29 THE NAFCU JOURNAL March–April 2022 loan program for citizenship developed for Deferred Action for Childhood Arrivals (DACA) as a result of our conversations with a local organization that works with DACA applicants.” When MariSol Federal became a CDFI, one of their first grants enabled them to set up a mobile branch at local Hispanic grocery stores. The vehicle had the credit union name and logo to clearly identify it, and staff were able to handle simple transactions and open accounts. “The most important goal of the mobile branch was to give our staff a chance to listen and learn from people in the community,” said Romano. “We learned that short-term, high interest loans were predominant in the area we gained from the merger, so we created an alternative —a four-month, unsecured loan that is underwritten based on the behavior of the member’s use of a checking account.” The loan is now a six-month loan and qualification requires a checking account into which a paycheck or other income is direct deposited along with responsible use of the checking account. “We have had a great deal of success with this product and have a very low delinquency rate,” she added. Education is also a key component of community outreach for Marisol Federal, and the credit union offers financial literacy classes throughout the community. Not only does the credit union go into the community to offer classes, but classes are conducted in both Spanish and English. The community development team at SkyPoint Federal Credit Union is also bilingual, which is important to providing information to a Hispanic audience, said Audra Pettus, community relations director at SkyPoint. The ability to provide information in Spanish is critical, even if some family members speak English, she explained. “Parents often rely on their children to interpret for them, and financial conversations can be very complex, which makes it difficult for children to interpret,” she said. “When we can communicate with them in their language, we build trust as we share information that will help them learn about banking and financial issues.” However, relating to the community goes beyond speaking their language, pointed out Pettus. “The underserved and underbanked in our communities are minorities—Hispanic and Black—so the people who present financial literacy programs or who are at community events reflect the community,” she said. Her team is comprised of people representing both minorities who are skilled One example of a “community need” is a loan to finalize the citizenship process. The package of forms and information is completed by the individual, but a check is needed, so these loans provide the certified funds needed to send with the citizenship application. ROBIN ROMANO, CEO OF MARISOL FEDERAL at teaching financial wellness and credit building strategies. “Financial literacy is not taught in schools, and if people don’t learn it at home, the lack of knowledge about credit, budgeting and borrowing becomes a vicious cycle.” SkyPoint became a CDFI in 2018, with the goal of providing economic opportunity in low-income communities, but a more formal, structured program that combines financial literacy education along with a suite of products developed specifically for the underserved market in the community is now available. The products, which include up to seven different lending products for members who may have credit issues or specific needs, consider the challenges members may have. “We work with community partners who align with our goals for financial literacy to increase our visibility in the community,” said Pettus. Community efforts include drives to collect canned food, candy and school supplies at appropriate times of the year and an Angel Tree at Financial literacy is not taught in schools, and if people don’t learn it at home, the lack of knowledge about credit, budgeting and borrowing becomes a vicious cycle. AUDRA PETTUS, COMMUNITY RELATIONS DIRECTOR AT SKYPOINT
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