Jim Norris, CEO of SkyPoint FCU Addresses the Challenges of Latino Banking Needs

Jim Norris, CEO of SkyPoint Federal Credit Union, recently authored an article in the Hispanic Network Magazine focusing on the unique financial needs and challenges facing the Latino community.

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In this article he outlined some examples of how some specialized banks and credit unions, such as SkyPoint FCU, are providing solutions for some of these frustrations within the community. Here is a summary of five of the solutions:

1. Immigration Loans – unique loans to help immigrant families and individuals manage the high government costs related to the immigration process.
2. No-Credit Check Loans – a flexible loan that can provide up to $1000 with no credit check.
3. Mortgage Loans – streamlined mortgage process through technology and personal support.
4. Higher Education Loans – multiple in-school repayment options to allow the borrower to finance up to 100% of the school-certified cost of attendance.
5. Improved Customer Service – access to fully bi-lingual staff and paperwork in both Spanish and English.

Norris goes on to recommend credit unions consider these specific offerings or certifications:

Junto Avanzamos Certified – employ bilingual, culturally competent staff and leadership that accept alternative forms of ID and are committed to treating all of their members with respect, regardless of their immigration status.
Diversity, Equity & Inclusion (DEI) Certified – this certification program provides credit union leaders with the competencies, knowledge and tools to develop DEI strategies that align with the objectives of Latino businesses and members. This specific certification is made available for credit unions by the MD|DC Credit Union Association and Georgetown University’s School of Continuing Studies.
Community Development Financial Institution (CDFI) – these institutions offer tailored resources and innovative programs to generate economic growth and opportunity in economically disadvantaged communities.

You can read the full article on the Hispanic Network Magazine website.