Title: ACCESO,
1ACCESO, A Collaborative Model for serving the
Latino Market Carla Decker, DGEFCU June
2006 Federations Latino Conference
2Presentation Overview
- Context for our Collaborative Model
- Partnership Structure Governance
- ACCESO The Shared Branch
- - Products Services
- - Community Outreach
- - Operating Goals Initial Performance
-
3Brief History
- DGEFCU was chartered to serve District Government
employees. But it also served the broader DC
community via ATM machines located within various
Police stations in the city. - Alianza FCU was chartered in the 1990s to serve
Latino immigrants in Ward One. It failed and was
merged into DGEFCU. - DGEFCU operated the Alianza Branch but closed it
after a failed partnership with CBO. - In the early 2000s, DGEFCU renews commitment to
serve acquired FOM / Remittances gain the
interest of international organizations, volume
and economic impact in LA begin to be tracked /
Lowering the cost of remittances becomes a
concern for the governments of the Americas, the
IDB, and OAS. -
4Demographics of the FOM
- Over 73,000 residents approx 30,000 immigrant
Latinos high linguistic isolation. - Median HH income 36,902 with 22 of population
living in poverty. - 72 of HHs rent.
Ward One, WDC
5Market Demands vs. DGEFCU Offerings
- Convenience local presence, extended and
weekend hours, friendly ? service in Spanish,
menu of transactional products
- Branches inside Municipal buildings
- Branch hours Mon Fri 830 a.m. 330 p.m.
- No Spanish speaking front line staff
- Relatively robust menu of transactional services
6Additional Challenges for DGEFCU
- Financial Resources
- Capacity to add a 3rd branch
- Capacity to serve immigrants, capacity to
integrate ourselves into the community - Staff and member buy-in
7The Collaborative Process
- Aligning interests and desired objectives
- Developing the shared branch model
- Obtaining board buy-in
- Formalizing the partnership
- Organizing Credit Union Service Organization
- Collaborating!!!
8The ACCESO Collaborative
9Structure Governance
CUSO Board (3 Directors/CU)
Advisory Board
DGEFCU 40M 10,500 mbrs
IDB-IIC FCU 274M 7,300 mbrs
OAS Staff FCU 116M 4,700 mbrs
10ACCESOs OBJECTIVE
- To serve the multicultural and diverse
communities of Ward One - Adams-Morgan
- Mount Pleasant
- Columbia Heights
- through financial products, services, and
education designed to meet the needs of Hispanic
and Caribbean immigrants.
11ACCESO the shared branch
- Opened February 26, 2006.
- Staff are bilingual in English and Spanish most
are New Americans half live in the community. - Staffing and operations same as any retail CU
branch. All infrastructure support derives from
the 3 CU partners. - CU membership offered through DGEFCU.
- Loans are participated amongst the 3 CU partners.
- ACCESO is an SCC shared branch outlet.
3059 Mount Pleasant Street NW Washington, D.C.
20009 Monday-Friday 830 a 700 p Saturday
830 a 230 p
12Products and Services
- SERVICE
- Check cashing
- Remittances
- Money orders
- Shared branch transactions
- CREDIT
- Small personal loans credit builders
- Secured unsecured loans
- Mortgages
- SAVINGS
- Low balance requirements
- Attractive rates
- Savings club accounts
- SAFE accounts
13Community Outreach
- Implementation of Open House series.
- Collaboration with existing community and
faith-based organizations to complement various
efforts from IDAs to home counseling programs. - Business relationships.
ACCESOs 1st Community Day attracted 300 people!!
14Operating Goals
- Create access to affordable financial services
and credit for the immigrant community within the
FOM. - Goals (for Year 1) include
- - CU membership participation by un-banked
individuals - - Transactional services of remittances sent
- - Educational seminars, participation by members
and non-members of participants - - Home ownership seminars of participants
- - Lending objectives
-
15ACCESO Performance (as of May 24th)
- 53 new memberships
- Total savings of 197,400, average share balance
3725 - One loan disbursed for 1,000, two in the
pipeline - One co-op housing loan for 26 units also in the
pipeline
16Benefits to the Collaborative
- For DGEFCU, a culturally enriched environment
enhances other sensitivities that improve overall
service to our members. - Name recognition and reputation open new doors.
- Closer ties to CU sponsors.
- Overall, good-will!!!
17 THANK YOU! GRACIAS!