Program Launches In California to Foster Financial Inclusion for Latinos

A national and regional alliance is seeking to provide credit to marginalized Latino communities in the US

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Bloomberg Línea — The National Association of Latino Credit Unions and Professionals (NLCUP) has launched the ‘Juntos Avanzamos’ (Together We Progress) program in California, a chapter that seeks to create networks of savings and credit cooperatives to facilitate Latinos’ entry into the economy.

The NLCUP is dedicated to providing financial education and services for the Hispanic/Latino community as well, as to increase economic, asset-building, and professional development opportunities.

‘Juntos Avanzamos’ is a partnership between Inclusiv Network, an association of credit unions for economically underserved communities, and the NLCUP and the California and Nevada Credit Union Leagues.

The mission is to reach underserved communities with financial solutions that are national in scope, and not just regional, and which is why it is important to have advice from a national organization like the ones that are part of this chapter, according to the Inclusiv Network.

“We have to recognize the fact that we already have undocumented people in the country and it’s safer for us, and better for communities, to have those people be part of the financial mainstream,” said Pablo De Filippi, executive vice president of Inclusiv Network.

The Credit Union National Association (CUNA), a national trade association for both state- and federally chartered credit unions in the US, tweeted about the launch of the Juntos Avanzamos program in December.

“We want to be able to establish a community of practitioners, provide a framework for chapters across the country and ide

ntify and elevate best practices that have worked for credit unions outside of the recommended practices outlined in the designation requirements for becoming a credit union,” said Daniel West, vice president of social impact for the California and Nevada credit union leagues.

“At the leagues, we are focusing on identifying and establishing a baseline for impact metrics (to measure) how our credit unions are moving the needle for this specific population,” he added.

In support of such proposals, the Community First Credit Union in Santa Rosa, California, has launched a Spanish-speaking chatbot, while the Credit Union Women’s Leadership Alliance has launched an executive training program to develop professionals engaged in such actions.