NEW YORK — Coopera, a credit union consultant for the Hispanic market, and the National Federation of Community Development Credit Unions, are teaming up on a program to extend credit union products and services to the widely unbanked and under-banked Hispanic immigrant community.
Such advocacy will also be linked to immigration and legalization efforts in conjunction with President Barack Obama's historic executive order that provides for relief from deportation for some 6 million undocumented immigrants.
While the joint campaign will focus on immigrants regardless of national origin, a special emphasis will be on Hispanics from Mexico, Central America and South America, who now form the country's fastest-growing minority population.
"Immigrants are a vibrant, dynamic part of our nation's economy and represent a tremendous untapped and emerging market for credit unions, particularly those serving low- and moderate-income communities," said Cathie Mahon, president and CEO of the Federation, in a statement. "Immigrant communities are quite heterogeneous in terms of their needs and interests in financial products and services. Members are consumers, homeowners, small business owners, and perhaps someday, large business owners."
The Coopera-Federation program will include three webinars hosted by CUNA and roundtables in three states with some of the nation's biggest Hispanic communities, Texas, New York and California.
The first webinar, scheduled for Jan. 13, is entitled "Immigration Executive Order and Financial Inclusion Webinar," and will feature an official from the U.S. Citizenship and Immigration Services who will explain Obama's executive order on immigration and how it could impact credit unions.
The second webinar, scheduled for Jan. 16 in Los Angeles, will involve credit union representatives discussing how to provide financial and legal services to immigrants, both legal and undocumented.
The third webinar, scheduled for Feb. 11, will serve as the second part of the first webinar on the impact of the Obama immigration executive order. This segment will explore the financial needs of the ever-growing Hispanic market and how credit unions can serve this segment of the population.
"Regardless of the political nuance of the president's action, these changes to the current immigration system have tremendous economic benefits for the country, including more job-creation and tax revenue," said Miriam De Dios, CEO of Coopera, in a statement. "In addition, it means membership growth for credit unions. As undocumented immigrants are able to file for temporary immigration status and receive an identification card and work authorization, they will seek new jobs, obtain driver's licenses and open financial institution accounts."
Des Moines, Iowa-based Coopera and the Federation are also asking credit union officials to participate in an online
"This first-hand insight as to credit unions' willingness, ability and cultural preparedness to serve immigrant consumers is critical to building the right support system," added Mahon of the Federation. "It's our goal to provide truly valuable resources to help credit unions achieve the greatest possible outcomes from their immigrant service and growth strategies. This survey will lay the groundwork for developing the right tools and support services."
