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  • Reach Hispanics through Financial Literacy

    Posted by on April 23, 2013

    Financial literacy is one of the most critical services that your credit union can provide members, particularly the Hispanic community in your area. Many Hispanics in the U.S. today are underserved, turning to friends and family for loans, or worse to expensive check-cashing or payday loan establishments.

    With one out of two U.S. Hispanics being unbanked or underserved, your credit union has a tremendous opportunity to make a real difference in the lives of Hispanic members.

    Coopera client Security One Federal Credit Union in Arlington, Texas, believes financial literacy efforts need to focus on the whole family’s financial needs. This begins by teaching children about saving and the advantages of holding a youth account and goes all the way through to helping parents understand how to improve credit scores or secure loans. Also, Security One works to educate business owners on the importance of budgeting expenses, filing taxes and preparing for audits.

    Business Development Coordinator Danny Garcia said, “At Security One, we are focused on growing the Hispanic community’s ability to be more financially independent. Through our assistance and guidance, individuals are able to better themselves financially, which makes the whole community stronger. We take a holistic approach, networking and partnering with schools and universities, churches, as well as community organizations, like libraries, medical centers and government agencies, to promote financial literacy and the credit union difference.”

    Some of the events Garcia and the team at Security One have participated in include:
    - a bilingual presentation on the financial system to nearly 50 Hispanic church members
    - a presentation on the importance of saving to 20 middle and high school students
    - partnering with the local Head Start program to share information on basic budgeting
    - sessions on how to build credit and secure auto financing

    Garcia and the Security One team is also working closely with local groups to host an upcoming 4-day mobile event to help Hispanics secure the identification documents they need
    for financial services, like checking and savings accounts, as well as auto, home and business loans and Security One’s “Faith” accounts. “It can take a month or more for Hispanics to get an appointment at the Mexican consulate for a Matricula card,” said Garcia. “Through the mobile event, we help 200 to 300 people per day signed up for Matricula ID cards each day. That’s the kind of effort that makes a real difference.”

    As with any new program, it’s important not to recreate the wheel when developing financial literacy initiatives. To get started, you can utilize resources and opportunities available through community partnerships, Coopera and other industry partners to supplement your programs. As Garcia and Security One have proved, networking and community involvement are vital in a credit union’s outreach efforts.

    Other resources readily available to your credit union include:

    Spanish Seminars in a Box

    Each Spanish Seminar in a Box contains culturally relevant Spanish content for your seminar and all of the materials you need to facilitate a successful session. All you need to do is add the presenter and have your outreach plan in place.
    - Basic Steps to Managing Your Money: Spanish electronic member seminar kit
    - Access to Money with Credit:  Spanish electronic member seminar kit

    El Poder es Tuyo Updates
    -
    4/15: How to use your tax refund
    - 4/22: Don’t be a victim of tax ID theft
    - 4/29: What you need to know about for profit colleges
    - 5/6: How the credit union can help your family
    - 5/13: Preparing financially for the unexpected

    Hispanic Outreach Webinars
    -
    How to Create Culturally Relevant and Compliant Marketing Messages to Hispanics: May 7 at 2 p.m. CST
    -
    3 Ways to Repackage a Credit Builder Loan for Hispanic Members: June 12 at 2 p.m. CST
    -
    3 Ways to Partner with Hispanic Businesses: September 17 at 2 p.m. CST
    -
    3 Ways to Create an Inclusive Culture to Serve Hispanics: Archived until August 20
    -
    4 Key Non-Traditional IDs You Can Accept to Open New Accounts: Archived until September 13
    -
    Adapting Products and Services to Serving Immigrant Markets Archived until October

    International Credit Union Leadership Program
    The International Credit Union Leadership Program brings emerging leaders from around the world to various credit unions, both in the U.S. and abroad, for intensive short-term credit union internships designed to broaden their professional expertise.

    The program is designed to facilitate idea exchanges, promote foreign language development, enhance cultural diversity and improve problem-solving skills as they relate to global credit union development and management. The program also focuses on helping credit unions find new ways to attract young members.

    - Apr. 7-May 11, 2013: Costa Rican participants intern in Alabama, Florida, Oregon or Washington
    - June 9-22, 2013: U.S. participants intern in Costa Rica
    - Oct. 6-Nov. 9, 2013: Brazilian participants intern in Texas, Oregon or Washington
    - Jan. 12-25, 2014: U.S. participants intern in Brazil

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