Last month, the U.S. Senate introduced an immigration reform bill that proposed a complete overhaul to the country's immigration system. Although a vote is likely several months away, credit union leaders would do well to begin paying attention now as passage of immigration reform will undoubtedly impact them.

If instituted, the proposed path to citizenship included in the bill will bring about an increased need for assistance to an estimated 11 million undocumented immigrants in the country today. With identification and documentation barriers removed, these aspiring U.S. citizens will begin the search for trusted providers of everything from English as a second language courses to home sales.

Credit unions that have been serving immigrants well and building trust in the communities they serve, will have a definite leg up when these new business opportunities come to fruition. That said, it's not too late to begin following in these progressive credit unions' footsteps. And for some credit unions, particularly those in gateway states, it's not only a good idea. It's critical for leadership to begin formulating an outreach strategy today – one that will put them in touch with these potential new members now.

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Credit Union Management