If the 67 million Hispanic consumers in the USA were their own nation, they’d have the sixth largest GDP in the world. And yet, they’re overlooked and underserved by mainstream banks and credit unions alike. On this episode, host Vince Passione and Victor Corro, CEO of Coopera Consulting, discuss how credit unions can earn the right to serve these nuanced members.

Key takeaways:

03:17 - “Hispanic, Latino, Latinx” are imperfect labels that fail to acknowledge the depth and nuance of individual identity.

06:51 - Credit unions need to increase their research in, and understanding of, multicultural members as the nation prepares to be “Majority minority.”

10:26 - How building and earning the trust of underserved communities is key to a credit union’s mission, and its long-term growth.

13:08 - Hispanic members gravitate towards fintech solutions because fintech have done a better job of reducing friction points.

16:05 - Key products, services and solutions to support the breadth and scale of Hispanic members.

21:27 - The credit union system is lacking a sense of urgency, and needs to be more proactive about investing in serving multicultural members.

23:25 - Multicultural consumers are often pigeonholed–and that’s leading to poor service from financial institutions.

Resources Mentioned:

• https://www.brookings.edu/articles/latinos-and-the-future-of-finance-why-we-need-to-examine-the-motivations-and-effects-of-latinos-fintech-adoption Brookings study
• https://www.cooperaconsulting.com/ Coopera Consulting

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#CreditUnions #Lending #Credit

Serious mistakes on credit reports is the number one consumer complaint, but are these issues really a surprise? The systems were developed decades ago, and were never intended to take the scale and breadth of information the modern consumer can now provide. On this episode, host Vince Passione is joined by Christian Widhalm, CEO at Bloom Credit, to discuss the opportunities for improvement.

Key takeaways:

01.24: Almost a quarter of people find serious mistakes in their credit reports. The CFPB cites errors as the number one consumer complaint.

02:18: The rails credit data is transmitted on were never designed to take the modern volume and breadth of data inputs.

05:05: Even long-tenured, established lenders continue to make fundamental mistakes on credit reporting–partly due to the systems being decades old, and the data requirements being increasingly nuanced.

07.38: Bloom Credit has developed a bi-directional API providing lenders with consistent information, regardless of what credit bureau they’re pulling from.

11.12: Bloom Plus is a new product to enhance consumer management of their own credit data.

14.00: CFPB announced a new rule on Buy Now Pay Later lenders, requiring updated standards, but BNPL credit reporting continues to lag.

15.12: With each credit reporting bureau pursuing its own solution to BNPL reporting, BNPL lenders have been able to sit back and await their decisions without taking proactive steps.

18.12: Why credit reporting would also be good for BNPL lenders.

20.14: CFPB has been critical of credit reporting, and there may be a potential ‘New standard of care’ introduced.

Resources Mentioned:

• https://bloomcredit.io/ Bloom Credit
• https://bloomcredit.io/products/bloomplus/ Bloom Plus

Thanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show and be sure to subscribe so you never miss another insightful conversation.

#CreditUnions #Lending #Credit

Is the key to credit union success just better marketing? On this episode, host Vince Passione is joined by Barry Kirby, co-founder and chief revenue officer of Union Credit, to discuss the products and placements that could revolutionize consumer preferences.

Key takeaways:

2:07 - How a “marketplace” helps expand credit unions’ institutional reach and brand awareness.

5:25 - Opportunities for credit unions to leverage credit cards to reach younger audiences.

8:28 - The ‘08 financial crisis shifted consumer trends away from credit cards and towards personal loans–but those trends are now reversing again.

10:46 - A key risk for community lenders is marketing budget.

12:09 - Is there a liquidity crisis for credit unions? Some leaders are starting to consider the temporary challenges of the last few years as macroscopic norms.

13:26 - Securing payroll is critical for credit unions to be seen as a member’s primary financial institution.

15:59 - Can digital marketing help credit unions more effectively penetrate low-income communities to increase and improve financial wellness?

18:34 - Focusing on the most pressing challenges and identifying the right partners to address those is the most effective way for credit unions to navigate the booming fintech ecosystem.

21:00 How fintech strategically benefits from credit union investors.

Resources Mentioned:

https://www.unioncredit.app/ Union Credit

https://www.trustage.com/ventures TruStage Ventures

https://www.curql.com/ Curql

Thanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show and be sure to subscribe so you never miss another insightful conversation.

#CreditUnions #Lending #CreditCards #Marketing