NEW YORK—Unbanked and underbanked immigrants are getting a helping hand from Coopera and the National Federation of Community Development Credit Unions here.
The two organizations are joining forces on a national campaign to reach these consumer segments with credit union products and services linked to immigration and legalization efforts. The effort will help credit unions act on President Obama's recent executive order providing deportation relief for nearly half of the undocumented immigrants in the U.S. today, the Federation stated in a release.
"Immigrants are a vibrant, dynamic part of our nation's economy and represent a tremendous untapped and emerging market for credit unions, particularly those serving low- and moderate-income communities," said Cathie Mahon, president and CEO of the Federation. "Immigrant communities are quite heterogeneous in terms of their needs and interests in financial products and services. Members are consumers, homeowners, small business owners, and perhaps someday, large business owners."
The campaign addresses immigrant needs regardless of country of origin but includes a special focus on Hispanic immigrants, the nation's largest minority and one of the fastest growing.
"Regardless of the political nuance of the president's action, these changes to the current immigration system have tremendous economic benefits for the country, including more job creation and tax revenue," said Miriam De Dios, CEO of the Des Moines, Iowa-based Coopera. "In addition, it means membership growth for credit unions. As undocumented immigrants are able to file for temporary immigration status and receive an identification card and work authorization, they will seek new jobs, obtain driver's licenses and open financial institution accounts."
Campaign events include webinars and roundtables in California, New York and Texas, states with some of the largest Hispanic populations in the United States. Scheduled events include:
- Immigration Executive Order and Financial Inclusion Webinar: Part 1, 1 p.m. (CT) Jan. 13. Speakers include a U.S. Citizenship and Immigration Services official to provide credit union leaders with an understanding of the executive order on immigration, plus information on the networks and providers that are mobilizing to serve immigrants right now.
- Financial Inclusion for Immigrant Consumers: Los Angeles roundtable, 9 a.m.-5 p.m. (PT) Jan. 16. This roundtable agenda includes speakers from credit unions successfully serving legal and undocumented immigrants to city and non-profit immigration services and representatives of financial products and services specifically designed for immigrants.
- Immigration Executive Order and Financial Inclusion Webinar: Part 2, 1 p.m. (CT) Feb. 11. This webinar focuses on the Hispanic immigrant population, one of the fastest growing and most underserved in the United States today. Attendees will learn about the immediate financial needs facing Hispanic immigrants as well as best practices for the launch of or expansion of credit union strategy to service this market.
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