Dear members of OAS FCU:

When reporting on our Credit Union for 2023, I consider last year to be one of survival to challenges and change. During the first full year after the COVID pandemic, OAS FCU faced many situations and tests that had a strong effect, not just on us as a financial institution, but on all of us, its members.

Last year many of us saw a change in our workstyles. The slow return to in-office work has affected both the membership and our staff, and we continue to work actively with everyone to ensure that we are always available to assist you, in person, by phone, or digitally.

The first test came from the global post-COVID inflation worldwide. The price of everyone’s basket of goods went up sharply: this, plus the costs of returning to work, affected everyone’s wallet in 2023, and these changes continue affecting many to this day. In response to this, as always, the Credit Union is available to meet with every single member, and to provide free financial counseling (in the language of your choice) and student loan debt reorganization through our partner nonprofit, GreenPath.

Another challenge during 2023 came in the form of drastic rises in interest rates over a short period of time. This was a boon to those members of OAS FCU who save with us, as the dividends on shares and all types of savings accounts increased sharply. But it also made things more difficult for others, those who have loans or might have been interested in requesting credit. In general, loan applications slowed due to the new price of borrowing.

To manage these changes, know that our Board, Committees, staff, and management continue to work, day-in and day-out, to provide you with the most optimally priced dividend rates on your deposits, and interest rates on your loans. We are constantly evaluating and adjusting to keep the rates we offer you competitive and beneficial to you, while maintaining an adequate, strong financial standing.

Fraud and cybercrime continue to be a rising threat, not just for OAS FCU but for financial institutions worldwide. I am saddened to say that our members, despite our best efforts to keep everyone aware of the latest types of fraud, do fall prey to these crimes from time to time. We do our best to inform you via the blog series on the latest trends, and I urge you to keep up with the blog by signing up to receive those articles in your inbox when we publish them. Also, please listen to our staff: our employees are trained to detect all sorts of fraud; be patient when they ask you questions about your transactions and remember that we are here to help you prosper and protect your money.

Many of our members were also affected by political upheaval, global conflicts, and natural disasters. While we may not be in person where you live, if you ever find yourself in any type of trouble and need help, know that we are here for you. Talk to us and know that we will try to help you to the extent, and sometimes beyond, of our abilities.

All in all, 2023 tested the entire financial industry -and us- in many ways. OAS FCU continues to maintain a solid financial position at the hands of our highly qualified volunteers and staff who are here to help us weather it all.

As part of our team efforts to extend the reach and availability of our service to members, this year we are in the process of launching OAS FCU’s groundbreaking Global Access Branch, or GAB; it represents a major shift in how we will serve members in person, and also the large membership of OAS FCU that cannot visit our offices. The Global Access Branch is our way of embracing our future with our membership, a uniquely worldly group.

This innovative concept will allow us to serve you in person at one of our branches, but also online with an exceptional level of personal service. We aim to do this with a combination of staff reorganization, a great deal of training, and the introduction of some cutting-edge digital tools that will allow you to chat, talk and have one-on-one video calls with our Member Services personnel directly from our website -without installing any special software; they will be able to share their screens with you -and vice versa- to provide you with practical assistance in the moment. And you will be able to do all this on a computer or your smartphone, in English and in Spanish, whichever suits you best. Also, we will introduce our first all-digital bilingual “employee” of the Global Access Branch. Her name is Clara, and she will be our chatbot, available to you 24/7 on our website at first, and later through your online and mobile banking as well. Be kind to her as she learns the ropes at OAS FCU!

As always, I would like to end by thanking everyone. Our amazing group of volunteers, for their ongoing dedication to help steer this shared enterprise. Our outstanding personnel, who keep us going through thick and thin. And you, our members, without whose support and trust we would not be here.

We look forward to embracing the future with our unwavering dedication and energy, and our mission to help you prosper.