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AIRLINE PILOTS ASSOCIATION
International

July 27, 1948

Subject: ALPA Federal Credit Union
To: All Local Councils
Dear Chairman: 

The ALPA Federal Credit is progressing at an encouraging rate. Through small and in its infancy, it is rapidly assuming a position of increasing financial importance. For example: The ALPA Federal Credit Union made loans during the month of May totaling $3100.00 and during the month of June $2500.00 was loaned. This is $5600.000 within the past two months, and the Credit Union has just barely got started. An example of how we rate in comparison with other credit unions is that when I attended a meeting of Credit Union Representatives for the South Chicago Area, I found that we were a rapidly growing Credit Union that was already head and shoulders above the average credit union in this region. To show you how we rate with others, one of the representatives had a problem which was presented for discussion. His credit union had loaned $1100.00 during the past year and now had on hand $1200.00 in loan applications which they could not meet. This is a total of only $2300.00, yet they were short $1200.00 in assets. In comparison, your Credit Union has loaned $3100.00 in the month of May alone. This was my first inkling of what a superior credit union we had, and naturally I was very proud of the ALPA Federal Credit Union.

We are not without our own problems though, and the greatest is that the pilots are not becoming members of the ALPA Federal Credit Union as rapidly as we would like. The point is that we can only grant loans to those ALPA members and employees who are members of the ALPA Federal Credit Union and who are in good financial standing with the accounting department. Regularly we receive loan applications for an emergency or urgent loan but find that we cannot aid the applicant because he had previously neglected to file an application for membership which in turn must be approved at the regular meeting of the Board of Directors before he can become a member of the ALPA Federal Credit Union and entitled to participate in its activities. Therefore, please institute a membership drive among your Council in an effort to have each ALPA member join the ALPA Federal Credit Union immediately. Your Credit Union Representative has the necessary supply of membership application cards. A small supply is included herewith. Any member interested can have any questions answered about the Credit Union by writing Headquarters in care of the Air Line Pilots Association Federal Credit Union. The initiation fee is 25¢ and it is necessary that at least one share of stock at $5.00 a share be purchased. Upon receipt of the application for membership, the 25¢ initiation fee and the minimum $5.00 share purchase, the applicant will be processed for active membership in the ALPA Federal Credit Union. The maximum number of shares any one member is entitled to hold at the present time is $5000.00. Therefore, any deposit between $5.00 and $5000.00 is acceptable. Many of our Councils are