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  • Get to Know Víctor Miguel Corro

    Posted by on April 16, 2018

    Continuing our get-to-know series, we’d like to introduce you to Víctor Miguel Corro, who joined the Coopera team earlier this year as client relations director.

    How did you end up working for a company focused on helping credit unions serve the Hispanic market?

    Victor after a long hike at Macchu Picchu in Peru

    I’m no stranger to the credit union world, and in a career-transition moment, things aligned to give me this great opportunity. It is a great fit personally, as I am a first-generation immigrant. I came from Panama and now live in Wisconsin. I remember coming to the U.S. and facing everyday struggles. Everything from trying to get a haircut to adjusting to the climate was difficult. I’d never experienced a day below 75 degrees in my life and now I was living in Wisconsin. Talk about building character!

    What gets you out of bed in the morning?

    Knowing I support my family though a career in a mission-driven industry that ultimately seeks to improve lives. When I wake up, I see that as one more day, one more chance to help somebody.

    What does your typical day look like?

    My day consists of helping Coopera’s clients reach more people who do not know the joy of being part of a credit union. I get to interact with clients and work with our wonderful team to help those clients be the financial entity of choice for the Hispanic community.

    What’s the best business advice you’ve ever received?

    Victor at a Florida credit union alongside a delegation from Brazil

    Be the proverbial bridge. That means working to connect people in spite of their background and differences. There is always common ground to be found, and that will push us all forward together.

    What excites you the most about the future of financial services in the Hispanic market?

    There is a growing understanding among credit unions that reaching an untapped market makes sense philosophically, and it also presents a strong business case. In my recent conversations with industry leaders, I have sensed the enthusiasm and a natural inclination to want to reach out and serve. The integration of technology is also a very exciting prospect for this market.

    Where do you go/what do you do to get inspiration?

    A hammock in Panama does the trick every time! But when that’s not available, it’s a long bike ride or an old song.

    What is something unique about you most people wouldn’t know?

    Victor with Oscar Arias, then president of Costa Rica

    My parents started a credit union back in my hometown in Panama. I was once a fifth-grade homeroom teacher. I have visited 89 countries (and not just the airport!). I have met six sitting heads of state in as many countries.

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    Santa Cruz Community Credit Union Sets Aggressive Goals to Help Hispanic Entrepreneurs

    Posted by on April 3, 2018

    (more…)

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    An Unscoreable Consumer Could Become Your Next Great Member

    Posted by on March 6, 2018

    Somewhere between 50 and 80 million U.S. consumers have little or no credit history. That’s somewhere in the range of 15 to 25 percent of the U.S. population. What this means is that a massive number of people in America are “unscoreable” by most traditional models.

    At the same time, acquiring new members is becoming increasingly difficult for credit unions. Competition and financial consumer expectations have never been more complex and fast-moving.

    What if there was a way for credit unions to avoid turning away “unscoreable” consumers for loans and other services? What if there was a way to welcome them without increasing a cooperative’s risk profile?

    No Credit Does Not Mean Bad Credit

    Just because a consumer is unscoreable by most traditional credit scoring models doesn’t mean he or she won’t be able to pay back a loan. Several alternative models available today can help a lender evaluate a consumer’s ability to repay. Below are some examples, along with the types of data they incorporate into their models:

    eCredable – Bills, such as rent, utilities, mobile phone, cable/satellite TV and insurance

    Cignifi – Mobile phone behavior data

    First Access – Prepaid mobile-phone payment histories

    TrustingSocial – Social, web and mobile data

    Kabbage – e-commerce histories from sites like Amazon

    Experian’s Emerging Credit Score – Internet and direct-marketing purchases, property and asset records and telecommunications and utility data

    TransUnion CreditVision Link – Property tax records and checking/debit account records

    LexisNexis RiskView – Residential stability, asset ownership, derogatory status, life-stage analysis

    One thing all these companies have in common: They’re using big data to create better outcomes for consumers and meaningful value for lenders. And credit unions have the opportunity to do so, as well.

