The Credit Committee is pleased to report that the Credit Union continues working hard to provide appropriate loans and other types of credit-related services to members.

As is our custom, our committee meets every week to review all credit applications and ratify loans approved by the lending officers during the week. We understand that lending is half of the Credit Union’s purpose, and we ensure that it gets done effectively and responsibly.

The year 2022 was perfect for quality lending at OAS FCU. We approved 17 applications for $2 million in Home Equity Lines of Credit. It represents a 340% increase in loan numbers in comparison to the previous year, a Line of Credit especially attractive in face of the increase in interest rates on mortgage loans.

We also booked $18 million worth of home loans for you, our members. Our production in 2022 continues to come from the 15/15 Adjustable-Rate Mortgage, 10/1 Adjustable-Rate Mortgage, and the 15-Year Balloon. We are pleased to see that these loan programs met your needs.

The loan portfolio continues to grow overall. The increase to 2022’s ending balance of $162 million represents a growth of 1.78% from the previous year.

Last year, the Credit Committee reviewed 688 applications, of which 647 were approved. That means that we turned down 6% of applications. This figure is markedly higher than that of the previous year, by 1.00%. Nonetheless, the percentage of denied loans is still low. That means that our efforts to help our members prosper and request suitable loans at the correct times, for amounts that they can afford, are proving successful.

The Credit Committee is always on the lookout for ways to help members with their finances. We want to remind you that OAS FCU provides you access to unlimited one-on-one financial counseling sessions, debt management services, and financial education tools through our partner GreenPath; essential services provided by this company come at no cost to you. Please check the Credit Union’s website for more information.

As volunteers of the Credit Union, we the Credit Committee members, are proud to assist in this not-for-profit venture and hope to continue serving you in providing you reliable financial services of the highest quality and delivering specialized solutions for you and your family worldwide. Stay safe, and please stay healthy.