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  • New Report Highlights Hispanic Outreach Opportunities in California, Nevada

    Posted by on January 28, 2013

    Commissioned by the California and Nevada Credit Union Leagues, a new report from Coopera highlights opportunities for credit unions in California and Nevada to grow their membership and increase their revenue through service to local Hispanic populations.

    Coopera’s Hispanic Opportunity Report will be available to California and Nevada Credit Union League Applied Research Institute members first, and then it will be available to the general public following these webinars:

    For California credit unions
    : Tuesday, January 29, 2013, 10-11:30AM PST. To attend, register at: http://www.ccul.org/04education/event_details.cfm?ID=4920

    For Nevada credit unions: Thursday, January 31, 2013, 10-11:30AM PST. To attend, register at: http://www.ccul.org/04education/event_details.cfm?ID=4921

    As the influence and impact of Hispanic consumers continues to grow in the U.S., the Coopera Hispanic Opportunity Report discusses what serving Hispanics means for California and Nevada; which credit unions are best positioned to serve the Hispanic community; and characteristics of the local communities that must be considered to successfully serve Hispanic residents.

    According to the report, local credit unions’ biggest growth opportunity right now is Hispanics.

    In California, the report uncovers:
    – Hispanics represent 38 percent of the state’s population.
    – 62 percent were born in the U.S., and the median age is 27.
    – 1 in 6 businesses are Hispanic-owned (17 percent).
    – 41 percent are underserved.
    – The state is #1 in nation in Hispanic buying power.
    – Hispanics have $265 billion in disposable income.

    For the report, the Coopera team calculated if 10 percent of California’s Hispanic adults were members of a credit union, they would contribute an estimated $2.1 billion in loan balances and $592 million to annual income.

    In Nevada, the report reveals:
    – From 2000 to 2010, the state’s Hispanic growth rate (82 percent) outpaced California (28 percent), Texas (36 percent) and Florida (57 percent).
    – By 2030, 1 out of 3 Nevada residents will be Hispanic.
    – 60 percent were born in the U.S., and the median age is 26.
    – 8 percent of businesses are Hispanic-owned, approximately 18,000.
    – North Las Vegas and Las Vegas have the highest ratio of Hispanic-owned businesses.
    – More than half (more than 350,000 individuals) are underserved.

    A similar calculation done for Nevada, based on an assumption of 10 percent of the Hispanic community joining a credit union, found Nevada’s Hispanic adults would contribute an estimated $82 million in loan balances and $28 million to annual income.

    The Hispanic Opportunity Report also debunks common myths businesses have about the Hispanic community and shares case studies of credit unions with successful Hispanic outreach efforts, including:
    First Imperial Credit Union of El Centro, Calif
    Great Basin Federal Credit Union of Reno, Nev.
    Santa Cruz Community Credit Union of Santa Cruz, Calif.
    Travis Credit Union of Vacaville, Calif.

    For more information about this report, contact Coopera at: http://www.cooperaconsulting.com/contact-us.cfm

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    A Great Alternative to Checking

    Posted by on January 22, 2013

    Guest post by Areli Estrada, Member Service Representative, Des Moines Metro Credit Union in Des Moines, Iowa

    Prepaid card products have become very popular with our Hispanic members who look to us for help with budgeting and money management. The Coopera Card, in particular, has been a good option for our credit union to offer because it is designed in the language of our Hispanic members’ choice — English or Spanish, and the card’s pricing structure is tailored to match the culture’s financial behaviors. What’s more, the Coopera Card is easy for our Hispanic members to open because it does not require credit history, a social security number or ITIN, or even a financial institution account to become a cardholder.

    In my role, I often talk to members who need the benefits of an ATM or debit card but only have a savings account with our credit union. Many times, these members do not want to open a checking account and are interested to know we can offer them a great alternative to checking accounts with the Coopera Card.

    I also often recommend the Coopera Card to parents opening accounts for minors because the children don’t have the option of overdraft — something parents are concerned about — but do have the responsibility of having and maintaining an active account. This card is a great option for teenagers to learn to manage and/or control their expenses before getting a debit card.

    The best thing I do when I’m counseling members on the decision to get a prepaid is to really listen to their needs and then show them how the Coopera Card matches those needs. The benefits of the card that I make sure to highlight are:

    Visa-branded — cardholders can use their Coopera Card anywhere at any time Visa is accepted, and make online payments and deposits.

    Stand-alone — the card is not linked to the cardholder’s credit union accounts so there is no possibility of overdrafts; cardholders can only spend the money that is available on the card at time of purchase.

