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Nearly a week after its systems were hit by a ransomware attack, the Dublin, Calif.-based Patelco Credit Union ($9.7 billion in assets, 502,421 members) has reportedly confirmed members' accounts are safe but the banking platform remains down, for now.
In an update posted by the credit union Wednesday night by Patelco President/CEO Erin Mendez, she indicated that a third-party cybersecurity organization hired by the credit union to investigate the ransomware event has "validated and greenlighted our core systems" and accounts are "safe and secure."
While a forensic investigation of Patelco's file systems is ongoing, "Our technology team and cyber security professionals will be continuing to work 24/7 until we are fully restored. Unfortunately, we do not anticipate having our systems up and running this weekend."
Mendez's statement indicated that members may see systems up and running at some point during the week.
In a separate post on the website Tuesday, Mendez confirmed that the credit union has been working with regulators and law enforcement since the attack on June 29.
The credit union's dedicated website, created after the ransomware attack to update members on the status of Patelco's banking systems, stated banking services are available such as checks and cash deposits, ATM withdrawals, in-branch loan payments and certain ACH transactions. The site also listed the limited functionality of its debit and credit cards, live chat, call center and branches.
"Please know that members can still use Venmo and PayPal," Wednesday's statement read. "Additionally, if you have a loan through Patelco, you will not be penalized, incur fees, or be penalized because of missed payments while our systems are down."
Mendez added, "I know this continues to cause our members frustration and many of you have questions. We hear your concerns and are working around the clock to address them. Our team is committed to doing everything we can to support our members through this difficult situation."
Patelco is the seventh largest credit union in California.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
