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Credit Unions Brace for Loan Defaults, Delinquencies, Bankruptcies Due to COVID-19

Credit union executives share their insights about how they are preparing for the inevitable financial fall due to the pandemic.

100 dollar bill with a mask on Benjamin Franklin Source: Shutterstock.

Last fall, the $7.9 billion Patelco Credit Union conducted a roundtable disaster planning test to prepare for a pandemic. Susan Gruber, CFO for the Dublin, Calif.-based credit union, was quick to point out that it was purely a coincidence.

“We debated whether or not to do a pandemic, because why would we ever do a pandemic? Normally we do an earthquake or something of that nature, which just seemed at the time more realistic,” Gruber said. “But we were able to take some learnings from doing a pandemic roundtable, and I think that helped us.”

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