    Budgeting — cardholders can track their spending to know what’s left on the card, and there is no risk of overspending, overdraft fees or interest fees.

    Security — cardholders never have to give out their credit union account numbers, and the cards are insured by Visa against loss or theft.

    Convenience — cardholders can call in and have their money deposited or transferred to their card without having to come into the credit union, saving time and money.

    Simply put, the Coopera Card makes money management easy for our budget-conscious members — they can make purchases without the worry of overspending or overdraft fees. Hispanic members, in particular, are acutely aware of the importance of money management, and we’re excited to offer them this truly helpful and unique tool for furthering their financial goals.

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    Target Your Outreach, Marketing Efforts to Attract Hispanics

    Posted by on January 15, 2013

    Guest blog post by Dallas Zimbelman, Financial Services Representative, KEE Federal Credit Union, Lexington, Nebraska

    With close to 50 percent of our local population claiming Hispanic heritage, many of them second and third generation U.S. residents, efforts to grow our Hispanic member base have become an important part of our credit union’s initiatives throughout the years.

    We have found many of the Hispanic residents in our local community already have a basic understanding of the U.S. financial system, yet they struggle with money management and building credit for loans. To help this crucially important group better understand our credit union’s products and services, as well as general principles of financial health, we use a mix of external outreach efforts and internal marketing programs.

    An important aspect of our outreach efforts is building awareness about our credit union in the community. One of the ways we achieve this is through advertising in the local Hispanic newspaper, Que Pasa — a monthly supplement of the Lexington Clipper-Herald.

    We also work closely with the local meat packing plant, where many of our Hispanic residents are employed, to help employees who are having trouble with their finances.

    We are also working with Central Community College in Lexington to host workshops using CUNA and Coopera’s Spanish seminar-in-a-box series. The ultimate goal here is to educate Hispanics on personal finance topics, like how to:

    – build credit
    – improve a bad credit score
    – maintain good credit
    – manage a budget

    As with many organizations, our best marketing comes from word-of-mouth referrals. The Hispanic culture relies heavily on the experiences of friends and family members to guide decisions and choices. So when we serve one Hispanic member, we get opportunities to talk with at times several walk-ins who have heard about what we’ve done to help friends or family members.

    Once inside our credit union, we work to make sure the Hispanic community understands we cater to individual needs. For example, we have worked with Coopera to make our existing products and services, like our credit-builder program, more geared toward the Hispanic culture. This has included offering our materials in both English and Spanish, as well as offering one-on-one and group educational sessions.

    As part of targeted marketing programs, we have also introduced new products, like the Coopera Card, to be able to work with Hispanics in our community who may not be ready for more traditional products and services.

    All of these efforts combined have proven to be successful. We continue to serve a large and growing population of Hispanic members, and our opportunities for revenue and membership growth continue to grow alongside this important segment of our membership base.

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    New York Credit Unions Enroll in Inaugural Hispanic Member Growth Strategy Program

    Posted by on January 8, 2013

    Building on their five-year partnership, the Credit Union Association of New York (CUANY) and Coopera have signed four credit unions to take part in the inaugural Hispanic Member Growth Strategy Program. Spots for four additional mid-sized credit unions to participate in the outreach program are still available.

    Demographics show the importance of helping New York credit unions grow by serving the Hispanic market. In New York:

    – Hispanics are the largest, fastest-growing, youngest and most underserved group in the U.S.
    – 17 percent of New Yorkers are Hispanic.
    – Hispanics will be New York’s largest minority group in 15 years.
    – By 2025, 1 in 5 New Yorkers will be Hispanic.

    As part of the Hispanic Member Growth Program, Coopera provides valuable resources and counseling to three small (assets under $25M) and five mid-sized ($25M-$500M in assets) New York credit unions, helping them identify Hispanic outreach opportunities within their neighborhoods and create affordable banking alternatives to meet the needs of this community.

    To date, four credit unions are participating in the CUANY and Coopera program:

    Cooperative Federal Credit Union of Syracuse
    Entertainment Industries Federal Credit Union of New York City
    Bridgeway Federal Credit Union of Poughkeepsie
    MSBA Employees Federal Credit Union of Rockville Centre

    More information on the 2012 Hispanic Member Growth Strategy program is available via archived webinar at http://diigo.com/0pzxe.

    New York credit unions interested in participating in this program should contact Coopera at 866.518.0214 or www.cooperaconsulting.com for additional details.

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