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Georgias first Latino CU one step closer to reality
ATLANTA (1/25/08)--The proposed Georgia Family CU, a credit union marketed to Latinos, could open in Atlanta this year. The proposed credit union’s board met with a federal regulator Wednesday to discuss plans for forming the credit union(Atlanta Journal-Constitution Jan. 24). The credit union will reach out to help immigrants who came to the U.S. to work, organizer Paola Diaz-Torres told the newspaper. Banks often earn a lot of fee income from Latinos, said Rafael Morales, communications officer for the National Federation of Community Development Credit Unions. The banks don’t have products and services that are suitable for low-income people who live paycheck-to-paycheck, he told the newspaper. Aside from teaching financial basics to Latinos, the proposed Georgia Family CU aims to help small businesses, Diaz-Torres said. The proposed credit union is unique, said Anita Paul, spokesman for Georgia Credit Union Affiliates. Many of the state’s credit unions serve Hispanics but have not created a marketing strategy that targets them directly, she said. Diaz-Torres and associate Yahnia Rodriguez said they hope the credit union will have 1,500 members in three years. Diaz-Torres proposed creating the credit union in 2006 with money from IDEAS, a non-profit based in Decatur that promotes services to help the poor. Since then, she has raised $700,000, or three years of financing, but needs more financing from the community, the newspaper stated. The credit union also must be approved by the National Credit Union Administration.


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