Minutes of the OAS FCU Fifty-sixth Annual Meeting

June 24, 2020

The fifty-sixth Annual Meeting was held virtually via Zoom webinar due to the COVID-19 pandemic.  The Board of Directors had previously approved an amendment of the Credit Union ByLaws to allow all-virtual meetings under special circumstances.

Interpretation in Spanish was provided. Approximately five hundred members registered for the Annual Meeting and a little less than three hundred were in attendance, connecting from several countries.

Members had the capability to vote to approve the Minutes and submit questions utilizing the Zoom platform.

  1. CALL TO ORDER AND STAR OF MEETING

With quorum reached (two hundred and ten members in attendance at that point), Ms. K.C. Soares, Chair, called the meeting to order at 12:05 pm. Before introducing the members of the Board of Directors (BOD), Ms. Soares thanked Ms. Laura Martinez, former BOD member, for all her work during her tenure as member of the BOD and for the initiatives she led to strengthen the Governance Committee.

All BOD members were introduced:

  • C. Soares, Chair; David Rojas, Vice Chair and Technology Committee Co-chair; Lynn Swenson, Treasurer and ALCO Chair; Jeff Hertrick, Secretary and Community Relations & Membership Chair; Stella Villagran, Supervisory Committee Liaison; Yacsire Cutler, Human Capital Committee Chair; Andrew Vanjani, Technology Committee Co-Chair; and Anna Chisman.

Also, present were:

  • Katherina Diaz, Supervisory Committee Chair; Doris Lamas, Credit Committee Chair; Margaret Palmer, Nominating Committee Chair; and Carlos Calderon, CEO/President.

Ms. Soares welcomed special guest: Mr. Scot Toler, Credit Union Mortgage Association (CUMA) CEO/President.

  1. APPROVAL OF THE 2019 ANNUAL MEETING MINUTES

Ms. Soares allowed a few moments for the more than two hundred members present to vote and approve the minutes of the 55th Annual Meeting held on May 26, 2019. The Minutes had been distributed via email to all registered members and were available in the election portal. No concerns or objections were raised. The Minutes were approved.

  1. REPORTS

3.1 Ms. Soares presented the 2019-2020 Chair’s Report. She highlighted that throughout the current challenging environment the Credit Union was able to deploy an almost immediate implementation of its Disaster and Pandemic Plan; therefore, in a short period of time one hundred percent of the Staff migrated to telework with very few glitches.

Ms. Soares also noted that the Credit Union’s five-year Strategic Planning Session was held in October 2019 with 40 people – Staff and Volunteers– in attendance. The five-year plan consists of five strategic goals:

  • Global presence
  • Be the best-in-class member centric approach
  • State of the art organizational capabilities
  • Strong and aligned culture
  • Continual impact financial, environmental, and corporate social responsibility.

Finally, Ms. Soares reported that the Credit Union Volunteer Leadership program continues; the second cohort started in 2019. The program is based on four pillars:

  • Individual Development
  • Interpersonal Development
  • Increase awareness and knowledge about our own Credit Union
  • Increase knowledge about the Credit Union Industry.

3.2 Ms. Doris Lamas presented the Credit Committee Report. She reported that the Credit Committee and the Lending Department continue to have fruitful practices to provide members with affordable loans. In the past year the Credit Union launched the following initiatives:

  • Relief Loan to support members during the COVID-19 Pandemic
  • Partnership with Green Path to provide free individual money management and financial education services
  • Green Loans which are in line with the UN Sustainable Development Goals.

Ms. Lamas reminded the members that the Credit Committee and the Credit Union Staff are committed to finding ways to offer loans and services that best will serve the membership.

3.3 Ms. Lynn Swenson presented the Treasurer’s Report. She highlighted that 2019 was a good year since the Credit Union reinforced its net worth which increased to 8.72%. Equity also increased in 13.7%, assets decreased by 3% and the loan portfolio increased by 9% with assets as of December 2019 were $237.6 million.

She noted that the work of the past years is coming is allowing the FCU to more smoothly manage the turbulence of the year – for example, continuity planning and investment in new technologies and the long-term growth of the Credit Union  serves well in the current environment. To close her report, Ms. Swenson assured the members that their assets are safe and reminded them that they are members owner with voting rights, and that the Credit Union cares about them as individuals.

3.4 Ms. Katherina Diaz, Chair of the Supervisory Committee, presented the Supervisory Committee Report. The CPA firm DeLeon & Stang completed the 2019 annual audit of the Credit Union’s operations and of members’ accounts. Their report supplied a non-qualified, clean opinion. The NCUA examination was conducted in 2019 and all recommendations have been implemented. She assured members that the Credit Union is sound and safe.

  1. NEW BUSINESS

Mr. Scott Toler , CUMA’s CEO/President, presented the Credit Union with CUMA’s Platinum Award for being one of CUMA’s top mortgage producers in 2019.

  1. QUESTIONS AND ANSWERS

No questions or concerns were raised. All reports were accepted as presented.

  1. ELECTIONS REPORT AND RESULTS

Ms. Margaret Palmer, Chair of the Nominating Committee, presented the Elections Report. She reported that in 2020 the Nominating Committee nominated six candidates for four seats on the Board of Directors and three candidates for two seats on the Credit Committee; of the nine candidates nominated eight are current volunteers.

She also highlighted that the voting member participation in 2020 reached a record total of 2,135 members which translates to 28% of Credit Union membership participation – exceeding participation numbers of the last six years.  She also noted that based on participation in the e-voting process a total of $3,200 has been allocated to prizes, and 32 members have been awarded $100 each –winners were notified by e-mail and the funds were deposited to their respective accounts. The elections results and the list of prize winners will be posted on the elections website http://vote.oasfcu.org/.

After her report, Ms. Palmer proceeded to present the results of the elections as follows:

  • Elected as members of the BOD for a three year term each : Andrew Vanjani, Katherina Diaz-Viana, and Yacsire Cutler
  • Elected as member of the BOD for a one-year term: Colette Akande
  • Elected as members of the Credit Committee for a three year term each: Sergio Pino, Maria Fernanda Story.
  1. CEO REPORT

Mr. Calderon noted that in 2019 the Credit Union continued working on the consolidation of the operations after the merger with National Geographic FCU as well as the enhancement of the online and mobile solutions. The focus in 2019 was to further strengthen the Credit Union’s financial position, building our reserves and strengthening our operations to manage any unforeseen and challenging economic situation such as the one that we are living today. Mr. Calderon highlighted that we have overcome other financial crises and we have been able to continue providing services to our members and maintaining our financial strength and he noted that we strive to do the same during the current crisis. Finally, Mr. Calderon reminded the members that as we navigate through the COVID-19 pandemic, our number one priority is the financial safety of our members; Credit Union Staff and Volunteers are  here to support our members.

  1. ANNUAL MEETING ATTENDEES’ PRIZES

Mr. Calderon presented the Annual Meeting door prizes drawn among almost 500 members that registered for the Annual Meeting; after the Meeting the drawing for members present prizes took place.

Mr. Calderon thanked all the volunteers and the Board for their dedication, the membership for their trust and support, and the staff for their resilience, hard work and commitment to the Credit Union’s vision and promise.

  1. ADJOURNMENT

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.