Minutes of the OAS FCU Fifty-nineth Annual Meeting
May 24, 2022
The fifty-nineth Annual Meeting was held virtually via Zoom webinar due to the COVID-19 pandemic; this was possible because in 2020 the Board of Directors had approved an amendment of the Credit Union Bylaws to allow virtual meetings under special circumstances.
Interpretation in Spanish was provided. Several hundred of members registered for the Annual Meeting and more than two hundred and fifty connecting from several countries were in attendance.
Members had the capability to vote to approve the Minutes and submit questions and comments utilizing the Zoom platform.
1. CALL TO ORDER AND START OF MEETING
With quorum reached Ms. Soares, BOD Chair, called the meeting to order at 12:05 pm.
- All BOD members were introduced by the Chair:
K.C. Soares, Chair; David Rojas, Vice Chair and Technology Committee Vice-Chair; Lynn Swenson, Treasurer and ALCO Chair; Jeff Hertrick, Secretary and Community Relations & Membership Chair; Katherina Diaz-Viana, Supervisory Committee Liaison; Yacsire Cutler, Human Capital Committee Chair; Colette Akande, Governance Committee Chair; and Andrew Vanjani, Technology Committee Member.
- Also, present were:
Oscar Harasic, Supervisory Committee Chair; Maria Fernanda Story, Credit Committee Chair; Teresa Bustamante, Nominating Committee Chair; and Carlos Calderon, CEO/President.
Ms. Soares welcomed special guest: Mr. Scott Toler, Credit Union Mortgage Association (CUMA) CEO/President.
2. APPROVAL OF THE 2021 ANNUAL MEETING MINUTES
Ms. Soares allowed a few moments for the more than two hundred and fifty members attending the virtual meeting to vote and approve the minutes of the 58th Annual Meeting held on May 26, 2021. The Minutes had been distributed via email to all registered members and were available in the election portal throughout the five-week election period. No concerns or objections were raised. The minutes were unanimously approved.
3.1- Ms. Soares presented the 2021-2022 Chair’s Report. She invited members to read the Annual Report available on the credit union’s website which includes the latest accomplishments. Ms. Soares highlighted the following milestones:
- The Credit Union is soon to reach 300 million in assets.
- The Credit Union successfully co-sponsored the third Credit Union Sustainability Summit. This is a two-day event co-sponsored with UN FCU.
- As part of the commitment with the UN Sustainable Goals, the Credit Union established a committee that will be focused on Sustainability and Social Responsibility topics.
- In 2022 the Credit Union is celebrating 60 years of incorporation.
Ms. Soares thanked the staff for their work; the more than fifty volunteers for giving their time and energy to the Credit Union; and the members for the trust placed in the Credit Union.
3.2- Ms. Story presented the Credit Committee Report. She highlighted that the Credit Union continues to provide appropriate loans and other type of credit related services to members, and the staff continues to work closely with those members affected by the pandemic. The following programs were developed or extended to support the members in achieving household liquidity in a time of need as well as to support the UN SG2030 goals:
- Forbearance agreement payment plan.
- Skip-a-pay program.
- Streamline mortgage program
- Green Loan – fixed rate loan for environmentally friendly home improvements.
Ms. Story thanked the Credit Committee members, Lending Department and Management for their work and support.
3.3- Ms. Lynn Swenson presented the Treasurer’s Report. She noted that even though 2021 was a challenging year, the CU continues to adapt, grow, and maintain its focus on financial stability and service to members. Assets in 2021 increased to $291.9 million and equity increased to $21.98 million. She also highlighted that 2021 could mark the end of a period of very low interest rates. In addition, in the U.S., the inflation rate increased leaving many members feeling the effects of higher prices. She ensured member that even though the economic news has been mixed, the Credit Union remains strong, and their hard-earned assets are safe and federally-insured.
