Four credit unions have signed on to participate in the inaugural Hispanic Member Growth Strategy program, a joint initiative of Coopera and the Credit Union Association of New York.
They are the $18.6 million Cooperative Federal of Syracuse, the $13.8 million Entertainment Industries FCU of New York City, the $73.3 million Bridgeway FCU of Poughkeepsie and the $7.2 million MSBA Employees FCU of Rockville Centre.
Coopera will help the credit unions identify outreach opportunities and create affordable banking alternatives to meet the needs of Hispanic members within their community at a significantly reduced price, said Allison Barna, CUANY director of development.
“Today, 17% percent of New York’s population is Hispanic,” said Miriam De Dios, CEO of Coopera in Des Moines, Iowa, “and by 2025, one in five New York residents will claim Hispanic heritage. Because it is a largely underserved group, yet one of the largest and fastest-growing demographics in America, helping Hispanic members navigate the U.S. financial system is important to the overall credit union mission.”
Barna, who’s also director of the New York Credit Union Foundation, added, “The Hispanic population is very young compared to other U.S. ethnic groups — New York credit unions looking to lower the average age of their membership must consider investing in these members as a part of their overall efforts.”
De Dios said four more credit unions can participate and invited those interested to check out an archived webinar on the Hispanic Member Growth Strategy.