ALEXANDRIA, Va. — NCUA announced last month its approval of the new Comunidad Latina Federal Credit Union in Santa Ana, Calif.
The credit union was chartered to serve the 340,000 people who live, work, worship and attend school in the city of Santa Ana, a designated underserved area. The local Orange County Teachers Federal Credit Union and a number of others across the country were instrumental in the process, according to NCUA.
OCTFCU President and CEO Rudy Hanley said the biggest issue was just the time it takes to have everything in order to receive a charter for a new credit union. To get some start up capital, he simply sent a letter to credit unions he thought might be interested in participating and some that could not afford it offered training and equipment.
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Luis Valerio, whose parents he explained are first generation Mexican immigrants, will serve as the president and CEO of Comunidad Latina FCU. He was hired nearly a year ago he said and was at the time a branch manager for Citibank and headed up its Hispanic Initiative. Initially, he said he had no idea what a credit union was, but now describes himself as a "reformed banker."
Look for an in-depth feature on Comunidad Latina Federal Credit Union in the Sept. 13 issue of Credit Union Times.
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