Minutes of the OAS FCU Fifty-eightth Annual Meeting

May 26, 2021

The fifty-eighth 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 six hundred members registered for the Annual Meeting and more than three hundred and fifty 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 START OF MEETING

Ms. K.C. Soares, BOD Chair, requested a moment of silence in remembrance of those members who are no longer with us due to the pandemic.

With quorum reached (two hundred and thirty-one members in attendance at that point), Ms. Soares, 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 Co-Chair; Lynn Swenson, Treasurer and ALCO Chair; Jeff Hertrick, Secretary and Community Relations & Membership Chair; Katherina Diaz-Viana, ALCO Vice-Chair; Stella Villagran, Supervisory Committee Liaison; Yacsire Cutler, Human Capital Committee Chair; Andrew Vanjani, Technology Committee Co-Chair; and Colette Akande, Governance Committee Chair.

Also, present were:

  • Oscar Harasic, Supervisory Committee Chair; Desiree Valera, 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. Also, in attendance was Mr. Kevin Maden, External Auditor with DeLeon & Stang.

  1. APPROVAL OF THE 2020 ANNUAL MEETING MINUTES

Ms. Soares allowed a few moments for the more than three hundred and fifty members attending the virtual meeting to vote and approve the minutes of the 57th Annual Meeting held on June 24, 2020. The Minutes had been distributed via email to all registered members and were available in the election portal throughout the election period. No concerns or objections were raised. The Minutes were unanimously approved.

  1. REPORTS

3.1 Ms. Soares presented the 2020-2021 Chair’s Report. She invited all members to read the written report in the Annual Report–available on the Credit Union’s webpage. Ms. Soares highlighted that all BOD and Committee meetings have been held virtually during this year, and that the CU operations have been performed mostly remotely for this past year and a half. These adjustments were possible thanks to the CU Staff and Volunteers’ hard work and commitment. Ms. Soares assured members that the Credit Union continues striving for excellence and noted that this year, despite the virtual environment, grew to $278 million in assets as of end of April 2021.

Ms. Soares reported the following accomplishments:

  • The second cohort of the CU’s two-year leadership program will finalize in June, with the graduation of eight volunteers and two staff members.
  • In 2020, Ms. Margaret Palmer–former Chair of the Nominating Committee–was one of the recipients of CUNA’s National Rock Star Award.
  • In line with our commitment to the UN Sustainable Development Goals (UN SDG), the Credit Union in partnership with UNFCU sponsored a two-day Summit on sustainability for financial institutions.
  • St. Mary’s University, International Center for Cooperative Management, researched the Credit Union’s Governance policies and practices and wrote a case study about the Credit Union. This case study is available on our website/blog and makes us proud contributors to the Cooperative Industry.

Ms. Soares thanked all volunteers for giving their time, energy, and spirit for the Credit Union.

3.2 Ms. Desiree Valera 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. Additionally, staff works closely with those members affected by the pandemic. The following actions were taken in 2020 to support the members in achieving household liquidity in a time of need:

  • Launched a Relief Loan – a medium-size fixed signature loan.
  • Forbearance agreement payment plan – supported 50 members for a total of 60 loans.
  • The Skip-a-pay program – granted to 208 members for a total of 231 loans.

Ms. Valera 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 highlighted that the Credit Union continues to adapt, grow, and maintain its focus on financial stability and service to members. Assets in 2020 increased to $266.9 million as of December 2020, net worth ratio decreased mainly because the interest rates have remained low, and equity increased to $22.3 million.

Ms. Swenson noted that with the vaccination roll out underway in the US and the gradual re-opening of the economy, it is anticipated that the situation will continue to improve. She ensured members that the OAS FCU remains financially strong. She reminded members to contact the Credit Union first when in need of a loan.

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 the Credit Union continues to have a strong financial position. Mr. Harasic invited members to contact the Supervisory Committee at any time to share their feedback or concerns.

Mr. Harasic acknowledged the Supervisory Committee Members and Management for their work and thanked the members for placing their trust in the Committee.

  1. NEW BUSINESS

Mr. Scott Toler, CUMA’s CEO/President, presented the Credit Union with CUMA’s Platinum Production Award for being one of CUMA’s top mortgage producers in 2019 by closing 59 loans for $25.6 million. 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.

  1. QUESTIONS AND ANSWERS

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

  1. ELECTIONS REPORT AND RESULTS

Ms. Teresa Bustamante, Chair of the Nominating Committee, presented the Elections Report. She noted that:

  • The Nominating Committee worked from August 2020 through February 2021 in its preparations for the 2021 elections; the work was completed in accordance with the established election calendar.
  • The Credit Union’s volunteer program currently counts with 57 volunteers representing 22 countries.
  • This year in addition to the bios, most election candidates presented a short video introducing themselves and their vison for the Credit Union.
  • In 2021 the Nominating Committee presented six candidates for three seats on the Board of Directors and two candidates for one seat onthe Credit Committee. The candidates were as follows:

BOD
• Colette Akande
• Emiliano Colina
• Ian Edwards
• David Rojas
• Magaly Rothe
• Carlos Troncoso

Credit Committee
• Lili M. Romero DeSimone
• Luz Angela Serrano

Ms. Bustamante presented the results of the elections as follows:

  • Elected as members of the BOD for a three-year term: Colette Akande, David Rojas, and Magaly Rothe.
  • Elected as member of the Credit Committee for a three-year term: Luz Angela Serrano.

The complete election results are available through the election’s microsite.

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.

  1. CEO REPORT

Mr. Calderon mentioned that the election process is one of the pillars of the cooperative movement worldwide, and the Credit Union strongly believes in this principle and the democratic process. He remarked that the Credit Union counts with one of the highest voting levels of participation among Credit Unions in the country. He thanked members for participating in the elections, and announced the 29 eVoting raffle winners, each a recipient of $100 cash prize.

Mr. Calderon noted that throughout the pandemic the Credit Union’s number one objective was to ensure the safety of the Staff and Volunteers, and the physical and financial wellbeing of the members. He assured members that as the current situation moves to a new normal, the Credit Union will continue to provide the best possible financial solutions available.

Mr. Calderon thanked the BOD and all the Volunteers for the time, energy, guidance and advice provided throughout the year; the Staff for their dedication; and, the members for their trust and ongoing support.

  1. ANNUAL MEETING ATTENDEE PRIZES

Mr. Calderon presented the Annual Meeting door prizes drawn among almost 600 members registered for the Annual Meeting.

  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.