Ms. Swenson highlighted that the strength of a Credit Union comes from its members pooling their deposits to provide resources for non-profit financial services. As an OAS FCU member/owner, members can manage their funds through the online and mobile banking platforms or schedule a virtual or in-person appointment. The management team and staff continue to be responsive, adapting to the changing financial environment and providing solutions. She invited members to keep the credit union in mind when looking for a loan or a credit card with competitive rates; we have products to fit your needs.
Ms. Swenson acknowledged the ALCO Committee Members and Management for their work and thanked the members for placing their trust in the Credit Union.
3.4- Mr. Oscar Harasic, Chair of the Supervisory Committee, presented the Supervisory Committee Report. He reported that during the pandemic the Supervisory Committee continued its duties as a vigilant entity to establish practices and procedures to safeguard members assets and meet the required financial reporting objectives; and despite the challenges, all external and internal audits were performed as scheduled. He highlighted that there were no major issues reported during the audits and the Credit Union continues to have a strong financial position.
Mr. Harasic noted that cybersecurity and identity theft threats are two pressing topics that keep the committee and Credit Union staff busy, he recommended members to be alert when transacting online and mentioned the Credit Union’s campaign “think before your click”.
Mr. Harasic acknowledged the Supervisory Committee Members and Management for their work and thanked the members for placing their trust in the Committee. Finally, he invited the members to contact the Supervisory Committee at any time to share any feedback or concerns they may have.
4. NEW BUSINESS
Mr. Scott Toler, CUMA’s CEO/President, presented the Credit Union with CUMA’s Titanium Production Award for being one of CUMA’s top mortgage producers in 2021 by closing a total of $30 million in mortgages. Mr. Toler noted that OASFCU is consistently ranked among the top ten CUMA producers. He thanked Mr. Calderon for his leadership and for being a long time CUMA Board of Directors member.
5. QUESTIONS AND ANSWERS
No questions or concerns were raised. All reports were accepted as presented.
6. ELECTIONS REPORT AND RESULTS
Ms. Teresa Bustamante, Chair of the Nominating Committee, presented the Elections Report. She noted that the Nominating Committee was appointed by the Board in July 2021. The Committee worked from August 2021 through February 2022 in its preparations for the 2022 elections. The committee also supported the creation of a new credit union working committee that will focus on issues related to Corporate Social Responsibility and Sustainability.
In 2022 the Nominating Committee presented four candidates for three seats on the Board of Directors and four candidates for two seats on the Credit Committee. Ms. Bustamante presented the results of the elections:
- Boad of Directors
- Ian Edwards – 770 votes
- Jeff Hertrick – 559 votes
- K.C. Soares – 790 votes
- Lynn Swenson – 793 votes
- Credit Committee.
- Jennifer Molina-Vrolijk – 483 votes
- Juan Sebastian Ordonez – 565 votes
- Francisco Rodriguez – 395 votes
- Desiree Valera – 685 votes
Ms. Bustamante thanked all the candidates for running in this year’s elections. She also thanked all the volunteers for their outstanding work and commitment this past year, and the BOD for the confidence it placed on the Committee’s work.
7. CEO REPORT
Mr. Calderon noted that 2021 was a challenging and transforming year. Among the changes happening in 2021 are:
- The Credit Union made the final adjustments to the new systems and continued improving the digital services platforms, while finding the best options to serve the members during the pandemic.
- A service restructuring process began with the purpose to improve member experience, by ensuring that each staff member is better equipped to efficiently meet the member’s needs.
- The Credit Union is developing a work-from-anywhere plan that allows the staff to work from home and the office seamlessly allowing the employees more flexibility while reducing our carbon footprint.
- As part of the Credit Union’s continued efforts to welcome diversity, we have begun updating our communications to ensure a more inclusive language is used.
Mr. Calderon thanked the Board of Directors and volunteers, the employees, and the members for their continued trust and support us after 60 years.
8. ANNUAL MEETING ATTENDEE PRIZES
Mr. Calderon presented the eVoting and Annual Meeting door prizes.
There being no other business, the meeting was adjourned at 12:40 p.m. by Ms. K.C. Soares, Chair of the Board of Directors.