The Credit Committee is pleased to inform you that OAS FCU remains steadfast in its commitment to offering our members suitable loans and a wide range of credit services.

In our dedication to excellence, our committee convenes multiple times each month to thoroughly assess all credit applications and approve the loans recommended by our diligent lending officers. We recognize that lending is a fundamental aspect of the Credit Union’s mission, and we take pride in ensuring this process is carried out with the utmost efficiency and care.

Despite the challenges encountered in 2023, such as high interest rates, inflation, and the Federal Reserve’s tightening monetary policy, it was a remarkable year for quality lending at OAS FCU. We approved 249 applications for a total of $1.42 million in VISA Credit Card Lines of Credit, marking a 48% increase in new credit card accounts compared to the prior year.

Moreover, we successfully disbursed $9 million in home loans for our esteemed members. However, our loan production in 2023 decreased by 50% in terms of dollar amount compared to the previous year. This decrease was mainly attributed to the difficult economic environment characterized by the higher price of borrowing for consumers, combined with a volatile housing market. Nevertheless, we are delighted to have offered a loan program that met your needs during these challenging times.

The loan portfolio experienced overall growth, with the 2023 closing balance reaching $165 million, reflecting a 1.85% increase from the previous year.

In 2023, the Credit Committee evaluated 750 applications, of which 702 were approved, resulting in a denial rate of 6.4%. This consistent denial rate from previous years underscores our continuous efforts to assist our members in prospering by requesting appropriate loans at suitable times and amounts they can manage. The rise in the number of applications compared to the previous year indicates a 9% growth.

The Credit Committee remains vigilant in exploring avenues to enhance our members’ financial well-being. We want to emphasize that OAS FCU provides access to unlimited one-on-one financial counseling sessions, debt management services, student loan debt management services, pre-retirement planning and great financial education tools through our partner GreenPath, all at no cost to you. For further information, please refer to the Credit Union’s website “Education & Security” section. Their services are also multilingual, something that we know will be of great benefit to many.

As committed volunteers of the Credit Union, we, the Credit Committee members, take pride in contributing to this nonprofit endeavor. We are excited to continue serving you by delivering reliable financial services of the highest caliber and offering specialized solutions for you and your family worldwide. Thank you for being an integral part of our credit union community. Let’s persevere together towards a prosperous future. Stay safe and stay healthy.