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Chairman’s Corner

April 2018

Dear Credit Union Member:

2017 was another banner year for your Credit Union as we grew again in membership, assets and market exposure to its existing membership for which we can all be proud.

During 2017 the Board of Directors continued to work very hard at providing you with robust, state of the art products and services.  Some of which we are most proud that were enhanced or introduced during 2017 were:


  1. Enhanced our marketing campaign to increase the membership in the Credit Union, its exposure and the services we offer our members.  This resulted in an increase of our membership by 2% from 1098 to 1122.
  2. Continued to fund a building fund [current balance of $550,000] towards the future growth of the Credit Union for the purchase of a new building to better meet the needs of its members in the years to come.
  3. Continued to update and modernize the web site to better serve you – the member.  Check it out at
  4. Continued to position ourselves in the world of social media with Facebook and Twitter.  This has proven an asset in the promotion of the Credit Union to existing and potential new members.
  5. Continued to offer a 2-year balloon, interest only “mortgage flipping” loan.  This has been a huge success, lending over $800,000, effectively replacing the “Hard Money” option.
  6. Continued to work closely with our Sponsor – Greater Capitol Area Association of REALTORS – GCAAR.  We participate in their monthly orientation/luncheon sessions to new members outlining the benefits of becoming a member of the Credit Union.  This has proven successful in attracting new Realtor members.
  7. Continued to offer very competitive rates on shareholder deposits and attractive rates to our various loan products.
  8. We continue to maintain a focus on our mortgage lending products and services.  We are maintaining a few loans within our portfolio but brokering others through Credit Union Mortgage Association [CUMA].
  9. The offering of the Visa Credit Card has proven a great benefit of membership in the Credit Union with a steady increase in the number of members taking advantage of the reduced rates and terms that we offer.
  10. Our net income continues to increase from year to year – $55,000 – an increase of 14% over 2016.
  11. Our loans are up $322,000 over 2016, an increase of 3.5%.
  12. We continue to have a very low delinquency Rate which is at .2% which is very negligible for our size Credit Union.  This is maintained through the exercising of sound lending and underwriting policies.
  13. A new benefit coming in May 2018; Remote Deposit Scanning (RDC).  Keep a watch on our web site for more interesting details on this new service.


We continue to promote our e-banking services to the membership.  The membership is taking full advantage of this benefit which allows the Credit Union to better serve the member.  We are hopeful that additional members will take advantage of this invaluable service in the days to come.


Your investment in the Greater Capitol Area Realtors Federal Credit Union continues to remain safe, secure and your deposits insured up to $250,000.  Unlike the banks and other lending institutions, your Credit Union continues to have no exposure to risky loans.  Our standards and lending policies have been created and maintained to exclude high risk loans.  We also do not encourage our members to take on more debt than they could reasonably manage as this would not be in the best interest of the Credit Union and its shareholders.


We continue to receive high marks from the Federal Examiner – a 2 rating for the twenty-first consecutive year.  This is potentially the highest rating given by NCUA for a credit union of our asset size.  We rely heavily on the advice and counsel of the Federal Examiner as we continue to grow and prosper.


We continue to maintain policies for the safety of the Credit Union and its members.  They are constantly reviewed and updated in accordance with NCUA standards.  Staff and Board members continue to be educated in the many intricate rules, regulations and standards that must be observed through our involvement with the MD/DC Credit Union Association.  This has made us stronger and more proficient in the operation of this Credit Union.


We are always looking for ways to better serve you with products and services that assist you with your financial decisions.  If there is any way that we can better service you, please let us know.


We continue to seek Credit Union members to serve on the Board of Directors who can help increase membership, deposit and loan growth.  Let me know should you be willing to serve and offer your expertise, vision and knowledge as a Board member.  I would be willing at any time to discuss this opportunity for service to your Credit Union.


Let me take this opportunity to welcome two new Board members who are completing their first term on this Board – Alizon Reggioli and Carl Mauri.  We have appreciated their commitment and involvement in the decisions of the Board.  Likewise, we have enjoyed for over thirty years the wisdom, expertise and voice in the operation of this Credit Union by Florence Mulkey.  She served as Chairman from 1993 til 2001 and then chairman of the Credit Committee.  She is retiring which shall leave a large void in our operations.  We wish her well in retirement.


Allow me to take this opportunity to thank our front office staff for their hard work and dedication.  Andy Flores who served us well over this past year as Asst. Manger/Head Teller took advantage of an opportunity to advance his career and left that position.  In that position we are privileged to welcome Evguenia “Jane” Nlathur.  She is a Realtor, who brings with her many years of administrative banking experience.  We look forward to having her with us.  Although there have been adjustments made in the front office it continues to operate well.  Finally, a tip of the hat to Tony Launi who has served as President/manager for over 25 years and continues to serve us well.


It has been my privilege and honor to serve as the Chairman of the Board of your Credit Union for the past eleven years.  The decisions that we make are done with you, the member in mind.  The Board members are very active and forward thinking and I thank each of them for their ideas and suggestions that continue to make this Credit Union thrive and benefit you as a member.


Our emphasis is always on increasing membership, enhancing products and services to the members as well as overall growth of the Credit Union.  Whenever you have a need for assistance please feel free to call on us.  We are here for each of you.


Respectfully Submitted,




Harold H. Huggins


Chairman of the Board

“Enjoy the Credit Union Difference”