Member Spotlight: Paul Perez

CUNA Councils
July 3, 2008 | COMMENTS

Paul Perez is vice president of lending for FAA Eastern Region Federal Credit Union in Clark, New Jersey. He was born in New York City to Cuban parents and lived there until he was eight, “when my father found out I was in a gang at that young age,” says Paul. The family then moved to Union City, New Jersey, where his life totally changed for the better.

“When I was 18 I joined the U.S. Marines, a decision I have never regretted,” says Paul. After leaving the Corps he worked in the family business until his parents retired. Not wanting to continue the business, Paul interviewed with Household Finance and was immediately accepted, “which is how I my career in finance got started,” he adds. After working for several banks and credit unions he took his current position with FAA Eastern Region Federal Credit Union.

“I have spent over 22 years in the financing industry, and there is nothing like the credit union world,” Paul says, “because they really care about their members.”

Biggest challenge

MBL capped at 12.25%. FAA has a niche in NYC Taxi Medallion financing, but the cap limits us. We are constantly looking for participants to share in our success.

Best advice

Work hard in life and you will reach your goals.

Greatest benefit of Council membership

Access to all the great information that anyone could ask for.

Best part of my job

Working with the fantastic staff that I have. They give 100%, not only to the credit union, but they also go above and beyond with the members.

Hardest part of my job

Juggling many projects at one time.

Success story

In January 2006 I implemented the MBL and started with financing NYC Taxi Medallion. We currently have $50,000,000 in taxi medallions, of which we can only hold $22,000,000, with the rest being participated throughout the country with other credit unions. We have been in this business for over two years and never had a 30-day deliquent or foreclosured medallion. Our board loves this product and has stated many times to the SMM staff, as well as the NCUA auditors, that if we could do taxi loans all day long, that would be great!

Biggest misconception about my job

That it's very easy.

Hobbies and interests

Running, karate, baseball, coaching Little League, and weightlifting.

Recent book

Good to Great, by Jim Collins.

Life goal not yet attained

Becoming a credit union CEO.

Favorite quote

“One day at a time.”

If I could spend a day with anyone it would be . . .

My father. He has always been there with me for the hard times and good times, and he is the inspiration of my life.

How would you explain or show the credit union difference to potential new memberS?

I would show them what the credit union world is all about—member happiness, making their dreams come true and helping them meet their financial goals. I'd then explain that banks are looking for profit to satisfy their shareholders, whereas credit unions care about individual members.