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More than a week after a crippling ransomware attack hit the Dublin, Calif.-based Patelco Credit Union ($9.7 billion in assets, 502,421 members), officials stated the credit union's network has been stabilized and transactions have started to be processed. While this is good news overall, it's still unclear when members will see things go back to business as usual.
A statement posted Sunday by Patelco President/CEO Erin Mendez said, "I am happy to report that we have stabilized our network and begun processing transactions. Once this is complete and we achieve full banking functionality, our members will be able to access their account balance and accounts as they typically would under normal circumstances. I can't share an exact date when we will be back to business as usual, but we can see the light at the end of the tunnel. I will keep you updated as we make progress on that front, specifically."
In the statement to members, Mendez added, "I know I've stated this to you before, but the restoration of our systems while ensuring their future security requires careful and methodical work. I know this may not be moving as quickly as you'd like, but please know we are working as quickly as we can and we know how critically important this is to our members."
Since working with a third-party organization on a full forensic investigation of Patelco's file systems, the credit union found all accounts were "safe and secure" after the attack on June 29. Officials have not shared how the ransomware event happened.
The credit union has posted updates daily since June 29, and while some members have posted empathetic statements on Patelco's social media pages, other members are expressing their frustrations.
One person identifying themselves as a Patelco member on Instagram stated, "In addition to losing customers, several of us are pursuing legal action for damages and lack of transparency. GOVERN YOURSELF ACCORDINGLY!!!!"
Another person simply stated, "Get it fixed damn it."
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.
