NATIONAL HARBOR, Md. -- A NAFCU Annual conference education session today attempted to break through the myths and realities of serving immigrant populations.

Neighborhood Economic Development Advocacy Project Associate Director Deyanira Del Rio explained that exploring new markets may be a scary proposition right now for some credit unions, but it's critical for others. NEDAP has partnered with Lower Eastside Peoples' Federal Credit Union, where Del Rio serves on the board, specifically to expand the CU's reach into the market. LESPFCU is also looking into business lending to reach this market.

The immigrant population in the United States has grown to 38 million people, or 13% of the population; 47% of the immigrants are Latino, she said.

The NCUA is getting proactive in its low-income designations and is just days away from issuing a letter to credit unions on how to provide payday lending alternatives within CUs' regulatory framework, according to General Counsel Bob Fenner. A main sticking point with payday loan alternatives, he noted, is CUs' 18% APR usury ceiling. Additionally, credit unions should offer the product without trapping the member into the exact same cycle the payday lenders do, Fenner said.

Fenner added that if a credit union has any trouble with an examiner regarding these issues, the institution is free to contact him directly at [email protected] or 703.518.6541.