Hispanic Savings Campaign Launched by CUs

EL PASO, Texas - The National CU Foundation and Fannie Mae announced matching $25,000 grants last week to help fund a savings campaigned targeted towards the burgeoning Hispanic population. Almost two dozen credit unions focusing on Hispanic communities will participate in "Hispanic America Saves," an affiliate of the Consumer Federation of America's "America Saves" campaign.

It will be modeled after "El Paso Saves," a successful program developed two years ago by the El Paso Affordable CUSO, owned by eight area credit unions, that focuses on attracting new Hispanic members, enlisting the unbanked in mainline financial services and providing financial education.

Each of the participating credit unions will be challenged to open at least 1,000 savings accounts for Hispanic households. Other participating credit unions include: Arrowhead CU, El Futuro FCU, Latino Community CU, OAS FCU, Self Help CU, West Texas CU, Border FCU. The National Federation of CDCUs will also participate in the savings campaign.