The LSCU is ceaselessly seeking opportunities for credit unions to grow through collaboration while reaching out to potential members who need us. That’s one reason we have chosen to cohost a free Incubator Workshop in Miami, May 2-3, designed to expand and promote financial inclusion in underserved communities throughout the U.S. We are working with Inclusiv, which is launching an “Accelerate Financial Inclusion in Your Community” series of these workshops nationwide in partnership with the Filene Research Institute, Coopera, and PolicyWorks.
The interactive workshops are designed to give tools to credit unions to drive financial inclusion in their communities, the heart of our mission as financial institutions available to those who most need parity. Along with helping underserved markets, such as the Hispanic community through programs like Juntos Avanzamos, Individual Tax Identification Number (ITIN) Lending is one of the many ways credit unions can grow while giving disadvantaged citizens more opportunities.
This workshop in Miami will examine regulatory aspects of ITIN Lending, explore best practices to implement this program, and develop an operation’s plan to prepare organizations to support underserved communities. It charts a course to provide assistance to the under-resourced while growing your credit union’s revenue stream.
ITIN Lending is one of the many ways credit unions can grow. Through this collaborative workshop, credit unions can quickly implement research-backed programs through the delivery of practical guidance, tools, and resources, such as the ITIN Lending Guide. This guide is a Filene publication that consolidates best practices from credit unions and other stakeholders that have refined these lending practices over the years.
In addition to the ITIN lending program, the workshops will empower financial institutions to offer small business loans to underserved entrepreneurs through a new referral partnership with Accion and Grameen America.
Registration is open for the Miami Incubator Workshop at https://filene.org/2019workshops. We hope you will join us as we study ways to bring new members to credit unions, helping the underprivileged while also boosting credit union growth. It’s a win-win situation.