Daily Business Report: Monday, January 26
Legal battle sours merger between San Diego credit unions
By Catherine Leffert | American Banker
A charged legal battle between two San Diego credit unions has left their planned merger, which would create a $13 billion-asset institution, up in the air.
San Diego County Credit Union told California Coast Credit Union in November that it wanted to change the terms of the deal, announced about seven months earlier, due to what SDCCU claimed was Cal Coast’s “systemic non-compliance” with regulations, and that otherwise the deal should be called off.
Cal Coast sued SDCCU a few weeks later, alleging the termination notice was unlawful and that SDCCU’s actions marked a breach of contract. Cal Coast also claimed that what SDCCU identified as regulatory failures were not unlawful, but were actually differences in risk appetites between the two institutions.
Did California’s existential issues scare off potential candidates for governor?
By Dan Walters| CalMatters
California faces a half-dozen existential issues that threaten the state’s future economic and social wellbeing, and they have persistently defied attempts to resolve them over the last 25 years.
They are — in no particular order, and often intertwined — high living costs, high poverty levels, homelessness, a housing shortage, uncertain water supply and subpar public education outcomes. There are also a number of lesser issues, some being components of what I would consider the “Big 6,” such as a deficit-ridden state budget and a shaky and increasingly expensive power supply.
Gavin Newsom will vacate the office a year hence and probably run for president, leaving some issues slightly better, some slightly worse but all still unresolved.
Opinion: We’re not counting all of the homeless in San Diego County
By David Myers | Times of San Diego
Every January, San Diego County releases its Point-in-Time Count of people experiencing homelessness. Soon after, headlines appear saying homelessness is down and things are getting better.
But for anyone who actually sees people living outside every day, that story doesn’t feel true.
That’s because the Point-in-Time Count does not count everyone who is homeless. It never has.
