Jamie Gayton & Ricardo Chamorro: April 29, 2020





Jamie Gayton

Executive Vice President of Operations, PenFed Credit Union 7:00-9:30 am ET

Ricardo Chamorro

Executive Vice President, Consumer Banking & Business Development, PenFed Credit Union 9:40-12:00 pm ET


With the unemployment rate soaring as millions of Americans find themselves suddenly out of work, it’s no surprise that many are struggling financially. A recent survey commissioned by PenFed revealed the financial attitudes and banking preferences of Americans during the COVID-19 pandemic.


  • Some of the findings include:
  • More than 40% of those who anticipate using a loan or personal line of credit due to the effects of the pandemic say that it will be necessary as a result of lost wages.
  • More than half (55.33%) state that they plan to use online banking more now than before the pandemic.
  • Given the option of various banking benefits that would be specifically helpful during the pandemic, respondents state that waived ATM fees (19.79%), skip payment offerings (17.53%) and reduced minimums for credit card balance payments (15.96%) would be the most desired.

In this interview, Jamie Gayton/Ricardo Chamorro of PenFed Credit Union will discuss the findings of the survey and share some tips on what Americans can do once they receive their stimulus checks including:

  • Take care of yourself. Take care of your necessities. Cover costs for food, housing, mortgage payments or rent, and transportation. 
  • Ask yourself: What bills do I have to pay to make sure I can maintain my lifestyle the way I’m maintaining it right now?
  • If you have a little bit of money left over, look for the short-term savings opportunities, like online savings accounts which offer much higher interest rates
  • Lastly, look for charities you can support. 


For more information please visit www.penfed.org




Jamie Gayton -Executive Vice President of Operations, PenFed Credit Union

Gayton oversees operations of PenFed service centers and financial centers, research and loan servicing. After leading teams in the U.S. military for 30 years with combat deployments to Iraq for Desert Shield/Storm in 1990-1991, and Operation Iraqi Freedom in 2005-2006, he joined PenFed in 2017. He earned degrees from West Point (B.S.), MIT Sloan (MBA) and Pardee RAND (Ph.D.). He previously taught economics at West Point and culminated his military career by teaching economics at the National Defense University’s Eisenhower School from 2015 to 2017. 



Ricardo Chamorro, Executive Vice President, Consumer Banking & Business Development, PenFed Credit Union

Chamorro is responsible for marketing and business development, and affiliated businesses including PenFed Realty, PenFed Title, CU Rate Reset, wealth management, and insurance products. He also oversees the PenFed Foundation’s recently launched Veterans Entrepreneur Investment Program. Chamorro has over 12 years of experience in financial services and investment banking, including leadership roles at USB Investment Bank and Lazard. He joined PenFed four years ago and initially served in the role of Senior Vice President. A graduate of West Point (B.S.) and Harvard Business School (MBA), Chamorro served as a military intelligence officer in the U.S. Army and was awarded the Joint Service Commendation Medal and Bronze Star.


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