Uw Credit Union Home Loan Rates – A sign at the teller counter at the University of Washington Credit Union branch on Fish Hatchery Road reminds members of their new name as Juntos Avanzamos (“Together We Move Forward”) Credit Union to support their commitment to serving Latino communities and new arrivals. .
Bilingual bank manager Keyla Arcos and teller Sonia Castellanos work the drive-thru window at the University of Washington Credit Union on Fish Hatchery Road in Fitchburg.
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At the University of Wisconsin Credit Union on Fish Hatchery Road in Fitchburg, banker Jessica Ruiz smiled as someone spoke to her in Spanish about fertility.
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After two decades of hiring bilingual staff and eliminating immigration exclusion laws, the University of Washington Credit Union received national recognition for serving Latinos.
Bilingual bank manager Keyla Arcos and teller Sonia Castellanos work the drive-thru window at the University of Washington Credit Union on Fish Hatchery Road in Fitchburg. Ruthie Hauge
In 2014, Georgina was looking for a better car to clean the office of a cleaning company in Verona. He needed something suitable for the Wisconsin winter, so he knew he needed a loan.
But the tables turned against him, a Mexican immigrant who moved to Madison in 2006. More than 12% of Latino families in the United States do not have a bank account, and another 22% have no money, a term used to describe those who do. However, banks rely more on cash deposits and services like payday loans than other banks.
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That rate is two and a half times higher than that of white households, making Latinos more likely to face predatory lending practices or financial hardship.
Georgina also does not have a Social Security number, which many banks and credit unions have long required to provide some or all of their services. At some agencies, he has limited access to an Individual Taxpayer Identification Number (ITIN), a nine-digit replacement number created by the IRS in 1996 that is issued to non-citizens who do not qualify for a Social Security number. let them pay taxes. higher rates. Because of potential immigration implications, the Cap Times only uses Georgina’s first name.
But Georgina got the loan thanks to UW Credit Union’s decades-long effort to retool its practices to better serve the growing Latino population.
“I want the bank to lend me $18,000 to buy my little car so I can go to work … and do all the things I need to do,” said Georgina, who supports UW Credit Union for everyone. in his life. family.
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These practices have earned national credit union accreditation and provide business opportunities for approximately 40 percent of Dane County’s Latino population. In September, the group was elected Juntos Avanzamos (“Together Forward”) of Inclusiv credit, an organization that helps credit unions provide better services to low- and middle-income communities.
A sign at the teller counter at the University of Washington Credit Union branch on Fish Hatchery Road reminds members of their new name as Juntos Avanzamos (“Together We Move Forward”) Credit Union to support their commitment to serving Latino communities and new arrivals. . Ruthie Hauge
To earn this designation, a credit union must have long-standing standards to demonstrate its commitment to “serving and empowering Hispanic and immigrant consumers.”
Included on the list: having employees and leaders competent in two languages and cultures, accepting other forms of identity, and “respecting all members regardless of immigration status.”
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To date, more than 130 credit unions in 27 states, Puerto Rico and the District of Columbia have received this designation. UW Credit Union is the first credit union in the Madison area to do so and is the largest credit union in Wisconsin, where Latinos are the fastest growing minority.
“The country is changing, so financial institutions in general must really understand how to integrate with emerging markets,” said Pablo Delippi, executive vice president at Inklusiv.
Paul Kundert, president of the University of Washington Credit Union, said the union has been trying to provide better services to the Latino community for decades. When he joined the credit union nearly 20 years ago, the agency was studying how Dane County’s demographics would change in the coming years.
“Our goal is to improve people’s financial well-being, so understanding who can benefit is a key part of our organization,” said Qundert. “The Latino community is expected to grow exponentially,” he said, so catering to Latino needs makes good business sense.
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Credit unions began looking for ways to get Latinos out of the limelight in hopes of “changing the system to become a more welcoming and inclusive organization,” Qundert said.
This means rethinking the company’s long-standing practices — like requiring a Social Security number. Financial institutions collect Social Security numbers or Tax Identification Numbers (ITINs) to report shares or interests received by customers to the government, DeFilippi said. “There is never any kind of citizenship and consent.”
UW Credit Union began offering its first loans to ITIN holders in about 2005 and expanded the program to cover all of its services, from personal and auto loans to credit cards and home equity lines of credit. , has the same rate and fee. -The number type used by the client.
In 2006, after the Republican legislature repealed the state program that provided cash to ITIN holders, UW Credit Union began doing its own ITIN transfers, thereby removing the last hurdle for ITIN holders.
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There is no complete list of banks and credit unions that offer loans to ITIN holders, but a September report from the Filene Research Institute, a think tank focused on credit unions, found that the number in – increase. Of the 108 credit unions surveyed, 70% offer at least one type of ITIN loan. Of those who haven’t started, 72% plan to.
DeFilippi said that improving banking services would help the entire community, noting that holding large amounts of money can make people “vulnerable to crime.” This increases crime rates, lowers property values and taxes, and can reduce local government operations.
“It’s in our best interest, our collective interest, to make sure that consumers can keep their money in a safe place,” DeFilippi said.
Several credit unions that applied for the Juntos Avanzamos designation failed to meet all criteria in their first attempt, but UW Credit Union was successful. “There are still things we can do and we continue to work on them, but this is an encouraging confirmation that we are moving in the right direction,” said Qundert.
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The overdraft facility is just one change UW Credit Union is making to meet the needs of local Latino residents. They also employ bilingual staff to process deposits, open accounts, help customers apply for credit cards and more. Today, approximately 150 of the credit union’s 900 employees are fluent in Spanish, and 26 of its 32 departments have Spanish-speaking Hispanic employees.
At the University of Wisconsin Credit Union on Fish Hatchery Road in Fitchburg, banker Jessica Ruiz smiled as someone spoke to her in Spanish about fertility. Ruthie Hauge
Two years ago, credit unions raised wages for bilingual workers in an effort to attract and retain bilingual workers. They can earn an additional $1.25 per hour in advanced qualifying positions.
“Like other skills we pay for, these skills are valuable in the workplace,” Qundert said. “We want to accept that and pay the price.”
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Natalie Mendez Ponce, manager of consumer lending, is the driving force behind this change. When he started working as a finance specialist at the Fitchburg credit union branch eight years ago, the number of bilingual employees was not enough to meet the demand. Spanish appointments are fast and often have long lines because all the brochures are in English.
Mendez Ponce said, “I remember helping the front clerk (in Spanish), helping the front clerk and the people in the office because that’s when we started getting involved in community and word of mouth started to spread,” said Mendez Ponce.
He still receives calls from some of those customers. “They have come a long way in terms of their ability and ability to manage their money. That’s good because there are a lot of predatory loans out there,” said Mendez Ponce. He said that those who speak English well will have another risk.
“There are a lot of members who come out and say, ‘I don’t think this is right. I’m going to go to someone I trust,'” Mendez-Ponce said.
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Years of hard work by busy people seem to be paying off. Today, about 40 percent of local Latino consumers bank through the UW Credit Union, according to research by Coopera Consulting, which helps credit unions reach a diverse clientele.
“They estimate there are about 15,000 customers in the Madison area, so it’s not a small portion of the business,” Qundert said.
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