DES MOINES, Iowa (5/1/12)--The Credit Union Association of New York (CUANY) and Coopera are collaborating to offer the 2012 Hispanic Member Growth Strategy, a program to help New York credit unions increase their memberships within the Hispanic community.
Under the program, Coopera will provide new resources to New York credit unions working to grow Hispanic membership.
With one out of two Hispanics being unbanked or underserved, serving Hispanic members provides significant opportunities for credit unions, Miriam De Dios, Coopera vice president.
"Hispanics comprise the youngest, fastest-growing segment of the U.S. population, making them ideal next-generation credit union members," De Dios added.
Five mid-sized credit unions ($25 million-$250 million in assets) participating in the 2012 Hispanic Member Growth Strategy program will receive a one-time Hispanic Opportunity Navigator (HON) assessment; semi-annual member analysis reports; access to Coopera's library of education tools including marketing guides, templates and webinars; and an annual follow-up to its HON assessment.
Three small credit unions (with assets under $25 million) in the program will receive a one-time member analysis report, and access to Coopera's library of education.
"The mission of the Hispanic Member Growth Strategy program is to help New York credit unions lead their customers down a path to financial responsibility," De Dios said. "Credit unions can provide many products and services to the Hispanic community that larger financial institutions cannot. The program will help New York credit unions identify Hispanic outreach opportunities within their neighborhoods and create affordable banking alternatives to meet the needs of this community."
Seventeen percent of New Yorkers are Hispanic, and by 2025, one in five New York residents will claim Hispanic heritage, according to the CUANY. "Because the Hispanic population is very young as compared to other U.S. ethnic groups, we expect New York credit unions will be interested in investing in service to Hispanic members as a part of their efforts to lower the average age of membership," said Allison Barna, director of the New York Credit Union Foundation and community development for the association.
The Credit Union National Association and Coopera Consulting, a subsidiary of the Iowa Credit Union League formed a partnership to design "El Poder es Tuyo" (the power is yours) a customizable, personal finance a Spanish-language personal finance Website for Hispanic credit union members and potential members. For more information use the link.