Jul 11 2006

La Oportunidad

Report  
Number  
120

In this report, Filene aims to inspire credit unions to action and to take the first, intermediate or even advanced steps in realizing the enormous opportunity they have to serve the Hispanic population.

George Hofheimer
George Hofheimer
Founder
Hofheimer Strategy Advisors
Report Number 120

Executive Summary

In early 2006 a cultural tremor shook the United States of America. Across the country undocumented workers, new immigrants, and mainstream folks took to the streets demanding to be heard. Their message? “We want to make a better life for our families with dignity and respect.” Many in the U.S. were taken aback by the rapid and vigorous response to proposed legislation which would criminalize nearly 12 million undocumented individuals who are largely from Mexico and other Central and South American countries. The ensuing debate provoked a heated discussion about the largest minority group in our country: Hispanics.

What is the research about?

Like other distinct segments of the population, credit unions need to understand the needs of the roughly 12 million undocumented workers and the 40 million individuals who consider themselves Hispanic. This market is growing rapidly, is largely underserved and is in line with credit unions’ historical mission of service to individuals of modest means. This report sources a wide variety of research and information about the Hispanic market in the United States. 

What are the credit union implications?

Competitors in the financial services arena have already recognized the importance of the Hispanic market. In this report, Filene aims to inspire credit unions to action and to take the first, intermediate or even advanced steps in realizing the enormous opportunity they have to serve the Hispanic population.