After a ransomware attack crippled its online and mobile banking operations for 17 days last summer, leading to more than $39 million in losses and affecting one million people, the $9.4 billion Patelco Credit Union agreed to a consent order with state regulators on Tuesday that requires the Dublin, Calif.-based financial cooperative to pay a $100,000 penalty and establish a new cybersecurity program.
What’s more, Patelco is facing a class action civil lawsuit brought by a dozen members in state court and a federal lawsuit filed by two members, claiming financial losses from their accounts that may have been connected to the ransomware attack that began in June. Since then, the credit union’s membership has fallen by more than 8,600 from 507,422 in June to 498,784 at the end of 2024, according to Patelco’s Call Reports filed with the NCUA.
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