By Miriam De Dios
In just under a decade, the U.S. Hispanic population grew from 45 million to more than 57 million. Ten million in 10 years. That’s explosive growth. It’s also an amazing opportunity for credit unions.
Many of that 57 million are still seeking the American dream, and credit unions are helping them achieve that, one member at a time. In fact, 25% of Hispanics in the U.S. are now credit union members.
Ten years ago, a visionary credit union leader named Warren Morrow translated his big dreams into a business venture he founded in partnership with the Iowa Credit Union League. The firm was called Coopera.
It was 2007, and at 45 million people strong, the U.S. Hispanic consumer segment was the largest, fastest-growing, youngest and most financially underserved minority group in the country. In response to the segment’s explosive growth and strong need for fair and dignified financial services, Morrow challenged the credit union movement to become providers of choice for all Hispanics in the U.S.
Not One to Sit Around
Morrow wasn’t the type to sit around and wait for the tough questions to be answered. He set out to answer them. His tenacity for solutions, combined with his enthusiasm for improving the financial lives of Hispanic consumers, is why his legacy continues even as he has passed on.
As more leaders in the credit union movement saw the opportunities Morrow unearthed, Coopera began to grow. Over its 10-year history, the firm has worked with more than 200 credit unions, credit union system organizations and non-credit unions located in 30 states across the country. This translates to the service of more than 1,000,000 Hispanic consumers.
Over the past several years, Coopera and its partner the National Federation of Community Development Credit Unions have put the Juntos Avanzamos designation on a national stage. A signal to Hispanic consumers that a credit union has their best interests in mind, the designation is another way to communicate a credit union’s passion for serving the Hispanic community.
Raising Awareness of Struggles
Over Coopera’s 10-year history, many strategic partners have helped raise awareness of the struggles faced by Hispanic consumers, but also the great opportunity they represent. These organizations, including CUNA, the Federation and the Network of Latino Credit Unions and Professionals have helped hundreds of credit unions realize the influence and the value of what remains America’s largest, fast-growing, young and financially underserved minority group.
Importantly, the power and influence of the Hispanic community is a realization expanding far beyond the credit union space. Executives and business leaders in insurance, health care, higher education and many other industries are answering the call to adapt to the unique needs of a multi-faceted Hispanic consumer segment.
As more businesses, organizations and community leaders are inspired by the credit union movement’s success, we will be there, serving as leaders, examples and supporters of these organizations and the greater Hispanic community.
Miriam De Dios is CEO of Coopera, this month celebrating 10 years in business. She can be reached at dedios@cooperaconsulting.com.