Cooperativa Latina, Nuestra Cooperativa

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Cooperativa Latina, Nuestra Cooperativa
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Honoring our HeritageImmigrants and Credit
Unions

• 4th Latino Credit Union Conference
• June 7, 2006
• Luis Pastor, CEO

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What is LCCU?

• Origin First financial institution in NC 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
• Staff 100 bilingual and
• bicultural staff from Latin
• America, U.S. and Spain
• Members from
• all five continents

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The Facts
Latino Community Credit Union
95 low-income
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Our model
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Why a Latino CU?

• Lack of access to financial institutions
• Focus on immigrants
• Great credit union
• leadership in NC
• NC has fastest
• growing Latino
• population

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Our members

• Low level of education 7th grade
• Distrust financial institutions
• Not only language barrier, but cultural
• Unnecessary documentation in some cases

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Our needs

• Long term relationship
• All financial needs, not just basic products
• Transition to financial maturity
• Very low delinquency 2 consumer, 0 mortgages
• Financial education
• Loyalty

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Where to start

• Change in cultural organization, from Board of
  Directors to tellers
• Fulfill all financial needs, both present and
  future of your members
• There are resources in the Credit Union movement
• Each CU can find different partners to meet the
  needs of its members

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Cooperativa Latina, Nuestra Cooperativa