Pew Research Center reports that Latinos account for 52% of the population growth from 2010 to 2019. Although there has been a slowdown in immigration and the number of births by Hispanic women, the U.S. Hispanic population reached a record 20.6 million in 2019. This shows the significant growth of the Hispanic population overall. When a person can confidently join a credit union using forms in their mother language it gives them confidence in their actions and the institution. Spanish documents and forms provide autonomy for Spanish-speaking members.
Credit unions are in a unique position to serve the Hispanic population. Credit unions provide great services and profound support to their members on an individual basis. The emphasis on treating every member’s unique needs can be invaluable for the Hispanic population.
In order for credit unions to serve their members well, they need to provide all the resources they possibly can. For a credit union member, having confidence in the disclosures you are signing and understanding what you are agreeing to, is crucial.
For Spanish speakers whose first language may not be English, forms and documents in English can be a major hurdle. Having autonomy over your own financial decisions is invaluable for Spanish-speaking members and one way they can have that ownership is by being provided with forms and disclosures in Spanish.
Credit unions have the ability and responsibility to provide accessible documents for all of their members.
A credit union’s value comes from its members. After all, credit unions were created to serve their community members. Any limitation on membership can be detrimental to a credit union’s consumer roster. By not providing documents and disclosures in a potential member’s first language, a credit union can halt its growth potential. Credit unions need to provide adequate forms and disclosures for their Spanish-speaking members in order to bridge the gap of accessibility.
Spanish documents are available for all Oak Tree forms and lending documents. This includes membership documents, home equity lending, consumer lending, and business lending forms. We offer customizable forms solutions that follow all state and federal requirements.
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