alvaro macias 2014 cues next top credit union exec presentation
DESCRIPTION
Alvaro Macias is a 35-year-old Community Development Coordinator at Ascentra Credit Union ($340M) in Bettendorf, Iowa, United States. This is his Finalist presentation that he gave in Amelia Island, Florida as part of the 2014 CUES Next Top Credit Union Exec competition.TRANSCRIPT
Alvaro MaciasCommunity Development Coordinator Ascentra Credit Union ($340M) Bettendorf, Iowa
The New Iowans Initiative
○ Slow membership growth of CUs ○ Increased scrutiny of financial institutions ○ Competition – fringe financial services, Apple
Pay, PayPal, Wal-Mart ○ Aging population and membership of CUs
INDUSTRY CHALLENGES
○ Immigrants tend to have larger families ○ Immigrants tend to be younger ○ Immigrants are in their prime borrowing years ○ According to FDIC 40-55% of Latino
immigrants are unbanked
OPPORTUNITIES IN SERVING IMMIGRANTS
○ About 2004 – Recognition of the opportunity ○ 2010 Census: Muscatine, Iowa ● 16.6% Hispanic ● 6.9% Foreign born ○ 2010 Census: Iowa ● 5% Hispanic ● 4.3% Foreign born
THE FOUNDATION
○ Added products, services & adjusted account opening process ● International money transfers ● Market loan products
○ Quarterly internal & external advisory groups ○ Involvement in events
OUR PROGRESS
○ Hispanic growth at Ascentra have risen 35% since 2010 ○ Overall membership growth since 2010 is 8%
OUR GROWTH SINCE 2010
○ Partnership with Diversity Service Center of Iowa (DSCI): Non-profit immigration services provider
○ Perfect timing: grant opportunity ○ Awarded a grant for $37,500 to create an
immigrant asset-building initiative
NEW IOWANS INITIATIVE
○ Grantmakers Concerned with Immigrants and Refugees ○ The National Federation of Community Development
Credit Unions ○ Northwest Area Foundation
A GENEROUS GRANT FROM...
○ Ascentra has a proven track record of working with the immigrant community
○ DSCI has the trust of the immigrant community in our region ○ DSCI loses potential clients because they don’t have the
money to pay for costly immigration fees ○ We provide financing to people who may otherwise put their
services on hold
THE PARTNERSHIP WITH DSCI
○ $24,500 has been put into a DSCI Account ○ The amount will be used as collateral for “Citizenship Loans” ○ DSCI will contact designated Ascentra staff informing us of a
referral ○ The new member comes in, applies for the loan and DSCI
signs off on using their account as collateral ○ The remaining $13,000 are used for a part-time program
coordinator at DSCI
STRUCTURE OF LENDING
Marketing ● Collateral Material & Web ○ Flyers ○ Brochures ○ Ascentra.org/NewIowans
NEW IOWANS INITIATIVE OUTREACH
○ Is it for everyone? ○ Do you know the demographic trends in your
region, state, or city? ○ Planning ○ Final thoughts...
NEW IOWANS INITIATIVE
○ Do you plan on being in business in 2040?
FINAL THOUGHTS...
QUESTIONS?
Ascentra.org/NewIowans
Q&A with
Alvaro