Leagues Celebrate Hispanic Heritage Month; Highlight CU Difference

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The California and Nevada Credit Union Leagues are celebrating Hispanic Heritage Month by highlighting the Credit Union Difference in the Hispanic communities our credit unions serve.

Hispanic and immigrant consumers are a large and vibrant part of the U.S. economy, especially here in California and Nevada. However, their experience with the banking industry hasn’t been the best; many have avoided financial institutions all together because of a bad experience in the past. Through the Juntos Avanzamos Initiative, Community Development Financial Institution (CDFI) credit unions across California and Nevada are changing that narrative.

Juntos Avanzamos is a network of 116 CDFI credit unions across the nation that are committed to financial health and empowerment in the Hispanic community. Juntos Avanzamos credit unions serve more than 8.6 million members across 27 states and manage $123 billion in assets, including in Washington, D.C. and Puerto Rico. California and Nevada are home to 14 Juntos Avanzamos credit unions, managing close to $20 billion in assets.

Juntos Avanzamos credit unions have stepped up in major ways to make a difference in their communities by offering affordable, sustainable, and responsible financial products to their members. Products such as Downey FCU’s alternative Identification program which recognizes Consular Identification Cars, Foreign Passports, Individual Taxpayer Identification Number (ITIN), and Residence Cards as acceptable forms of ID to open an account—expanding its field of membership and extending affordable home and auto loans to 13 majority Hispanic communities in southern Los Angeles. During the pandemic, Juntos Avanzamos credit unions were part of the group of 244 CDFI credit unions that received around $3.4 billion in awards to support rapid response initiatives increasing their capacity to serve underserved and underbanked communities. Much of that capital will be used to support innovative ITIN lending products, small dollar loans and financial products that will responsibly serve the Hispanic community.

This year, the California and Nevada Credit Union Leagues celebrate Hispanic Heritage Month through recognizing the Credit Union Difference in Hispanic communities. Through initiatives like Juntos Avanzamos our Minority Designated Institution’s and CDFIs are stepping up to create, sustain and support equity in access to financial empowerment!

Here is a list of Juntos Avanzamos credit unions across California and Nevada:

  • Self-Help FCU
  • Santa Cruz Community CU
  • Community First CU
  • USC CU
  • Travis CU
  • Strata CU
  • Tucoemas FCU
  • All U.S. CU
  • Ventura County CU
  • Premier America CU
  • Pasadena Service FCU
  • Downey FCU
  • Kinecta FCU
  • SCE FCU

For more information on the Juntos Avanzamos Initiative and how you can get involved: Juntos Avanzamos | Inclusiv | Credit Union Network.

Article by Daniel West, Vice President, Social Impact at the California and Nevada Credit Union Leagues.

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