Dear fellow members, friends and colleagues

A warm hello as we continue our year-long celebration of our 60^th birthday!  We are, similar to others around the world, still dealing with post-covid transitions as we continue to provide our valued services.  As we adapt, so do our systems and procedures, and we are constantly developing new ways to deliver to you, our members, the best services and products, keeping our finances in good standing all the while.

Our financial performance continues strong and secure.  We are transiting the current global economic situations with steady, forward progress.  I am very happy to report that our Asset and Liability Committee and our management team continue to steer us safely through challenges such as inflation, rate hikes, and interest rate risk.

Recent changes by the Federal Reserve have caused a disruption in the ACH system of funds transfers.  We are actively researching for new providers to substitute FedGlobal’s stoppage of ACH to Europe and Canada.  We will be providing updates to our members as we deal with this new situation.

On this our 60^th year of operation, we are fully aware that there are many shifts on the global future already on the horizon.  Our staff, management, and volunteers are conscientiously panning and collaborating to ensure consistency and quality in our every endeavor.  We are proud of our ability to integrate new processes and services for our members as we successfully navigate the global marketplace.  Some of our new services and products are:

• 2022 saw the introduction of Zelle® service to members in the United States and certain geographic regions.
• Expansion of ATM availability. We currently belong to the Coop network and recently have been included in the Citibank (in USA) network – together they total about 50,000 ATMs.  We are currently in the process of joining the Armed Forces Financial Network and this will substantially increase the number of ATMs available for our members.
• Credit cards are being up-graded. There will be NO foreign transaction fees and our Visa Platinum fees will be waived for a year.
• Global Access Branch. In the process of being implemented and staffed, this office will act as a branch to any member unable to come to our offices in person.
• Online payments platform. One of our greatest challenges has always been how to help our member abroad pay for their loans quickly and affordably. I am happy to report that soon enough, you will be able to make payments to your OAS FCU loans and credit cards by means of a debit card issued by your national financial institutions.
• Technical and security updates. While these are ongoing and not a new project, they are no less noteworthy for that. We work on implementing constant updates in cybersecurity, operational elements and systems modernizations that will support our global expansion successfully and safely.

Volunteerism is an important aspect in credit unions and differentiates us from commercial banks.  Our Volunteer Program continues strong and we have nine volunteer groups in OAS FCU.  We are:

Elected by members
Board of Directions
Credit Committee

Volunteers
ALCO-Assets and Liabilities Committee
Community Relations and Membership Committee
Governance Committee
Green Committee
Human Capital Committee
Nominating Committee
Supervisory Committee
Technology Committee

The Green Committee is new this year and its purpose is to ensure that all decisions affecting the practices and solutions for the benefit of our membership have a minimal environmental impact and promote a positive environmental, economic, and social balance.  The Committee is established on three pillars:

• Culture that embraces diversity, equity, and inclusion.
• Operations and policies that lead the credit union to become a sustainable organization.
• Responsible investments that limit harm to the environment.

Additionally, I would like to mention that at OAS FCU we conduct a 2-year Volunteer Leadership Development Program.  Currently our third cohort of volunteers is undergoing this one-of-a-kind training program, one that is crucial in strengthening our credit union for the future.

Our volunteers are a special group of colleagues who give of their time for OAS FCU and its members.  Thank you – each of you – for all that you do for our credit union; you are much appreciated.

A heartfelt thank you for our staff as well, for your commitment to the credit union movement, service to us members, and dedication in making the credit union an organization of excellence.

Most sincerely,

K.C. Soares, Ph.D.
Chair, Board of Directors