David Suarez, bilingual community development manager at Iowa’s Community 1st Credit Union, says insists the key to building connections with Hispanic members is trust. “We have to gain that trust in the community,” he said. “We conduct outreach with community leaders, schools – even soccer teams – so we can show them we are offering not only services, but education. Typically, they are very interested to learn, but it’s important to know they may not have the basic knowledge of financial concepts. You have to get close to them to understand their particular point of view and their particular issue. Only then can you begin to develop the clear, simple messages you need to start them down the path to financial success in the U.S.”
Among the connections Suarez and the Community 1st leadership has built is a partnership with the Mexican Consulate of Omaha, Guadalupe Sanchez Salazar. Shortly after building a relationship with Sanchez Salazar, the credit union signed an agreement to collaborate for the benefit of Mexican nationals that live in Iowa. As part of that agreement, any Community 1st member with a matricula consular card and Individual Taxpayer Identification Number (ITIN) has access to nearly all of the credit union’s products and services, including mortgages. This will be hugely important to the credit union as it looks to serve more Mexican immigrants, which today make up 75 percent of Iowa’s immigrant population. Suarez pointed out the credit union is also working with the IRS to help more of its community members obtain ITINs. “We’re excited to help the community understand that with this number comes great advantages, such as checking accounts, loans and potentially even a mortgage.”
In addition, the credit union is working with Iowa State University’s Extension and Outreach agency, which connects Iowans with the university’s research and resources. The agency is helping the credit union understand the education levels of the Hispanic community members local to the 15 communities PFCU serves through 17 locations in Iowa and northern Missouri.
CU Achieves Juntos Avanzamos Designation
In 2016, the credit union was given the Juntos Avanzamos designation, which translates to “Together, we advance. Awarded by the National Federation of Community Development Credit Unions and Coopera, the designation is a national recognition of the work and commitment made to offer financial services to the Hispanic community. The designation also makes a public proclamation to the Hispanic community that the Juntos Avanzamos credit union welcomes the Hispanic community.
On the strategic roadmap for Community 1st is continuous employee training and cross-department education so every staff member is aware they can accept alternative forms of identification to serve more community members. In addition, the credit union will conduct more community outreach, pursue a community development financial institution (CDFI) designation and institute a series of financial education programs in the coming year.
To read how Community 1st has helped one very appreciative member achieve his American dream, download “Hispanic Member Growth Not Just for ‘Gateway States’ Anymore.”Leave a comment