2022 Patelco Annual Report (1) - Flipbook - Page 2
Board
Chair’s
report
Patelco has stood strong since 1936, and
our stability and mission are why our
members’ financial wellbeing will continue
to be our focus, even as we enter our 87th
year amidst economic uncertainty.
1
2022
ANNUAL REPORT
While the intensity of the pandemic eased in
2022, during the past year we saw the pressure
of inflation and higher interest rates on our
members, placing undue burdens on their
households. As the Chair of the Board, my role
is to lead the board in putting our members first,
no matter the economic headwinds, to reinforce
our purpose and mission of financial wellbeing
for those we have the opportunity to serve,
and to steer Patelco as a not-for-profit financial
cooperative looking out for your interests.
As in 2022, the Federal Reserve has indicated
that it plans to continue raising rates to fight
inflation this year – which is good news for
savers but challenging for those with variable
rate debt. In 2022, we saw members challenged
by increased spending and higher debt
payments. Last year’s rapid rise in interest rates
meant borrowers’ costs increased to high levels.
For savers, they finally saw opportunities after
decades of low rates. We responded by offering
special share certificate promotions so our
members could take advantage of rising rates.
We did see some increase in delinquency last
year as well.
While some economists are forecasting a recession
during 2023, there’s also optimism for a pivot by the
Fed later in the year towards lower rates. Some of
you are primarily savers, some of you are borrowers,
and many of you make full use of all that Patelco
has to offer. Our steadfast commitment to improving
the financial wellbeing of each of these groups
will be our guide, and the Board will continue to
guide Patelco so we can strengthen your ability
to make sound choices during 2023’s financial
journey — whatever it may bring.
Jesse Rivera
Chair – Board of Directors