Ricardo Chamorro & Jamie Gayton: April 29, 2021




Ricardo Chamorro

Executive Vice President, Consumer Banking & Strategy, PenFed Credit Union (7:00-9:30am ET) 

Jamie Gayton

Executive Vice President, Operations, PenFed Credit Union (9:30-12:00pm ET) 


While many Americans have faced difficulties and challenges from the financial strains brought on by the COVID-19 pandemic, a recent survey commissioned by PenFed found that many Americans who anticipated they would face financial struggles at the onset of the pandemic demonstrated more resilience and financial success than predicted throughout the last year. 


In this interview, Jamie Gayton or Ricardo Chamorro of PenFed Credit Union will discuss the findings of the survey and share some tips on how Americans can strengthen their finances in 2021. 


Some more positive financial findings of the recent survey:  

  • Almost half of Americans didn’t need to postpone any large payments such as car payments or mortgages. 
  • While just over half of Americans (58%) at the beginning of the pandemic stated not anticipating the need for a loan or personal line of credit, almost eight in ten Americans (78%) actually didn’t take a loan or line of credit as of March 2021. 
  • One third (33%) of Americans actually leveraged borrowed money for more “positive” expenses that include investments (12% – stocks, home repairs, upgrades) and large purchases (21% – new car, new home, etc.). 
  • While 30% of Americans in March 2020 did anticipate needing to draw from their savings as a result of the pandemic, only 20% reported dipping into this savings when asked again in March 2021 (a 10% decrease). 


For more information, please visit www.penfed.org  



Produced for:  PenFed Credit Union 



Jamie Gayton, Executive Vice President, 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 & Strategy, PenFed Credit Union 

Chamorro is part of PenFed’s executive management team and is responsible for Consumer Banking, Enterprise Fraud Management and marketing. 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.  


Speak Your Mind