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CUNA finds partner to help reach Hispanic market
MADISON, Wis. (6/23/09)--The Credit Union National Association (CUNA) recently created a strategic partnership with Coopera Consulting to provide products to help credit unions serve the Hispanic market. CUNA and Coopera will offer products and services to help credit unions reach and serve the Hispanic market, including assessments, training, consulting, translations and Hispanic consumer products. “Credit unions will now have greater access to a variety of Hispanic outreach products and services,” said Dan Mica, CUNA president/CEO. “By combining CUNA’s resources with Coopera’s expertise, we are able to offer credit unions high-quality solutions that will help them reach this vital but still widely underserved community.” Hispanics are the fastest growing and most underserved population in America, according to Warren Morrow, Coopera CEO. “We are convinced that credit unions need Hispanics as much as Hispanics need credit unions,” he said. The Hispanic population is expected to reach nearly 103 million by 2050. About 40% to 55% of Hispanics are unbanked. They access fringe financial service providers such as check cashers, remittance shops, and pawn shops--many of which charge exorbitant fees. In 2004, CUNA appointed leaders in the credit union industry to a Hispanic Outreach Task Force that served as a sounding board for Hispanic outreach-related research and product ideas. CUNA’s Membership Growth Task Force also identified reaching out to underserved markets as one of its top priorities in 2008. Since then, CUNA has worked with Coopera to develop a strategic plan to help credit unions grow by serving Hispanics. “Credit unions are well-positioned to serve this emerging market, and they must act now before it’s too late,” said Winona Nava, CUNA board member and chair of CUNA’s Hispanic Outreach Task Force.
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