Don't wait for Congress. That's one of the key messages the Chicago-based Center for Financial Services Innovation told credit unions that may have been considering serving the 11 million undocumented immigrants in anticipation of Congress passing the long-awaited comprehensive immigration reform bill.
"They should act now by developing foundational products like credit-building loans and 'legalization and citizenship loans' as well as basic transactional, saving and credit services that put immigrants on the path towards long-term financial health," according to the report.
Credit union executives who are serving immigrants couldn't agree more.
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