    Alternative sources of consumer data, such as utility records, cell phone payments, medical payments, insurance payments, remittance receipts, direct deposit histories and more, can be used to build better risk models. Armed with this information – and with the proper programs in place to ensure compliance with regulatory requirements and privacy laws – credit unions can continue making responsible lending decisions while better serving the underserved.

    How One Organization Successfully Uses Alternative Credit Scoring

    Kinecta Federal Credit Union uses an alternative data score from LexisNexis known as Riskview to assess creditworthiness for traditionally unscoreable borrowers. The model factors in data from sources like utility bills, public records, address and employment stability, among many others alternative data elements. The result is a Fair Credit Reporting Act (FCRA) regulated score.

    By using nontraditional credit verification methods, Kinecta is able to approve more than 60 percent of the applications it receives. Since 2014, Kinecta has made about 20,000 loans for more than $30 million.”

    How Alternative Credit Scoring Fits the Credit Union Philosophy

    Credit unions exist to help people, not make a profit. Their goal is to serve all members well, including those of modest means – the very people most likely to be unscoreable by traditional credit scoring models. Many of these consumers fall into one or more of the following segments:

    • Unbanked/underbanked
    • First-generation immigrants
    • Millennials
    • Rural consumers

    Alternative credit scoring provides credit access to consumers who may otherwise be turned down for a loan or forced to turn to a predatory lender. Using payment history and other data sources to evaluate a consumer’s creditworthiness is an excellent example of “people helping people” – one that benefits both consumers and credit unions alike.

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    How JetStream FCU Sent an Important Message to a Hispanic High School Student

    Posted by on February 19, 2018

    In September 2017, we announced seven Juntos Avanzamos designated credit unions had received the 2017 Warren Morrow Hispanic Growth Fund Grant to continue their Hispanic outreach and community impact efforts. Over the next few months, we’ll be checking in with each of the credit unions and sharing updates on their progress.

    First up is JetStream Federal Credit Union in Miami Lakes, Florida.

    JetStream partnered with a local high school to select a deserving scholarship recipient. To qualify, the student needed to be a member of a Hispanic, low-income family and meet the following criteria: a 3.7 minimum GPA, a college in mind and an area of interest in business or finance.

    As a first step, JetStream chose Barbara Goleman Senior High as a partner. “We chose this high school because of its location, as well as its student body makeup,” said Vanessa Miranda, manager of HR and community outreach for JetStream. “The Barbara Goleman student makeup is 84 percent Hispanic.”

    (Left to right) JetStream FCU CEO Jeanne Kucey, Scholarship Winner Gabriel Hernandez, JetStream HR Manager Vanessa Miranda

    JetStream received many qualified applications, which included essay responses. With the help of several teachers and JetStream staff, they were able to select the winner: Gabriel Hernandez, a senior who will begin an accounting program at Florida International University in the fall.

    “Gabriel’s essay demonstrated his devotion to his academics,” said Miranda. “His long list of extra-curricular activities, as well as his academic achievements, truly stuck out from the rest. He has been an honors AP student since freshman year and has achieved a 4.9 weighted GPA. In addition, he is the captain of the soccer team and part of The National Honors Society.”

    Something else Jetstream says made Hernandez stand out was a strong commitment to his community. He has tutored immigrant students at a local high school, as well as volunteered his time to feed the hungry.

    Long-term, Hernandez plans to be an accountant or financial advisor. “I will be working with people and matching them to financial programs that will assist with their future,” Gabriel wrote in his essay. “Like JetStream’s motto, I believe that people matter most. I think that I could be an asset for both the consumer and the financial institution that hires me in the future.”

    In his essay, Hernandez also shared that he is concerned about how he will pay for college tuition and does not want to create further financial burdens for his parents.

    “We are very thankful that the Warren Morrow Hispanic Growth Fund Grant was awarded to JetStream, which allowed us to give a most valuable gift, the gift of education, to this deserving Hispanic student,” said Miranda. “I know this young man will go on to do amazing things. We feel honored that we were given the chance through this grant to aid him in achieving his goals and helping him see that the American dream is possible for everyone.”

