases according to the first-quarter 2021 Ventura County Credit Union Industry Snapshot released by the California Credit Union League today (based in Ontario, CA).

Going into the second half of 2021, rising inflation is materializing in different ways across Ventura County, happening for various reasons, and can be absorbed by consumers — but only to an extent and for so long. Most economists hope today’s inflation upswing doesn’t turn into an unhealthy trend and stick around for the long term, where increasing worker wages and producer material prices are quickly and directly passed to consumers when they buy goods or services.

Local deposits may be driven higher as credit union members consider saving more money to combat rising inflation expectations, according to Robert Eyler, independent economist, professor for Sonoma State University, and a long-time board member of Redwood Credit Union (headquartered in Santa Rosa, CA).

“Many local individuals who already received federal government stimulus payments have also been going back to work and are increasing their deposits — a trend likely to continue,” Eyler said. “However, most economists expect current inflation levels to moderate by the end of this year as the economic recovery continues and worldwide supply chains are less affected by the COVID-19 pandemic.”

Meanwhile, Ventura County credit unions and their local members — including households, workers, consumers and small business owners — are still navigating the transition out of a COVID-19 pandemic economy. These factors are impacting their borrowing and savings habits across the entire region as the economy continues growing, a mismatch in job demand versus supply-of-workers persists, and low interest rates provide a cushion for mortgages, home equity loans, new and used vehicle loans, credit cards, business loans, and other types of lending.

Regional Snapshots: Members, Loans, Deposits
View Ventura County’s trends in credit union membership, loans, and deposits as of March 31, 2021 compared to the year-ago period (year-over-year/annualized).

Additionally, see trends broken out by 10 local regions: Bay Area, California, Central Coast, Central Valley, Greater Napa Valley, Northern California, Sacramento County, San Diego Region, Southern California, and Ventura County.

Please note: some highlight/snapshot trends may or may not be completely applicable to a local region. View your local region’s report (linked above) for exact data.

4 Ventura County-Headquartered Credit Unions
One county includes: Ventura

Names of Ventura County Credit Unions
For a local list of Ventura County’s 4 credit unions (mixture of federally chartered and state chartered), please inquire.

Contact for Local Economic/Consumer & Banking Commentary
Robert Eyler
Independent Economist, Professor for Sonoma State University, and long-time Board Member of Redwood Credit Union (headquartered in Santa Rosa, CA)
[email protected]

Contact for Local Credit Union Industry Information
Matt Wrye
Senior Communications Manager
California Credit Union League

1-909-851-3935 or [email protected]


Get Citizensjournal.us Headlines free  SUBSCRIPTION. Keep us publishing – DONATE

5 1 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments