ONTARIO, Calif. – The California and Nevada Credit Union Leagues on Tuesday announced a partnership with the National Federation of Community Development Credit Unions to help interested credit unions in both states become designated as "Juntos Avanzamos" (Spanish for "Together We Advance") organizations.
Juntos Avanzamos is a branding initiative whose organizers are helping credit unions across the nation become the preferred financial resource for local organizations serving underserved Hispanic immigrants.
El Monte, Calif.-based SCE FCU was recognized for being the first credit union in California to become "Juntos Avanzamos" certified. Just last month
"We hope the 'Juntos Avanzamos' designation sends a clear message to communities that serve Hispanic immigrants," Larry Palochik, senior vice president of member solutions for the Leagues, said in a statement. "Juntos Avanzamos credit unions can be a valuable starting point for community development leaders who need a connection to offering trustworthy and transparent financial services for these people."
Palochik addressed attendees during an event at the Mexican Consulate office in downtown Los Angeles last week. Credit union leaders discussed the opportunities and challenges of serving Hispanic immigrants with representatives of the Mexican Embassy system and a number of community-immigrant, legal, and economic organizations. More than 100 individuals came together to fill knowledge gaps between how their organizations are serving this demographic and what might be missing.
It was the California credit union movement's first public entrance into "Juntos Avanzamos." George Poitou, COO of $632 million, was on site to accept an award.
"Reaching out to immigrants is a good investment and the right thing to do — in fact, it's not only the right thing to do, it's the legal thing to do," he said in an interview. "Our branch in Boyle Heights here in Los Angeles is our most profitable location. We are making all types of loans to these people to meet their needs. They become your most loyal members for life. More credit unions should explore getting involved in this."
Pablo DeFilippi, Federation vice president of membership and business development, said Santa Cruz Community CU in Santa Cruz, Calif., also earned the title of "Juntos Avanzamos." He said there are three additional credit unions in California that are in the review stages (Self-Help FCU, Kinecta FCU, and Family FCU). The branding project was started in 2005 by the Cornerstone Credit Union League and was opened nationally to all credit unions in September this year.
Leveraging Resources
A key theme at the event in Los Angeles was how to leverage resources for immigrant integration into mainstream society, with credit unions playing the centerpiece financial services role in their lives. Credit union representatives and others gave examples of identification, documentation, immigrant trust, education, language barriers, access to credit, capacity to serve, resources, operational models, cooperation, cultural perceptions, and federal regulations. Positive stories were told of enhancing immigrants' lives through collaborating with similar mission-focused organizations or projects.
"We now have more than 40 credit unions in the country that are 'Juntos Avanzamos' credit unions, which are mostly located in California, Arizona, Colorado, New Mexico, and Texas," DeFilippi said. "They are local institutions your organizations can approach for connecting Hispanic immigrants who need trustworthy financial services. They have the capacity to communicate bilingually, to do ITIN lending (Individual Taxpayer Identification Number), to educate your clients, and they have a heart for advancing the financial livelihood of their members."
