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Latino Community Credit Union (LCCU) Creating Sustainable Credit Unions
NALCAB National ConferenceAsegurando Nuestro Futuro: Asset Preservation in
a Challenging EconomySan Francisco, California
September 3-5th, 2008
Latino Community Credit Union
What is LCCU?
• Staff: 100% bilingual and bicultural staff from Latin America, U.S. and Spain
• Members: from five continents
• Origin: First financial institution in North Carolina focused on serving the Latino immigrant community.
• Mission: To provide access to high quality, affordable financial services and education to integrate members into the U.S. financial system.
Latino Community Credit Union
The Facts…
Latino Community Credit Union
Over50,000
Members
6 branches + 2 new
branches
$68 millionin assets
70% unbanked
97% low-income
Who we are
Financial EducationFinancial Education
• 9,100 participants
• 175 graduates since 2006
• 97% Low Income
• 70% Unbanked
AffordableProducts/Services
AffordableProducts/Services
• Leading CU in remittances
• 13,286 loans
• $91 million in financing
Economic/ Community Development
Economic/ Community Development
• 500 homeowners
• 90% first-time homebuyers
• 0% delinquency
• Workshops
• Individual Counseling
• “Building a Better Future”
• ESL
• Deposit Accounts
• Credit Builder Loans
• Personal & Auto Loans
• Mortgages
• Debit/ Credit Cards
• Over 900 ATMs
• Remittances / IACH
• Up to 100% LTV mortgages
•Even w/o credit history
• No PMI
•Culture of savings
Latino Community Credit Union
Full package of servicesAll services available with SSN or ITIN
No discrimination in pricingAccess to credit should be a human right
Our Model
• Trust from community
• Language and culture
• Full package of products and services
• Outreach
• Lending policies
• SSN and ITIN
• Pricing
• Technology
• Financial Education
vs. Marketing
“I used to put my head down when I went into a bank, and now I can go into a bank and hold my head high because I understand.”
Humberto from Mexico, a 2006 graduate
Financial Education
• Bilingual Materials• Educational Workshops • Popular and Peer Education• Graduation Ceremonies• Individual Counseling• BALANCE relationship• PSAs and educational articles• Movie/Video Tools
9,100 participants175 graduates
Financial Education Materials
Latino Community Credit Union
Q & A
Questions?