    Hernandez closed his essay by writing, “I know that I will succeed in college, but this scholarship will show me that others believe in me, too.”

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    What These Three Credit Unions Know about YouTube

    Posted by on February 6, 2018

    A recent PwC report, “Always connected: U.S.-based Hispanic consumers dominate mobile, entertainment and beyond,” found that an astonishing 90 percent of Hispanic consumers stream video on their mobile devices. When it comes to their video channel of choice, YouTube reigns. Seven in 10 Hispanics regularly use YouTube (compared to six in 10 non-Hispanics).

    “Hispanic consumers spend a disproportionate amount of their day on the phone—most notably, streaming videos,” write the report’s authors. “Mobile video and, in particular, YouTube, are at the heart of Hispanic consumers. In response, brands looking to win over this mobile-dominant consumer should position the phone, and video, at the epicenter of their marketing plan.”

    Credit unions looking to develop and deepen relationships with this young, fast-growing and often underserved segment, should pay close attention to these findings, as well as to how some of their colleagues are having success with video. Below are three ways credit unions have integrated YouTube into their Hispanic marketing and engagement efforts.

    Financial Education

    YouTube is a great channel for educating consumers on financial wellness topics. Here are just a few ideas:

    • The credit union difference
    • Budgeting
    • Building credit
    • Phishing scams
    • Identify theft
    • Scholarships
    • Home equity loans
    • Rewards programs
    • Debt collection
    • Car-buying process
    • Home-selling tips
    • Tax returns
    • Money-savvy traveling
    • Back-to-school shopping

    Ascentra Credit Union in Bettendorf, Iowa, has leveraged YouTube to educate consumers, specifically through a monthly video series called Ascentra Making Cents. In addition to YouTube, Ascentra also provides the videos directly to its community partners to share through their own networks. The credit union is currently in the process of adding Spanish subtitles to the videos using funds it received from the 2017 Warren Morrow Hispanic Growth Fund Grant for Hispanic Outreach.

     

     

    Member Testimonials

    Consumers – particularly those unfamiliar or uncomfortable with traditional financial institutions – want to see certain things from any credit union attempting to make a connection with them. Employees and members who look like them, communications that speak to them and experiences that feel real to them are crucial to encouraging underserved individuals to give credit union membership real consideration. Videos of real members sharing why they chose the credit union and how it’s impacted them can benefit the credit union in many ways, including:

    • Building credibility and trust
    • Highlighting success stories
    • Showcasing community impact
    • Encouraging viewers to take action

    Community 1st Credit Union in Ottumwa, Iowa, has several member testimonial videos on its YouTube channel. One example tells the story (in both Spanish and English) of how Community 1st helped members who immigrated to the U.S. from Mexico open a restaurant and buy house.

     

     

     

     

    Advertising Videos

    Because it’s free to host videos on YouTube, it can offer a much higher ROI than television advertising. Plus, a Google-commissioned Nielsen study found more Hispanics watch YouTube than any cable network in the U.S. Posting advertising videos on YouTube can help your credit union build brand awareness and share your commitment to the community.

    The videos don’t have to be overly complicated. Hapo Community Credit Union in Richland, Wash., has a series of short advertising videos on its YouTube channel. Each features a credit union employee sharing a benefit of banking with Hapo.

     

     

     

     

    When launching a YouTube strategy, it’s important to continually go back to your credit union’s strategic plan to ensure each of your video tactics aligns with your business goals. If you have goals to engage Hispanic consumers, educate your community or promote the benefits of membership, you may find YouTube the perfect place to be.

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    5 Trends Driving Credit Union Investment in Underserved Markets

    Posted by on January 8, 2018

    The annual Financially Underserved Market Size Study, conducted by the Center for Financial Services Innovation (CFSI), illustrates the tremendous opportunity that exists to address the needs of financially underserved consumers. The study measures the size, composition and opportunity for products and services underserved individuals use to save, spend, borrow and plan.

