Please read this short article below. And then follow instructions below.

Instructions:

• Write one short 7-line paragraph SUMMARY of the article

• Then a second 7-line paragraph describing how the article relates to to the 2020 Coronavirus economic disruption

• And in the second paragraph state lessons learned (what is the risk if most borrowers work for a particular industry? Borrower Diversification?)

WHAT HAPPENS WHEN A LENDERS BORROWERS ALL LOSE THEIR JOBS AT ONCE

When Nevadas governor ordered all nonessential businesses to close, Rick Schmidt told his wife, there goes the Strip. With it, went the jobs of scores of borrowers who owe him money.

Mr. Schmidt is the chief executive of WestStar Credit Union, which caters to the employees of Nevadas gaming industry. Thousands of blackjack dealers, bartenders and hotel housekeepers who have loans and savings accounts there are now out of work.

One in five of WestStars borrowers has asked for a deferral on a car or home loan, a number Mr. Schmidt expects to go up as casinos stay closed to control the spread of the coronavirus.

Almost a third of the nations 5,200-plus credit unions are tied to a single employer, industry or other association, according to the Credit Union National Association, a trade group. Marriott International Inc. MAR -0.58% has one. So does Walt Disney Co. DIS -1.12% Both companies have laid off or furloughed thousands of workers during the pandemic.

Over time, regulators have relaxed restrictions on who can join, and some credit unions now resemble bigger commercial banks. The largest of them, Navy Federal Credit Union, has more than nine million members and $125 billion in assetslarger than many regional banks.

But many still resemble Endurance Federal Credit Union, which is based in Duncan, Okla., and was founded in 1960 for Halliburton Co. HAL 2.13% employees and other oil-field workers. Before the pandemic, about a third of its 15,500 members still worked at the oil-field-services giant, according to CEO Chris Bower.

Sinking demand has pushed oil prices so low that many wells in Texas and Oklahoma are closing. Halliburton has laid off or furloughed more than 4,500 employees in the U.S. since the beginning of March, including almost 600 in Duncan, according to notices filed with a state employment office.

That trickles down to other companies that employ Endurance members, like Flotek Industries Inc. FTK 1.87% and National Oilwell Varco Inc.s NOV 0.95% subsidiary HydraRig, which makes chemicals and coiled tubing for wells.

This many people, in a town this size, hurting all at the same time, Mr. Bower said. Find me a big bank where thats true.