With a growing number of Spanish speakers becoming credit union members, NCUA launched an enhanced website packed with numerous financial resources, news and information.

NCUA board member Gig Hyland was instrumental in the development of the site. “Whether a consumer wants to learn how to guard against identity theft, or new parents want to map out the best savings and financial plan for sending their child to college, Spanish-speaking consumers now have a new electronic resource tool at their disposal.”

“As someone immensely proud of my Hispanic origin, I am delighted that NCUA is enhancing efforts to reach out to Spanish-speaking consumers through a Spanish-language website http://espanol.mycreditunion.gov,” Hyland says.

The English and Spanish version of www.MyCreditUnion.gov is designed to remind consumers that credit union deposits are protected up to $250,000.

NCUA Board Chairman Debbie Matz said that both the English and Spanish version of the site make it easy for consumers to learn more about saving, borrowing and managing credit. “The best way for all consumers to protect and build their financial assets is to learn what related products are available and how they work,” she explains.

Spanish Population is the Emerging Credit Union Market

It’s more important now than ever to address the Hispanic segment of the population. Recent U.S. Census data suggests that in the next 10 years more than 60% of all U.S. teens will be part of the Spanish population. According to Miriam De Dios, vice president at Coopera, a bilingual economic development branch owned by the Iowa Credit Union League, credit unions should sit up and take note.

“It’s a big opportunity, and I think credit unions are missing out,” she says. “The average age of Hispanics in general is 25, so serving the Hispanic audience is a way to lower that average member age.” 

Although offering resources and tools like the new NCUA Spanish site helps, De Dios says that credit unions need to do more by appealing to a broad Hispanic audience.

“If you can win over the first generation, then you’re much more prone to earn the loyalty of the second generation,” she said. “Culturally, there’s a strong sense of responsibility to family, a large number of Hispanic teens are living in tight-knit households where pride and self-reliance are core values. One thing to note is that they’re still learning financial habits from their parents and are often more inundated with messaging. I was born in Mexico and moved here when I was about four years old. Even in high school, I got more mail than my parents, mostly credit card offers. I learned a lot on my own.”

Bilingual Tools Add Conveniences to Hispanic Members’ Lives

Coopera recently inked a deal with eight credit unions to offer the Coopera reloadable Visa prepaid card geared toward the Hispanic community.

Credit unions that will offer the card include Amarillo Community Federal Credit Union, Texas; United Services Credit Union, North Carolina; Beacon Federal Credit Union, Texas; KEE Federal Credit Union, Nebraska; EECU, Texas; Greater Iowa Credit Union, Iowa; Des Moines Metro Credit Union, Iowa; and Guardian Credit Union, Wisconsin.

Cheryl Montgomery, CEO of KEE Federal Credit Union ($104 million, Kearny, NE) said she was excited about the card’s potential to help Hispanic members. “The sensible fee structure and complete access to bilingual card services, such as text message alerts, interactive voice response, live agents and web access, will encourage long-term use, which is precisely the kind of product we need to maintain the relationships we’ve worked hard to start.”

In addition to the prepaid Visa card, other credit unions are offering services such as online income tax preparation in Spanish. For example, First Community Federal Credit Union ($650 million, Parchment, MI) is offering web-based program, “Just File It” in English, Spanish and Vietnamese.

The need for a program like this is extremely important, says President/CEO Cheryl DeBoer. “First Community Federal Credit Union is proud to join the network of credit unions and other nonprofits offering ‘Just file it!’ to help families put food on the table, move into better housing, invest in education or save for the future.”

Resources:
http://www.ncua.gov/News/Pages/NW20120127SpanishMyCUGov.aspx
http://www.cutimes.com/2012/02/05/hispanic-youth-may-be-overlooked-segment
http://www.cutimes.com/2012/02/01/coopera-signs-eight-cus-for-bilingual-prepaid-card
http://www.cuinsight.com/456/media/news/eight_credit_unions_introduce_coopera_card_to_hispanic_members.html