4 years ago
Three local credit unions are opening a joint branch to serve the Latino community in DC's Mount Pleasant neighborhood.
The branch will be called Acceso, meaning "access" in Spanish. The credit unions want to draw Hispanics from companies that charge fees to cash checks.
The credit unions say they're adapting their policies to meet the needs of Latino immigrants. For example, Acceso will accept foreign identification cards so undocumented immigrants can become members and open savings accounts.
Additionally, loan officers will evaluate credit risk not just through credit reports, but by examining whether applicants send money home regularly.
Mount Pleasant and nearby neighborhoods are about 25 percent Hispanic, and a survey has found that at least half those residents don't have bank accounts. Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Written by The Associated Press
