AUSTIN, Texas — The $495 million Velocity Credit Union has been recognized by the Texas Credit Union League for its work with Hispanics. The league has awarded the CU the Juntos Avanzamos or "Together we advance" award.
"Velocity Credit Union began in 1947, and from day one we've welcomed Hispanics into our membership," said Velocity CEO Larry Strong. "At Velocity, reaching out to the Hispanic community is not just an 'initiative,' it's how we've done business for 59 years. A majority of newly immigrated Hispanics don't get a square deal when using some other financial service providers–I want them to know that here at Velocity, they are treated fairly and with respect. This is our goal, our duty and our responsibility," Strong added.
According to U.S. Census, Texas is now a minority majority state. Texas is also home to the second largest Hispanic population in the United States, representing more than 30% of the state's population. Hispanics represent a largely unbanked population and often pay outrageous fees to cash a check, send money home, or take out a small loan to carry them over to their next paycheck.
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Louis Acuno, community development manager for the CU, explained that Velocity had to accept the Matricula Consular, a somewhat controversial form of identification provided by the Mexican government for its citizens residing in the U.S. without papers in order to be eligible for the award. It also had to have more than 35% of its employees speaking Spanish and be heavily involved in the Hispanic community.
Acuno explained that Velocity had conducted marketing campaigns with local Hispanic organizations and churches to introduce the credit union to potential new Hispanic members, as well as partnering with local Hispanic media and holding Spanish language financial and home buying seminars.
Texas Credit Union League CEO Dick Ensweiler presented the resolution to Strong and Mary Paredes, member, Velocity Credit Union board of directors. Dignitaries in attendance included Consul General Adscrito Hugo Rene Olivia, General Consulate of Mexico and Dr. Juan Hernandez, author and former cabinet member in the Mexican President Vincente Fox administration.
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