Improve economic access in your community by offering consumer lending products, including credit cards, personal loans, and vehicle loans, to...
Jan 07 2016
Reaching Minority Households: Learning from Minority Credit Unions
A recent FDIC survey of 40,998 households estimates that 34 million households in the United States are unbanked or underbanked. These challenges are especially difficult for many minority households. The FDIC survey found 54% of black and 46% of Hispanic households to be un- or underbanked, well above the national average of 28%.
In an effort to tackle this disparity in the financial services sector, Visa and Filene Research Institute have joined forces to help credit unions expand their reach to underserved households.
An important first step in closing the access gap, this research:
- Reviews the U.S. minority market size for financial services
- Analyzes gaps facing minorities, particularly; low assets, vulnerability to financial emergencies, and access to affordable credit and financial services
- Investigates the role of credit unions
- Presents survey results of more than 100 credit unions and effective practices from Minority Credit Unions
Thank you, Visa, for supporting this research.
Report Number 383