PASADENA, Calif. — Wescom spoke with the Credit Union Times today to clarify reports the $2.8 billion credit union is out of the wholesale lending business, and has laid off 100-plus employees.

CEO Darren Williams said that while Wescom eliminated about 100 positions, only 20 employees were actually laid off. An additional 80 to 90 positions were eliminated through attrition or the decision not to fill vacancies.

Williams confirmed Wescom is no longer in the wholesale real estate business, he stressed the credit union is still in the retail mortgage business, and estimated wholesale lending only accounted for about 15% of his Wescom's real estate portfolio, and less than 10% of Wescom's overall loan portfolio.

“We never participated in subprime real estate loans. All of ours are prime loans,” Williams said.

However, he said, some Wescom members are experiencing mortgage payment increases and tight household budgets, which has resulted in credit card and auto loan delinquencies at the credit union.

“We definitely saw an increase in consumer delinquencies…not so much on the real estate,” he said.