Latino Community Credit Union Provides Community Support and Financial Services

The Latino Community Credit Union is more than just a financial institution - it's a community cornerstone.

They offer a range of financial services, including checking and savings accounts, loans, and credit cards.

Their membership is open to anyone, regardless of income or immigration status, making them a vital resource for many in the community.

By providing affordable financial services, they help individuals and families achieve financial stability and security.

The Latino Community Credit Union, or LCCU, has a rich history that dates back to a time when the Latino community in Durham faced significant challenges in accessing local banking services. The lack of documentation, illiteracy, and language barriers made it difficult for them to receive the financial services they needed.

Leaders from the Triangle's Hispanic community came together to address this issue, with Ivan Parra and John Herrera taking the lead in establishing a credit union specifically for Hispanics and Latinos. Both men had extensive experience in community engagement and had worked with various groups before.

The initiative was a collaborative effort, with organizations from diverse sectors sharing resources to create a successful credit union. Start-up deposits from these groups totaled around $2.5 million, providing a strong financial footing for the credit union's future success.

The Latino Community Credit Union (LCCU) truly lives up to its name by actively engaging with and supporting the Latino community in North Carolina.

In 2002, the LCCU sponsored the creation of the Latino Community Development Center (LCDC), which promotes financial literacy, access to financial services, and economic development for low-income immigrant Latinos.

The LCCU's financial education program, Building a Better Future, has been a huge success, with over 180 participants graduating from its six-workshop program within the first few years of its establishment.

By offering this program, the LCCU empowers its members to take control of their financial lives and make informed decisions about their money.

In 2016, the LCCU established a scholarship program to increase access to higher education among its members, with the goal of helping them launch successful professional careers.

The Latino Community Credit Union (LCCU) has a strong presence across North Carolina, with a total of 15 branches as of April 2022.

You can find these branches in various locations throughout the state, including Winston-Salem, Charlotte, Garner, Carrboro, and Monroe.

Here's a breakdown of the LCCU's branches by location:

This extensive network allows the LCCU to serve over 90,000 members, providing them with convenient access to financial services and support.

At Latino Community Credit Union, membership is open to anyone who lives, works, worships, or attends school in New Hampshire.

To become a member, you'll need to join the credit union by purchasing a $5 share. This share is refundable if you decide to leave the credit union.

You can join the credit union by visiting one of their locations in person, or by mail by filling out an application and sending it in.

The credit union offers a variety of account options, including checking, savings, and youth accounts.

Their checking accounts come with features like free online banking, bill pay, and mobile banking.

Latinos in Durham faced significant challenges in the 1990s due to a lack of access to financial institutions.

The community experienced an outbreak of violence in 1996, with home invasions, attacks, and robberies on the rise.

Latinos paid everything with cash, making them easy targets for violent crimes and vulnerable to ongoing violence in Durham.

Without access to credit, Latinos and Hispanics couldn't build a credit history, which prevented them from borrowing funds to purchase homes, cars, or start new businesses.

Educating communities became crucial to overcoming the barrier of understanding and trusting banks in the United States.

Latinos paid everything with cash, from rent to car payments, which made it impossible for them to establish a credit history.

The Latino Community Credit Union is a member-owned financial cooperative that serves the Latino community in the state of New Hampshire.

The credit union is certified as a Community Development Financial Institution (CDFI) by the US Department of the Treasury.

The CDFI certification recognizes the credit union's efforts to provide financial services to underserved communities.

The credit union is also certified as a Latino Community Development Financial Institution (LCDFI) by the Office of the Comptroller of the Currency (OCC).