 Expanding your reach to Latino markets
Demographic trends and tips from an Economic Development Specialist (EDS) for credit unions considering how to serve Latino populations within their communities.
In June, I had the pleasure of attending the National Association of Latino Credit Union Professionals (NALCUP) Conference in San Diego, California. It was a great conference. The Latino population is growing in my part of the country, Northeast and Southeast Pennsylvania, just like in other parts of the country. So, attending the conference was helpful to me because during my work as an EDS, credit union officials frequently ask my advice in reaching out to this segment of their community. Following are some highlights of topics covered at the NALCUP conference that may help your credit union with its marketing in this area.
Demographics -The U.S. Latino population is generally younger than the non-Latino population, and growing. According to the U.S. Census Bureau, the U.S. Hispanic population jumped by 43 percent in the last decade, topping 50 million and comprising about 1 out of 6 Americans. In 2010, Hispanics also made up 23 percent of people under the age 18, compared with 17 percent ten years earlier. Since 2000, population growth among Hispanics in the U.S. has mostly occurred among U.S. born Hispanics who comprise two-thirds of the U.S. Hispanic population.
Read the entire article...
EDS Bob Jones
EDS consulting services may be available to assist your credit union address strategic or operational issues. For more information, contact your examiner.
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OSCUI in the News
Matz: "Low-Income Credit Unions Lead Nation in Loan Growth"
NCUA Press Release
... and provide more services to their members, Matz highlighted the enhanced programs and services of NCUA's Office of Small Credit Union Initiatives (OSCUI)...
Matz Praises Low-Income Credit Union Loan Performance
Credit Union Times
"As a result, OSCUI is reaching more credit unions through a mix of new and old ... Through the Community Development Revolving Loan Fund, the OSCUI offers ...
Letter to the Editor from NCUA Board Member Michael Fryzel
CUinsight
...As to small credit unions, our help and assistance to them far surpasses any other federal regulator. Our Office of Small Credit Union Initiatives (OSCUI) headed by Bill Myers does an outstanding job in providing guidance and assistance...
Fryzel Defends NCUA After League VP Criticism: Print Preview
Credit Union Times
Fryzel said the Office of Small Credit Union Initiatives "has a phenomenal record of working with small or troubled credit unions." He added that OSCUI Director...
Small CU issues are NCUA listening session focus
CUNA News Now
Bill Myers, director of the NCUA's Office of Small Credit Union Initiatives, said there are three reasons that small credit unions fail: fraud; lack of succession...
Read the entire listing...
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Record-breaking year for grants
OSCUI received 331 grant applications this year, totaling a little over $5 million in funding requests. In recent years, total funding requests have run approximately $2.5 million, only once exceeding $3 million. OSCUI attributes the increased interest to a new, automated grant system that allows credit unions to apply for multiple initiatives under one application and increased marketing.
OSCUI is reviewing the applications and will notify recipients of their award by mid-August. Beginning August 15, applicants may check their application status online at http://www.ncua.gov/Resources/CUs/Dev/Pages/Loans.aspx, by logging in to the Online Loan Application.
The high volume of applications and funds requested made for a competitive funding round. NCUA receives grant funds through congressional appropriation. This amount is supplemented with earnings from the revolving loan fund. For 2012, NCUA received $1.247 million in appropriated funds. Combined with earned income, $1.3 million is available for award.
The loan program also experienced strong demand. So far in 2012, loan applications have increased from 0 over the last two years to 13 pending applications. OSCUI will release details about this funding round at a later date.
For more information about these programs and links to the loan application, go to http://www.ncua.gov/Resources/CUs/Dev/Pages/Loans.aspxor contact us by email at oscuiapps@ncua.gov.
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Marketing tips and techniques - Part II
This is the second of four articles to help improve your credit union's marketing strategy.
OSCUI Economic Development Specialists (EDS) work one-on-one as consultants with
management at credit unions to ensure their operation prospers. The EDS offer ideas to credit unions to promote operational growth. In the June issue of FOCUS, this column included tips for publicizing your credit union. This month, we focus on tips for managing public relations. See the table below for our recommendations:
EDS Marketing Tips - Public Relations
- Join the local Chamber of Commerce, advertise in their publications and get involved! Bring business cards and handouts about your credit union's products and services.
- Develop partnerships with local non-profit or community organizations. Offer to speak about your specialty at their networking events.
- Make financial education an ongoing service. Participate in awareness campaigns such as Credit Union Youth Week, America Saves Week, Military Saves Week, or Financial Literacy Month.
- Develop products that attract younger and ethnically diverse members.
- Have an Open House; invite community organizations and local businesses.
- Get involved in a well-respected local charity, collect donations in the office.
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Not ready or able to buy new? Try Freecycle
Is your credit union still using a dot matrix printer? Could you use a fax machine? How about an extra filing cabinet? Try posting a request for what you need on Freecycle. This is a grassroots movement of people who are giving (and getting) stuff for free all over the country. It's all about reuse and keeping things out of landfills that someone else may find useful. To sign up, find your community by entering it into the search box on www.freecycle.org.
With a simple post on the site I've been able to get a free answering machine phone and fax machine for credit unions I've worked with that were in need. I've donated everything from my moving boxes, extra mugs, sofa, TV, and my old HP printer.
Membership is free and supports the path many of us are on to be more "green" and to save money when we can. Think of what you could donate and think of what you might need then give it a try. Remember - one man's trash is another man's treasure.
