Immigrants are a large and vibrant part of the US economy and a key market in the low- and moderate-income communities that CDCUs serve. However, in many communities, immigrants remain largely unbanked and vulnerable to predatory financial service providers. The Federation is working with CDCUs to meet the tremendous demand in the immigrant market and to demonstrate that serving immigrant populations is both a sustainable business strategy and vital to fulfilling CDCUs’ collective goal of helping people of modest means achieve financial independence.
Juntos Avanzamos, Together We Advance, is a designation for credit unions committed to serving and empowering Hispanic consumers. Juntos Avanzamos was developed by the Cornerstone Credit Union League which represents Arkansas, Oklahoma and Texas. The Federation, working with the Cornerstone League and Coopera, Iowa-based consultants to the industry on the Hispanic market, have been working together to foster a collaborative effort to bring this program to a national credit union audience. The program will initially focus on the Southwest, where it will be promoted and supported by the California/Nevada Credit Union Leagues, the Credit Union Association of New Mexico, and Mountain West Credit Union Association.
Financial Inclusion for Immigrant Consumers is a national campaign to link unbanked and underbanked immigrants in the US with credit union products and services for immigration and legalization expenses. Roundtables have been held in Los Angeles, New York, Dallas and Tampa Bay. Click here for roundtable programs, presentations, blog and photos,
Click here to read more about the Northwest Area Immigrant Asset-Building Initiative, a project co-managed by the Federation with GCIR, designed to connect low-income immigrants to safe and affordable financial products and quality immigration services.
The Federation provides specialized technical assistance and consulting services to help credit unions to better understand local immigrant markets and to offer appropriate financial products and services ranging from savings accounts, to credit builder loans, to DREAMer and citizenship loans. We are also working with national partners, including Coopera and Grantmakers Concerned with Immigrants and Refugees (GCIR), to share information on best practices for serving the immigrant market and to connect CDCUs with local organizations that provide social and legal services to immigrant communities.