Ka Wai Ola - Office of Hawaiian Affairs, Volume 2, Number 10, 1 October 1985 — OHA Seeks Hawaiian Credit Union Charter [ARTICLE]

OHA Seeks Hawaiian Credit Union Charter

The establishment of a federal credit union for the Hawaiian people may soon become a reality following applieation for a charter by the Office of Hawaiian Affairs. A decision on whether OHA's charter has been approved is expected within the next few months. The Hawaiian Federal Credit Union, as it is called, is the result of several yearsof research, investigation, exploration, tests and studies. The need for some sort of Hawaiian financial institution has long been recognized in the community. OHA's Resource Development Committee organized a steering committee to explore the best means of fostering eeonomie development among Hawaiians. The steering committee considered a number of alternatives, including the formation of a bank, savings and loan and finance company. After careful consideration it was decided that a federal credit union seemed to be the best vehicle to implement OHA's goal of promoting opportunities for Hawaiians to participate fully in society and to achieve self-determination and self-sufficiency. WHAT IS A FEDERAL CREDIT UNION? It is a member-owned cooperative, organized to promote thrift among its members and to make loans to its members

from its accumulated savings. Credit unions help their members to help themselves to a greater degree of financial stability. Another prime function is to educate members to maintain their own financial affairs. WHATARETHEMAJOR GOALS AND OBJECTIVES OF THE HAWAIIAN FEDERAL CREDIT UNION? According to HFCU's charter application "The Hawaiian Federal Credit Union's major objective is to deve!op, implement and manage a 'self-help' vehicle whieh requires direct and active participation by the beneficiary/vo!unteer members, be managed as a business with direct participation by qualified beneficiary members whieh would provide a needed and desired service and be recognized and called their own". WHO IS ELIGIBLE TO JOIN THE CREDIT UNION? The Hawaiian Federal Credit Union will extend financial services to 59,204 eligible registered individuals for the Office of Hawaiian Affairs, its employees, spouses and dependents.

WHO ARE THE OFFICERS AND BOARD MEMBERS OF HFCU? The credit union will be managed by a group of highly qualified, professiona!ly and technically competent iridividuals who have volunteered their services. At its organizational meeting he!d July 11, 1985, the following members were elected to one-year terms: Thomas K. Kaulukukui, Sr., chairman of the board and president. Kaulukukui, a retired U.S. marshall, is currently an elected OHA Trustee-at-Large. Nathan T.K. Aipa, director and vice president; corporate counsel of the Kamehameha Schools/Bishop Estate. Rockne C. Freitas, director and secretary; assistant University of Hawaii athletic director, businessman and elected OHA Trustee-at-Large. Moses K. Keale Sr., director and chairman of the credit committee; elected OHA trustee from the is!ands of Kauai and Niihau. (See OHA Seeks, page 3)

• OHA Seeks, from page 1 Charles M. Kong, director and chairman of the supervisory committee; active in numerous business enterprises. Moanikeala Akaka, director; Hawaii Island OHA Trustee. Alan L. Brown, secretary of the credit committee; account executive with Merrill, Lynch, Pierce, Fenner and Smith. William Kahapea, Jr., member credit committee; Assistant Vice-President Bankoh Corporation and Branch Manager of the Kaneohe Branch of the Bank of Hawaii. Hawaiian Federal Credit Union Chairman and President Kaulukukui, speaking for the management team, said "It is our belief that Hawaiian people everywhere, from every background, and walk of life should have the opportunity to achieve financial security and personal freedom through membership in a credit union of their own." In the meanhme, readers who are interested in becoming credit union members, or who want more information on the subject, or who would like to volunteer in recruiting additional members should contact Jim Moa, OHA's Eeonomie Development Officer. He ean be reached at OHA's Honolulu office, 567 South King Street, phone 548-8960.