Hispanic Resource Center

FREQUENTLY ASKED QUESTIONS

Why did CUNA decide to develop this web site?

At the request of then-CUNA Chairman Richard Ensweiler, CUNA formed the Hispanic Outreach Task Force in 2003. The task force spent nearly a year doing research and developing its final report and launched the Hispanic Resource Center in February of 2005.

Who will maintain the web site?

With the help of an oversight advisory group of credit union professionals, CUNA staff will maintain the web site. The overall success of the site, however, will largely rest with you--credit unions and leagues--and your willingness to provide content and share information that will help one another reach out and serve this market.

Why did you focus on Hispanics?

This web site focuses on Hispanics because they are the fastest growing and largest minority segment in the United States today. Some of the tips available through the web site may be useful in reaching out to other consumers having modest means.

What's the preferred way to refer to the market—as Hispanics or Latinos?

It's one market, but like any demographic group differences exist within the market, including what to call it. In some sections of the country and among some segments of the market itself, the preferred term is "Latino"; in other segments, the preferred phraseology is "Hispanic". We use the terms interchangeably on this web site.

The term "Hispanic" is generally applied to all Spanish-speaking people and implies a cultural heritage or lineage from Spain. The term "Latino" refers to people originating or having a cultural heritage from Latin America.

Why should credit unions focus on the Hispanic/Latino market?

It's good business. In the past 10-plus years, this market has doubled in size. Nationally, they represent nearly 14% of the population. They are the nation's largest and fastest-growing minority group. The Hispanic population is relatively young, with 48% less than 25 years of age (compared with only 32% of non-Hispanic Whites). Traditionally, a credit union's strongest borrowers are members ages 25 to 44. The percentage of members in this strong borrowing age group has been dropping over the past decade, according to CUNA's 2002 National Member Survey. Credit unions will need to increase penetration of youth and young adults to reverse this trend, and Hispanic youth have large, untapped potential.

It is consistent with good credit union philosophy to serve this market. Credit unions have a long history of providing high-quality, low-cost financial services to members. The growing population of Latinos/Hispanics should have the opportunity to benefit from credit union services.

What are some of the resources available?

There are a number of resources available to find out about this market, including those found on this web site and listed among the Resource Links and File Library sections of this web site. We suggest you consider a variety of sources, rather than relying on any single source. It may be helpful to divide your research into two segments- internal credit union system research and external Hispanic market research.

A great deal of work has already been done within the credit union system including:

1. "Credit Unions Serving Hispanics: A National Perspective," CUNA, www.cuna.org



2. "Embracing Your Hispanic Market," Texas Credit Union League, www.tcul.coop



3. "The Hispanic Manual for Credit Unions: Serving the Latino Community," California Credit Union League, www.ccul.org



4. "Hispanic Quick Start Kit: A step-by-step guide for credit unions," www.cuna.org

You'll find additional tools in the "Resource Links and File Library" sections of this web site. Additionally, you may post helpful information and research that you have uncovered and believe other credit unions would find beneficial.

CUNA invites you to submit resources you have used that other credit unions may find beneficial in their efforts to reach out to the Hispanic market.

Where can I get more help?

We strongly encourage you to share your experiences with others by using the File Library and e-mail list (a chat line) features that are part of this web site. For many credit unions, those features alone will be invaluable resources.

The File Library is a data base of information that the Hispanic Outreach Task Force used in developing its report for credit unions. Here are just a few of the sites from the file library that you may find helpful:

• The Hispanic Population in the United States: March 2002, issued June 2003, U.S. Census Bureau, www.census.gov
• Hispanic Agenda for Action (HAA), Office of Minority Health, U.S. Department of Health and Human Services, Washington, D.C., www.haa.omhrc.gov



• League of United Latin American Citizens, www.lulac.org



• Hispano Mundo, www.hispanomundo.com



• National Council of La Raza state affiliate advocacy groups at www.nclr.org



• For a list of Hispanic events, go to www.aviso.net/dir/usa/hispanic/events



• Hispanic Association on Corporate Responsibility, Washington, D.C., www.hacr.org



• The Pew Hispanic Center www.pewhispanic.org/index.jsp

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