    Here are some of the 2017 study’s highlights:

    • Underserved consumers spent $173 billion in fees and interest to use $1.94 trillion in financial services in 2016.

    • Spending by financially underserved consumers increased 6.6 percent, or $10.7 billion, in 2016.

    • The market has grown an average of four percent each year since 2009.

    The report also identifies five trends driving opportunities for financial services providers. What follows are a few ways credit unions may consider leveraging these trends to improve the financial lives of underserved consumers in their communities.

    Credit Cards
    Credit card spending among underserved consumers has grown rapidly for several consecutive years. CFSI estimates underserved consumers will spend $37.6 billion on retail credit cards, $8.3 billion on subprime credit cards and $0.4 billion on secured credit cards. Retail credit cards resemble subprime credit cards in terms of average balance and interest rates, but promotional features, like product discounts and no-interest startup periods, drive many account openings. Consumers who don’t pay off their balances quickly enough may see the cost of credit increase rapidly. The average retail credit card APR is 24 percent, and 72 percent of retail credit cards do not base APR on cardholder creditworthiness.

    How Credit Unions Can Help
    Consider mapping out a strategy to evolve your credit card offerings in a way most likely to benefit the unique underserved populations in your market. Start by identifying your existing members and prospects who fall into the underserved segment. Finding success with a credit-builder product like a secured card isn’t a quick fix. Issuers must take the necessary steps to comply with several regulations, including Ability to Repay rules. Cards and marketing teams will need to collaborate closely to execute sales, communication and, importantly, cardmember education plans. There must also be a good program in place for graduating cardmembers into appropriate products as their improving credit profiles warrant.

    Frequent Overdrafts
    Nearly 75 percent of overdraft revenue comes from a relatively small number of consumers. The Consumer Financial Protection Bureau (CFPB) reports 8.3 percent of all checking accounts experience more than 10 overdrafts in a year. In 2016, this subset of frequent overdrafters spent $24.5 billion on overdraft fees. Of consumers whose overdraft frequency is in the top 20 percent, 23.4 percent close their accounts within 15 months. Of those, 86.3 percent see their accounts closed involuntarily.

    How Credit Unions Can Help
    Educate your members on how to avoid overdraft fees, including opting out of overdraft protection, keeping closer tabs on checking account balances, direct depositing paychecks, signing up for automatic notifications if the balance drops below a certain level and setting up a linked account as a backup.

    Credit Pricing
    There are approximately 91 million U.S. adults who are credit-challenged, meaning they have subprime credit scores below 600 or are unscorable due to a lack of sufficient credit file information. Many credit products accessible to underserved consumers feature one-size-fits-all rates and fees, which means they aren’t priced according to risk.

    How Credit Unions Can Help
    Many credit-challenged consumers may benefit from alternative measurements of borrower risk to increase their access to credit. Big data makes it possible to develop much more nuanced underwriting and rate-setting techniques. Setting custom-tailored rates to fit an applicant’s credit history does require specialized expertise, but the return is worth the extra effort. This is true not just for the credit union but also for members of the local community who may be turned down for credit with traditional underwriting. Risk-based pricing allows issuers to lend to consumers of higher risk and still be profitable.

    Small Business Finance
    An annual Federal Reserve survey found between 56 percent and 71 percent of small businesses with revenues of less than $1 million failed to receive the full amount of credit requested on loan applications over the past three years. Forty-four percent of small businesses surveyed reported securing financing as a top challenge. Small businesses are increasingly seeking out non-financial institution online lenders as a source of credit. These online lenders were preferred by 26 percent of small businesses in 2016, up from 18 percent in 2014.

    How Credit Unions Can Help
    While credit access is extremely important, it represents only one piece of a small business’s overall financial health. Broader opportunity exists for credit unions to help address the full range of small business financial challenges, such as limited time for financial management, cash flow volatility and barriers to startup funding.

    Fintech Solutions
    Several product markets are feeling the impact of increased digitization. The rise of digital wire transfers and online tax filing points to the inroads new technologies are making into previously brick-and-mortar domains. Short-term credit products are primed for online channel growth that can enhance borrower control in the loan comparison and application process.

