Reaching the Hispanic Market through Remittances: Experience from the Credit Union Remittance Outreach Program (CUROP)

This paper presents best practices and guiding principles based on the experience of three credit unions that implemented remittance based community outreach activities in Iowa, U.S.

Hispanics represent the largest minority group and the fastest growing sector of the U.S. population. World Council of Credit Unions (WOCCU) piloted an initiative called Credit Union Remittance Outreach Program (CUROP) in 2007, to expand outreach to the Hispanic community in the U.S. It selected Iowa for the CUROP pilot, because of the expansion of the Hispanic population in the state. Three credit unions participated in the pilot. They were Family Credit Union, Greater Iowa Credit Union and Village Credit Union. CUROP credit unions designed Hispanic outreach programs that included grassroots efforts, marketing and financial education.

WOCCU and CUROP credit unions identified strategies that ensured successful outreach through remittance led initiatives. They include:

• Build a foundation within the credit union to ensure buy-in and commitment from all levels of staff and leadership;
• Develop a business plan detailing processes and resource allocation;
• Focus marketing to reach the Hispanic community;
• Monitor and track progress toward a positive return on investment.