COMMITTEE REPORTS
Credit Committee Report
The Credit Committee is appointed by the Board of Directors and meets at least monthly. The Committee follows high confidentiality standards and reviews loan requests that exceed the lending authority of Credit Union management, or are exceptions to Credit Committee guidelines. The Committee has an important duty and role. They review the financial capacity and credit history of each applicant and ensure that applicants will not be overburdened by loan payments, and that the best interests of both the member and the Credit Union will be served. The Committee also offers alternative financing options to help members manage their financial needs. Appointed Committee members serve two years each, while the Chief Lending Officer is a standing appointed member of the Committee.
2024 LOAN ACTIVITY
In 2024, management approved a total of 860 loans which consisted of 769 consumer loans and 91 mortgages. These loans amounted to a total of $65.4 million all falling within the lending limits established by the Committee and approved by the Board of Directors. Additionally, the Credit Committee convened 15 meetings to evaluate 21 cases, which resulted in the approval of 18 loans with a combined value of $4.0 million.
DIRECTORS Mónica Velásquez Chair
Jaime Cabrera, Arnoldo López Marmolejo, Yolanda Strachan Members Nicolás Fernández Cavada, Stephanie Ferreyra, Adolfo Samaniego Alternates
Marco Paredes Secretary
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