    How Credit Unions Can Help
    Ensure the digital experience your credit union offers is on par with the experience offered by your non-financial institution competitors. Many underserved populations use online and mobile devices as much or more than other segments. A recent Google study found U.S. Hispanics use online sources at a higher rate (54 percent) than the general population (46 percent) throughout the purchase journey.

    Clearly, there are many ways a credit union may be able to leverage the trends driving opportunities in underserved markets. Before embarking on a new initiative, however, a credit union should ensure the strategy aligns with its mission and target market. Doing it right requires a decent amount of work, and importantly, buy-in from executives and the board. But for credit unions looking to tap into the huge potential of the underserved opportunity and improve the financial lives of more consumers, it’s likely worth the effort.

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    Connecting with Hispanics in Your Community This Holiday Season

    Posted by on December 2, 2017

    As in most cultures, shopping and gift-giving are important parts of the holiday season for many Hispanics. According to recent research by ThinkNow Retail, 33 percent of Hispanics say they will be spending more this holiday season than they did last year, compared to 30 percent across all markets. Some other interesting findings from the study include:

    –About 41 percent of Hispanics plan to pay for most of their holiday purchases with a debit card, higher than any other market. Cash and credit tie for second among Hispanics at 24 percent each.

    –Smartphones will be the most commonly used device for making online holiday purchases among Hispanics. About 62 percent of Hispanics will use a smartphone, compared to 50 percent across all markets. Laptops, on the other hand, will be the device used the most overall across all markets.

    –On average, Hispanics plan to buy about 35 percent of their holiday purchases online and about 46 percent in-store.

    For credit unions serving Hispanic communities, it’s important to understand holiday purchasing behaviors to better tailor marketing offers, as well as products and services. Even more important, however, is the understanding of specific motivations. That level of intelligence allows your teams to create a deeper connection between the credit union and its community.

    In the Hispanic culture, most holidays have their origins in religion, specifically Christianity. Approximately 77 percent of Hispanics are Christians, with the overwhelming majority identifying as Catholic.

    As such, Christmas is one of the most popular Hispanic holidays, and there are many traditions associated with it. Here are a few favorites:

    Tamale-making parties – Tamales are holiday staples in many parts of Latin America. Because making tamales is a time-consuming task, many people participate in tamaladas, where participants bond over recipe swaps and bulk prep of the holiday favorite.

    Christmas Eve feastNochebuena is a very special celebration shared with family and close friends on Christmas Eve. Food plays an important role during this celebration. Each country, and even certain regions within a specific Latin American country, has a special dish.

    Re-enactments and plays – Posadas are re-enactments of Mary and Joseph looking for a place to stay before Jesus was born. Many posadas start at church services. Las pastorelas are plays that retell the Christmas story.

    It’s clear religion and family are at the heart of the Hispanic holiday experience. Whether it’s partnering with a local community center or church to support a tamalada or posada, having a drawing for a pork roast, a common centerpiece of the Nochebuena meal, or simply sharing holiday family fun ideas on your website and social media channels, there are a variety of ways credit unions can connect with Hispanics in their communities this holiday season.

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    4 Credit Unions Apply Grant Funds to People, Partners & Education

    Posted by on November 27, 2017

    In October, I shared the plans of three Warren Morrow Hispanic Growth Fund Grant recipients specific to how they will use the funds earned. This post will take a look at four additional recipients of the grant, which is made possible by Coopera, CUNA and the National Credit Union Foundation. Each of the recipients is a Juntos Avanzamos-designated cooperative, a program taken to the national stage by the Federation.

    Ascentra Credit Union
    Ascentra will use the grant funds to continue growing and evolving its Hispanic outreach program and building community partnerships. This includes translating materials needed for upcoming presentations that will benefit the Esperanza Legal Assistance Center, a low-cost immigration services provider.

