Welcome to Summer! It’s been another busy quarter here at SESLOC, and I’m excited to share what we’ve been working on for you.
Before jumping in, I would like to welcome those of you who are a new SESLOC member. And, to those existing members who have read one or two of these letters in the past, thank you for continuing to be a member-owner in this financial cooperative.
On to the updates…
Since my last letter, we have added fixed-rate Investment Property Loans while also reducing the rates for our fixed-rate Home Equity Loans. We know this current environment has kept loan rates elevated, so we have been focusing efforts wherever we can to create affordable home loan options.
Speaking of focusing efforts, my letter in the Spring issue mentioned some changes to our new account and loan application processes, which, I am happy to say, we are now beginning to roll out. We have sped up our new account opening process as well as to drastically reduced the decisioning time for consumer loan applications in our branches and Contact Center. We understand your time is valuable and will continue to look at ways to improve your experience.
I’m also excited to share good news from Capitol Hill. Thanks to credit union member-owners nationwide that took action, the House of Representatives Ways & Means committee did not discuss a possible change to the credit union tax exempt status during their recent review. SESLOC member-owners, specifically, were a big part of the overall effort, turning out in record numbers to share the message: Don’t Tax My Credit Union. At the time of this writing, the bill is now with the Senate where our taxation status could still be in jeopardy. However, we have our state and national credit union associations working together to continuously reinforce why a tax on credit unions is a tax on consumers.
On the “protecting your account/personal information” front, which will always be a top priority, we make every effort to update our Fraud Center webpage and notify you as quickly as possible to help you avoid the most recent threats. As always, you can report any suspicious activity you see by calling us at (805) 543-1816 or sending a secure message through Online Banking. Please help us, help the membership!
Finally, our education team continues to provide financial education seminars in schools and workplaces, engaging hundreds with financial literacy lessons each month. And we are also recognizing young professionals under 40 who are making a difference where they live and work. The SESLOC and Wild 106.1 Young Change Makers Award celebrates those who are using their talents and influence to help create positive change across our community. I encourage you to please nominate the young people you know who are having a worthwhile impact on the Central Coast at Wild 106.1’s website.
I truly hope you have a safe and enjoyable summer surrounded by family and friends. And as always, thank you for being among the 55,000+ member-owners who trust us with their financial well-being.
Mike Quamma
President & CEO