WASHINGTON -
The CU's membership is made up of medical professionals and support staff fighting disease around the globe, creating a variety of unique challenges for the.
The World Health Organization evolved from the old League of Nations in the aftermath of World War I. The idea of a worldwide health organization was affirmed with the creation of the WHO by the United Nations in 1948 and now divides the world into six regions to fight disease with the Pan American Health Organization (PAHO) serving the Western Hemisphere. Headquartered in Washington D.C., PAHO/WHO FCU has offices in the capitals of each country in the Caribbean, South and Central America where medical staff work.'
PAHO/WHO FCU CEO Miguel Boluda Jr. has run the CU since 2003 and has 21 years of experience throughout the credit union industry. With fewer than 4,000 members but $149 million in assets, Boluda described PAHO/WHO FCU as an "asset rich" organization with high average loans and share accounts reflecting the medical professional background of the membership. Members are typically medical professionals or specialists, their families, or office employees.
"A good percentage are highly educated," he said.
Many credit unions with transportation-related SEGs or in the petroleum industry for example, have a large percentage of their members dispersed around the United States.
PAHO/WHO FCU has a full 40% of its members in 59 countries.
"It's very challenging to serve them from one office," he said. "We run very lean here. We have about 10 employees."
While most credit unions in the United State have jumped into the digital age to reduce paperwork, comply with Check 21 regulations or to fight off the competition, Boluda said using electronic delivery allows his members to stay in the field fighting against disease and still apply for a loan. PAHO/WHO FCU shifted to an electronic DP from Share One Network Solutions, a CUSO in Memphis, Tenn., to improve reporting and is now preparing its electronic document delivery with the same system.
With only one branch in Washington and 28 international field offices, one challenge of having members scattered around the globe is the simple matter of sending documents for signatures on simple items such as loans. A foreign field office could have only three members or rise to 50 or even 100. In fact, Boluda said there is one lone member in Egypt.
Most CUs in need of a member signature can make a phone call and fax a few documents to finish up a signature loan or account transfer. PAHO/WHO members need to print out a PDF copy of their loan application from the CU's website, fill it out by hand and then fax it back for approval. Boluda said with medical professionals fighting Asian bird flu or the AIDS virus in distant lands, it might take three weeks to close on a new loan.
"There's a lot of mail delay," he said. "As any credit union, you want to serve 100% of your members."
The credit union is exploring how to capture signatures electronically and might offer a specific page on its website for members to use.
The CU doesn't offer car loans or mortgages as possession of a title is required. Boluda said there are great differences between interest rates in America and the many different countries where PAHO/WHO FCU members live and work. Also, how would a credit union in Washington start doing business with car dealers in Buenos Aires or the British Virgin Islands? Do they even have car dealers organized similar to the States? Plus, what if an avian flu outbreak, terrorist attack or civil war causes the loan to go bad?
"How do you repossess a car in Bolivia?" Boluda asked.
Boluda said he expects PAHO/WHO FCU's 2007 growth to be within the CU membership through personal or home loans and will continue to expand and improve its technical ability to deliver documents to the membership.