    “We have been building and evolving our program to accommodate our successful growth of Hispanic members,” said Alvaro Macias, Ascentra AVP of community development. “We also have an internal group of bilingual staff that meets 3-4 times a year and a community development advisory group that evolved out of our Latino Outreach Advisory Group. Today, we are positioning the credit union to build community partnerships that are mutually beneficial to members, other organizations and long-term sustainability of the credit union.”

    Santa Cruz Community Credit Union (SCCCU)
    With the grant funds, SCCCU will develop a new website and mobile access, offer more financial education sessions and Spanish-language seminars and help local Hispanic nonprofits with their financial inclusion efforts.

    “The Warren Morrow Grant will help us close the outreach gap by supplementing our budget for providing financial education to the Spanish-speaking community,” said SCCCU President/CEO Beth Carr. “Additionally, more nonprofits serving the Hispanic community here are being required by grant funders to include financial literacy and training in their grant proposals and programs. As a Juntos Avanzamos-certified credit union, we feel it is our responsibility to assist our community non-profits.”

     

    DC Federal Credit Union (DGEFCU)
    The grant will allow a young, Hispanic member service representative at DGEFCU to participate in the Cooperative Leaders Scholars Institute at this fall’s National Co-op IMPACT Conference.

    “This enhances our credit union’s current Hispanic growth strategy in a couple ways,” said DC FCU President/CEO Carla Decker. “First, it grows our staff’s professional competency and serves to retain talent. Second, the training will add another resource to a budding partnership opportunity with the potential for tremendous impact and further expansion of DGEFCU’s footprint.”

     

    JetStream Federal Credit Union
    JetStream will partner with a local high school to select a deserving scholarship recipient who is a member of a Hispanic low-income family and meets the following criteria: a 3.7 minimum GPA, a college in mind and an area of interest in business.

    “At JetStream, we feel the need to help the professionals of tomorrow by providing them with the tools they need today for a better future,” said Vanessa Miranda, manager of HR and community outreach for JetStream. “The grant will go directly into the hands of a deserving local Hispanic low-income student.”

    This collective of credit unions is proof the industry sees the Hispanic community as important to the future of the movement. Kudos to each of you for the continued effort to reach and serve this influential and growing segment.

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    Get to Know Kenia Calderon

    Posted by on November 6, 2017

    Continuing our get-to-know series, this blog post features Kenia Calderon, client relations associate for Coopera.

    How did you end up working for Coopera?

    In 2014, I participated in the Latina Leadership Initiative, a leadership program for young Latina women in Iowa. Miriam De Dios Woodward, Coopera’s CEO, presented about the opportunities in the underbanked and unbanked Hispanic market. I could relate to her presentation, as I grew up in an underbanked household. I was intrigued by the topic and by her personal story.

    I reached out to Miriam because I was interested in learning more about Coopera and her career path. I was a sophomore in college, unsure of what I wanted to do after graduation, and meeting Miriam gave me hope of someday finding a job that would make a positive impact in the Hispanic community. She was looking for a summer intern at the time, and I applied. Fortunately, I was offered the internship, and I’m still here, now serving as a client relations associate!

    What does your typical day look like?

    I work to ensure we are exceeding our partners’ and our own expectations. Assisting our clients through their Hispanic Growth Strategy is by far my favorite part. This comes in different forms, such as helping them find local resources, sharing my personal experiences and expertise during a consulting meeting or working together to create new staff training materials.

    I am constantly learning about our clients’ needs, objectives and culture. My daily goal is to help our clients get a step closer to becoming the preferred financial service provider for their local Hispanic community.

    What’s the best business advice you’ve ever received?

    “It’s a marathon, not a sprint.”

    This is a great reminder for someone like me who likes to be challenged and embraces change. My mind is always running too fast for my body to keep up. Therefore, I need to remind myself to slow down and ensure that I have the necessary resources, health and energy to keep going on this marathon called life.

    What gets you out of bed in the morning?

    My love for life and humanity. I’ve always devoted my time and energy to causes that matter. My position at Coopera is no different because we help our partners grow their organizations and improve the lives of my Hispanic community. Fortunately, I found a job that I love and enjoy every day.

