the hispanic market: where mission meets opportunity
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The Hispanic Market: Where Mission Meets Opportunity June 10, 2019
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• Inclusiv Network: 263 CDCU credit unions in 44 states, DC and PR. $99B combined assets serving over 9.7 million consumers
• Member credit unions are mostly CDFI certified and or low income designated. Many are also Juntos Avanzamos designated
We believe that true financial inclusion and empowerment is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers in financial opportunities for distressed and
underserved communities by providing capital, making connections and building capacity, developing innovative products and services for CDCUs and working to transform local progress into
lasting change at the national level.
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Collaborative approach led by Inclusiv with 14 national and regional industry partners and 4 community partners:
National Industry Partners National Community Partners
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A Collaborative Approach
• California and Nevada Credit Union Leagues (CA, NV)• Coopera • Cornerstone Credit Union League (AR, OK, TX)• Credit Union Association of New Mexico (NM)• Illinois Credit Union League (IL)• Iowa Credit Union League (IA)• League of Southeastern Credit Unions (AL, FL)• Mountain West Credit Union Association (AZ, CO, WY)• New York Credit Union Association (NY)• Northwest Credit Union Association (OR, WA)• Network of Latino Credit Unions and Professionals• PolicyWorks• Your Credit Union Partner
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This effort has resulted in the rapid expansion of the initiative:
88 Credit Unions
5.5 million consumers
702 branches
26 States, Washington D.C. and Puerto Rico
61.1 Billion dollars in assets
15 National partners
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2015 2016 2017 2018 2019
Cornerstone National JA Combined Network
144% growth in the number of Juntos Avanzamoscredit unions since the national launch in 2015.
Growing Strong
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Juntos Avanzamospresence has expanded to 26 states and 702 branches in, Washington D.C. and Puerto Rico.
National Presence
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Program Goals
• Engage CUs committed to serving Hispanics and Immigrants• Encourage standardization of CIP and loan underwriting requirements • Promote standardization of products and services available to Hispanics and
immigrants• Develop a central depository of best practices and information relevant to CUs serving
the Hispanic market• Formalize learning networks for sharing of best practices• Develop consistent marketing and outreach strategies• Facilitate collaborations with non-profits, as well as public agencies serving the
Hispanic market
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Mandatory requirements:
Program Principles
• Acceptance of alternative IDs (Matricula Consular; Municipal IDs, etc.)• Flexible loan underwriting criteria. Ability to provide ITIN loans
• Affordable and flexible• Transparent, simple and easy to understand and use• Accessible and convenient: on-line and mobile banking; micro branches;
partnerships• Bilingual and bicultural; committed to treating all with respect and dignity
Provide a pathway to financial inclusion (i.e. credit builder loan)
Products must be:
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Program Governance
• Represents industry partners • Mechanism to shape the program • Coordinates the execution of promotion and
education efforts at the state level• Provides leadership and ensures consistency across
participant CUs• Meets on a quarterly basis
Advisory Committee
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• By 2060, 30% or more of the population underage 35 will be Hispanic.
• Between 2010 and 2016, Hispanics accountedfor 75% of all U.S. labor force growth.
• Hispanics account for 47% of the growth in number of small businesses from 2012-2017.
• 1.7 trillion dollars in buying power
57.5 million Hispanics in the United States 14.2% Unbanked 28.9% Underbanked
Hispanic Opportunity
Sources:2017 FDIC National Survey of Unbanked and Underbanked Households,Power of the Purse, How Hispanics Contribute to the U.S. Economy, New American Economy, 2017Descubrimiento Digital, The Online live of Latinx Consumers, The Nielsen Company 2018
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From 2012-2017 Hispanics represented:
• 61% of user growth in checking and savings accounts
• 57% of user growth in 401k accounts
• 35% of growth in credit cardusers from
Driving Growth
Sources:2017 FDIC National Survey of Unbanked and Underbanked Households,Power of the Purse, How Hispanics Contribute to the U.S. Economy, New American Economy, 2017Descubrimiento Digital, The Online live of Latinx Consumers, The Nielsen Company 2018
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Driving Growth
138% in auto loans
55% in debit cards
52% in credit cards
42% in personal loans
41% in checking and savings accounts
14% are still reported to be unbanked
Percentage of change in number of Hispanic users (2012-2017)
Sources: Univision Harris Poll, Banking on Latinos for Growth2017 FDIC National Survey of Unbanked and Underbanked Households
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• Even though Hispanics are driving growth in financial products, there is still a long way to go.
• 42% of Hispanics are very interested in learning how financial services/products can help them achieve life goals.
• 48% of those speak Spanish only.
• 36% are bilingual.
Sources:2017 FDIC National Survey of Unbanked and Underbanked Households,Power of the Purse, How Hispanics Contribute to the U.S. Economy, New American Economy, 2017Descubrimiento Digital, The Online live of Latinx Consumers, The Nielsen Company 2018
Take a Deep Dive
Join us!Banking on Hispanics for Growth:
The Importance of Serving the Hispanic MarketJune 20, 2019 | 1:00 pm ET
Accelerate Financial Inclusion in Your Community ITIN and Small Business Implementation Workshops
Filene, Coopera, Inclusiv, PolicyworksChicago, June 25-26
New York City, July 15-17
Inclusiv Conference 2019
2019 Inclusiv ConferenceSeptember 16-18, 2019 | Los Angeles, CAOmni Los Angeles Hotel at California Plaza
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39 Broadway, Suite 2140New York, NY 10006-3003
www.inclusiv.org
Pablo DeFilippi
SVP Membership &
Network Engagement
212.809.1850 ext 304
René Vargas
Program Officer
212.809.1850 ext 207