EDS Vanessa Lowe
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Credit unions a big help with VITA
Credit unions that operated Volunteer Income Tax Assistance (VITA) sites in 2012 made a significant impact on low-wealth individuals and communities. According to the U.S. Internal Revenue Service (IRS), administrator of VITA, nearly 500 credit unions hosted VITA sites, preparing more than 99,000 tax returns. This resulted in approximately $134 million in federal tax refunds. The IRS estimates aggregate tax savings of $10 - $20 million in preparation and filing fees for individuals who filed through VITA.
This is a great testament to the community support and engagement of credit unions across the country. Thank you for your support and that of NCUA.
Michael Wade, Senior Analyst
IRS-Stakeholder Partnerships, Education and Communication, National Partnerships
Many other credit unions partnered with community coalitions that operated VITA sites. Through these partnerships, credit unions provided needed support services such as use of facilities or marketing assistance.
The VITA program offers free tax preparation to people with low-to-moderate income including individuals who are:
- disabled,
- limited in English proficiency,
- elderly,
- Native American, or
- residents of rural communities.
VITA offers credit unions an opportunity to attract new members/deposit accounts and to provide financial education to potential members. VITA administrators throughout the country are recruiting credit union partners for the 2013 tax filing season. As a VITA partner, your credit union can assist by recruiting volunteer tax preparers within your community; providing space, computers and other resources; or offering free, electronic tax return filing.
To learn more, contact one of these IRS representatives:
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Happening in OSCUI
- We are reviewing the 2012 grant funding requests. The application period closed on June 29, 2012. We expect to announce the awards by August 15. This year, all applications were submitted online through the new, electronic grant management system.
- The 2012 loan program is now open. Credit unions may apply for up to $500,000. The loans are balloon notes, with a record-low interest rate of 0.40%, and a five-year maturity.
- We recently represented NCUA at the sixth National Association of Latino Credit Union Professionals Conference, the annual America's Credit Union Conference (CUNA), and the American Association of Credit Union Leagues (AACUL) Education & Training Conference. OSCUI had an exhibit booth during the first two conferences and participated in the Small Credit Union Committee meeting during the third conference.
- We completed the first semi-annual round of meetings with NCUA field staff in the regions, to prioritize the credit unions that will receive our Consulting services during the next six months. The next enrollment session will open in December. To have your credit union considered for our consulting services, contact your examiner. Read more in the July issue of The NCUA Report...
- The 2012 season of Credit Union Workshops and Roundtables training is underway. To view the agenda, dates, locations, and register go to http://www.ncua.gov/Resources/CUs/Dev/Pages/Events.aspx OR call OSCUI's automated training line at (703) 518-1620. From the phone line you can also receive instruction on requesting travel reimbursement.
Got a good story? Email us! Tell about your credit union's experience with any OSCUI program at oscuitraining@ncua.gov.
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Announcements
Funding
Nearly $4.1 million in Grants Awarded: Alternatives Federal Credit Union of Ithaca, NY, was among the 15 awardees under the Assets For Independence (AFI) Program. AFI is administered by the U.S. Department of Health and Human Services to provide low-income individuals and families with access to individual development accounts (IDAs) and financial education training. To learn how your credit union may participate contact Emily Appel-Newby at the AFI Resource Center: info@idaresources.org or 1-866-778-6037.
Studies / Research
Every American Financially Empowered: The President's Advisory Council on Financial Capability offers this resource guide to K-12 schools, institutions of higher education, employers, and community leaders. The goal is to encourage leaders to leverage partnerships to create financial capability initiatives as a means toward enhancing the financial well-being of Americans. Click here to download the guide.
Saving for a Large Purchase: America Saves' resource packet helps those in the financial literacy field convey important messages to the public and to organizations interested in helping people save for large purchases, such as cars, homes, weddings, vacations, and computers. Click here to download the guide.
Training
July 20: Personal Financial Literacy Conference in Iowa (Ankeny): The Iowa Jump$tart Coalition will hold its 12th Annual Financial Literacy conference. Click here for details.
August 29 & 30: Financial Education Training Academies: The AFI Resource Center is sponsoring "train-the-trainer" sessions for professionals who deliver or manage financial education (financial literacy, financial capability) initiatives. The course is free (no registration fee); travel and hotel stipend are available for AFI grantees (up to $600). Click here for details.
September 12, Baton Rouge
September 14, Alexandria
Financial Education Boot Camp in Louisiana:The Louisiana Jump$tart Coalition sponsors one-day workshops to deliver turnkey curriculum and resources to help educators and youth development professionals teach money management skills to youth. Click here for details.
October 15 & 16, Washington, DC: Financial Literacy Leadership Conference: The Society for Financial Education and Professional Development will host its fifth annual Financial Literacy Leadership Conference. The theme is Financial Literacy: A Tool. Click here for details.
Credit Union National Association (CUNA): Offers training throughout the country on a variety of topics, using various formats. Click here for the schedule and more information.
National Association of Federal Credit Unions (NAFCU): Offers training on a variety of topics, using various formats. Click here for more information.
Other
MyMoneyAppUp Challenge: The U.S. Department of the Treasury is sponsoring this contest to motivate entrepreneurs, software developers, the public, and students to propose ideas and designs for mobile tools. The tools should be designed to help consumers make smart financial choices, access high-quality financial products and services, and control and shape their financial futures. Click here for details.
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