CU Efforts in Hispanic Communities Receive National Media Attention

WASHINGTON – CUNA President and CEO Dan Mica was quoted in a July 21 USA Today article regarding various organizations’ efforts to serve the country’s growing Hispanic population. The article highlighted the IRnet, a pilot effort between CUNA and the World Council of Credit Unions in many Southwestern states to provide low-cost services for those of Hispanic origin to wire money home. “We’re looking at an underserved group that is often overcharged and preyed upon by check cashers and predatory lenders,’” the article quoted Mica as saying. The article also outlined efforts by some large banks, including Merrill Lynch, Citibank, and Bank of America. USA Today reported that the Hispanic households making over $100,000 a year grew 126% between 1991 and 2000, according to Merrill Lynch. The Pew Hispanic Center said that more than $180 billion will be wired to Mexico and Central America over this decade, the article stated.