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Chairman’s Corner


April 2019


Dear Credit Union Member:


2018 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 take credit and be proud.


During 2018 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 2018 were:


  1. Continued to enhance our marketing campaign to increase the membership in the Credit Union, its exposure and the services we offer our members.  This resulted in a nominal increase of our membership by .003% from 1122 to 1125.
  2. Continued to fund a building fund [current balance of $750,000] 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.  The entire Board continues to keep a watchful eye on the market for an existing building or site which would be beneficial to the Credit Union in its service of the membership.
  3. Continued to modernize the web site to better serve you – the member.  Check it out at  We constantly update it with products and services that are beneficial to the member.
  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 loans and financial products that are at favorable rates and terms to the members.
  6. We continue to maintain a focus on our mortgage lending products and services. During 2018 a committee of the Board, chaired by Raj Mahajan was appointed to investigate the benefits to the members and Credit Union of the establishment of a mortgage division.  We are maintaining a few loans within our portfolio but feel that it is beneficial to broaden our horizons in the mortgage products offered by the Credit Union to be competitive and better serve the member. Keep a watch on our web site for more interesting details on this new service.
  7.  Continued to work closely with our Sponsor – Greater Capital 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 and promoting the Credit Union.
  8. Continued to offer very competitive rates on shareholder deposits and attractive rates to our various loan products.
  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 – an increase of 150% from 2017 [$29,330] to 2018 [$75,880].
  11. We examined closely our computer systems and firewalls to enhance their efficiency as well as the protections of our data from outside influences.  The firewalls were updated to better insure protection for the data of our Credit Union and its members.
  12. We continue to have a very low delinquency Rate which is at .06% which is very negligible for our size Credit Union.  This is maintained through the exercising of sound lending and underwriting policies.


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 members will take advantage of this invaluable service in the days to come.


Your investment in the Greater Capital 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-second 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.


We increased the number of directors on our Board from nine to eleven. Let me take this opportunity to welcome the new Board members who are completing their first term on this Board – Hugh Le and Balaram Owens.  We have appreciated their commitment and involvement in the decisions of the Board.  Finally, a big thank you to Christine as Chairperson of the Credit Committee for the yeoman’s job in sifting through the many loan applications received by the Credit Union.


Allow me to take this opportunity to thank our front office staff for their hard work and dedication.  Eguenia “Jane” Mathur is completing her first year as the head teller/office manager.  She has proven to be an excellent addition to our staff.  Finally, a tip of the hat to Tony Launi who has served as President/manager for over 27 years and continues to serve us well.  Together, they operate as a team serving the Board and the membership of the Credit Union.


It has been my privilege and honor to serve as the Chairman of the Board of your Credit Union for the past twelve 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”