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Published: September 2009

Spanish-speakers in Louisiana struggle to gain access to financial services

Appleseed Louisiana has released a study focused on immigrant banking experiences in the New Orleans area. The report encourages area banks and credit unions to adopt policies and practices that will better meet the needs of Latino immigrants.

Download the report entitled Immigrant Banking: Reaching the Latino Population in Louisiana

Below is an excerpt from the report:

In conducting surveys of local banks and credit unions, Louisiana Appleseed’s objective was to discover the existing products and services in the local market targeting the immigrant and low-income communities.

Analysis of the surveys revealed the need to increase immigrant access to financial institutions.

In conducting the survey, Appleseed volunteers encountered much enthusiasm for understanding the needs of this emerging market and learning techniques to attract immigrants to the mainstream banking system.

While the larger institutions had in place national immigrant initiatives, many acknowledged the need for a more concentrated outreach to the emerging population in the New Orleans area. Also, local credit unions were aware of the opportunity in attracting unbanked immigrants and several had concerted efforts underway to reach this population. One credit union, in particular, had concrete plans to open branches designed specifically for the Latino and Vietnamese communities.

While participation was positive, some institutions completed the surveys with more in-depth answers than others. Consequently, some institutions may have a more comprehensive list of products and services than indicated on the survey. In January of 2008, each participant was given the opportunity to update its responses; one credit union replied with additional information.

For More Information

Appleseed Louisiana

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Category

Banking   ♦   Consumer Protection   ♦   Immigration   ♦