Credit unions are all about community and one of the fastest-growing communities in the United States is the Hispanic Community. In fact, they currently account for 18% of our nation's total population, and yet there is an expectation to see them grow more than 50% over just the next decade.
Recently our CEO, Richard Gallagher, put together an opinion piece for the CU Times where he went more in-depth on this important and valued demographic. Here is an excerpt from the article:
According to the Univision research study, the number of Hispanic households earning $100,000 or more has skyrocketed more than 300%. But while incomes have risen substantially, the use of financial products among the Hispanic population has lagged behind non-Hispanics. The same study revealed where there are opportunities for credit unions to correct this.
Richard continues to go into the needs that this community has, how credit unions can do more, and how we can build stronger credit union communities. When it comes to the issue of language we at Oak Tree have always understood the importance of forms, documents, and disclosures being properly worded and it is why we offer Spanish forms, documents, and disclosures for the credit union community. As a trusted vendor for more than 37 years to credit unions we have drafted our documents in English and Spanish to better help the members and credit unions. Learn more about how we can help you, and be sure to check out the article at CU Times on how your credit union can better reach the Hispanic community.