    I also can’t stay still for very long, so staying in bed all day is not an option.

    What excites you the most about the future of financial services in the Hispanic market?

    The impact credit unions have yet to make. By meeting the needs of Hispanics in their communities and becoming their preferred financial services provider, credit unions will not only help Hispanics reach economic stability, but credit unions, themselves, will experience growth in membership, product usage, market penetration, etc. The opportunity is knocking on their doors; it is up to them to embrace this community in need.

    Where do you go/what do you do to get inspiration?

    Remember how I said I couldn’t stay still? Well, I coach an eighth-grade volleyball team, direct a Hispanic youth choir, volunteer with immigrant service organizations and meet with Hispanic high school students to talk about their college plans.

    I’m active in my local Hispanic/immigrant community because it took a village for me to graduate from college. Therefore, it is my duty to give back and invest my time in the future generation of Hispanic leaders. My community inspires me to continue moving forward as we reach new opportunities together.

    What is something unique about you most people wouldn’t know?

    I have a great appreciation for art. When I was younger, I took any opportunity I had to create things with my hands from pottery to paintings. My senior year in high school, I made All-State in Iowa for my diverse art portfolio. Art is the one aspect of my life that I enjoy the most as it forces me to slow down and relax. Most of my pieces showcase my culture, life experiences and Salvadoran background.

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    3 Credit Unions Set Sights on Next-Level Community Outreach

    Posted by on October 16, 2017

    The 2017 Warren Morrow Hispanic Growth Fund Grant will help seven credit unions continue their Hispanic outreach and community impact efforts. Named in honor of the late Warren Morrow, who dedicated his life and career to helping the underserved and empowering the Hispanic community, the grant is made possible by Coopera, CUNA and the National Credit Union Foundation. Each of the grant recipients is a Juntos Avanzamos-designated cooperative, a program taken to the national stage by the Federation.

    This post details how three of the grant recipients plan to allocate the funds. We will cover plans of the remaining four recipients in an upcoming post.

    Members Credit Union (MCU)
    With its grant funds, MCU will purchase two Spanish electronic seminar kits from CUNA and materials for financial education sessions with Hispanic youth. The credit union will then partner with local organizations to conduct the seminars.

    “Along with financial education, we will bring opportunity for membership in a safe, Hispanic-friendly financial cooperative where they will receive low-cost services that are relevant to their lives and financial counseling to help them meet their goals,” said Kathy Chartier, MCU president/CEO. “We often see members and potential members who are taken advantage of by large banks and predatory lenders. This program is specifically directed toward the Hispanic community with the goal of helping them improve their financial understanding and well-being.”

    Nueva Esperanza Community Credit Union (NECCU)
    NECCU will use the grant funds to serve more of the Hispanic population within its community, including expanding outreach efforts to local schools and local organizations to help promote financial education.

    “NECCU offers a comprehensive level of bilingual financial services to impact the needs of our target market,” said NECCU President/CEO Sue Cuevas. “We integrate financial services with education to improve members’ financial competency. In addition to basic financial services, staff deliver one-on-one orientations to new members when they inquire about share savings or share certificates of deposit. This empowers members with tools to understand their financial situations, set goals and develop paths to asset building/ownership.”

    Point West Credit Union
    Point West has partnered with a local organization serving Hispanic families with a range of programs. The grant funds will allow a Point West employee to hold regular hours at the organization’s headquarters to assist Hispanic clients with account opening, lending needs and basic financial services and fiscal management.

    “Point West is endeavoring to engage the local Hispanic community where they live, work, socialize and seek assistance and services, while also testing a branching model outside of the traditional brick and mortar solutions,” said Steve Pagenstecher, Point West vice president of member experience. “By providing a full-service ATM coupled with an experienced and educated Point West employee, the goal is to increase access to an underserved community while driving Hispanic membership growth and financial outcomes for the community.”

    Please join me in congratulating each of these cooperatives for recognizing that serving the Hispanic community is not only the right thing to do, it’s smart business, as well.

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