LOS ANGELES, May 31, 2016 /PRNewswire-HISPANIC PR WIRE/ — Today, Kinecta/NIX Neighborhood Lending became the largest Juntos Avanzamos (Together We Advance) designated credit union in California. It is the 50th credit union to be evaluated for the nationwide designation, a new and important milestone for the program.
In the U.S., minorities remain largely unbanked and vulnerable to predatory financial service providers. Originated in 2005, Juntos Avanzamos recognizes commitments from credit unions seeking to empower the Hispanic consumer and serve the Hispanic market more effectively. To qualify, credit unions must demonstrate that they have flexible loan underwriting and CIP policies, offer affordable credit, savings and transaction services, and that they make their products, services and financial education accessible to Spanish-speakers. The National Federation of Community Development Credit Unions (the Federation) leads a nationwide expansion of the program in collaboration with the California Credit Union League and a number of other industry partners.
In recognition of the honor, executives from Kinecta/Nix and the Federation of CDCU, together with Senior Vice President, Member Solutions of California Credit Union League Larry Palochik, joined Los Angeles elected officials, local business and community leaders, as well as credit union members to celebrate a Juntos Avanzamos flag raising ceremony at Nix Neighborhood Lending, located at 1009 W. Martin Luther King Jr. Blvd., Los Angeles. Opening remarks were delivered by Kinecta President and CEO Keith Sultemeier, and by NIX President Luis Peralta, who accepted the Juntos Avanzamos flag and proclamation from the Federation Senior Vice President Pablo DeFilippi. Guest speakers included Luis Manuel Lopez from the Mexican Consulate and Linda Lopez, Deputy Mayor for Immigrant Affairs. Also in attendance were members of the community, supporters and NIX employees who helped celebrate the designation.
“As Nix approaches its 50-year anniversary of serving the residents of Los Angeles, we are honored to be recognized for our commitment to the Hispanic community,” said Peralta. “This accreditation is an important acknowledgement of the efforts Nix and Kinecta have put in place in order to expand access for marginalized minorities to affordable small-dollar credit and to help build credit for consumers who don’t fit the traditional borrower model.”
“Kinecta/NIX is the largest credit union in California to join our effort and we salute their leadership, vision and commitment to financial inclusion for underserved communities throughout Los Angeles,” said DeFilippi. “Juntos Avanzamos seeks to provide consistency around product delivery, institutional requirement and documentation requirements that identifies participant credit unions as Hispanic-friendly. The program is a bridge to connect consumers with credit unions committed to financial inclusion.”
About Kinecta FCU
Kinecta Federal Credit Union (kinecta.org) is one of the nation’s largest credit unions, with approximately $3.80 billion in assets; 22 branches; three retail mortgage centers; 30 Nix customer service centers and 10 Kinecta branches at Nix locations; and more than 282,000 members nationwide. Kinecta offers its members a full range of financial products through the Credit Union and its subsidiaries, Kinecta Financial & Insurance Services and Kinecta Alternative Financial Solutions, dba Nix Neighborhood Lending (nixlending.com).
About NIX Neighborhood Lending
For nearly 50 years, NIX Neighborhood Lending has served as a trusted financial partner to consumers throughout greater Los Angeles. A subsidiary of Kinecta Federal Credit Union, NIX’s clear, convenient financial solutions help consumers break the cycle of debt, improving financial health, and align with the Center for Financial Services Innovation’s Compass Principles, guidelines that affirm standards of excellence for small-dollar financial products. A strong community partner to local worthy organizations including Para Los Niños, Green Dot Public Schools, and Parents of Watts, NIX is endorsed by the National Federation of Community Development Credit Unions and its Juntos Avanzamos (Together We Advance) initiative, which works to ensure credit unions meet the financial needs of underserved Hispanics nationwide. Each of NIX’s more than 30 branches is professionally staffed by employees that live in the community. For more information about NIX, please visit www.nixlending.com and “Like” us on Facebook.
About Juntamos Avanzamos
Juntos Avanzamos, Together We Advance, is a designation for credit unions committed to serving and empowering Hispanic consumers, and was developed by the Cornerstone Credit Union League, which represents Arkansas, Oklahoma and Texas. The Federation, working with the Cornerstone League and Coopera, Iowa-based consultants to the industry on the Hispanic market, the Network of Latino Credit Unions and Professionals (NLCUP), the California Credit Union League and other industry partners, work together to bring the program to a national credit union audience. Visit http://www.cdcu.coop/initiatives/serving-underserved-markets/immigrants/juntos-avanzamos
