According to the Pew Hispanic Center, about six million U.S. undocumented immigrants are of Mexican origin. The remaining undocumented population is primarily Canadian, European, Asian, Caribbean and Central and South American.

While there are multiple components of this executive action, one component will provide legal reprieve for undocumented parents of U.S. citizens and permanent residents who have lived in the country for at least five years, eliminating the threat of deportation and granting them a temporary immigration status.

In addition, the 2012 Deferred Action for Childhood Arrivals program that allowed young immigrants under the age of 30 who arrived as children to apply for a deportation deferral will be expanded. Immigrants older than age 30 will now be able to qualify for the deferral, as well, affecting an additional 270,000 people. All of the details of the executive action have not been worked out as government agencies work to implement these initiatives in the coming months.

Regardless of the political nuance of this announcement, it has tremendous economic benefits for the country, including more job creation and tax revenue. Financial services providers will also see new growth opportunities as immigrants seek financial guidance and tools to help them navigate this process.

For example, as undocumented immigrants are able to file for temporary immigration status and receive work authorization, they will seek new jobs, obtain driver's licenses and open financial institution accounts.

In fact, a 2013 Immigration Policy Center survey of 1,402 young adults approved for the DACA program, found that 61% of young immigrants went on to get a new job, 54% opened a bank account, 38% obtained a first credit card and 61% obtained a driver's license.

Undocumented immigrants will be on the lookout for the right financial partner.

Prior to receiving their temporary immigration status, immigrants affected by this action will also be saving and borrowing to pay for the expenses associated with the process. They will need to pay fees for filing immigration paperwork and tax returns, as well as to obtain country of origin documents that might be needed for the process.

The DACA filing fee alone is $465, and the renewal fee is another $465. A family of three that qualifies for the DACA program will be paying nearly $1,400 to file their DACA applications, not including any legal fees an attorney might charge if they seek additional filing assistance.

Credit unions are poised to offer dignified financial services to undocumented immigrants throughout the immigration process as they seek to integrate into the financial mainstream.

Today, credit unions that are already serving their immigrant communities can work to expand their community partnerships and networks with immigrant service providers. These providers are seeking financial institutions to offer financial education and products to their patrons, as they help individuals with the immigration process.

Credit unions should be ready to talk about the credit union difference, and in some cases, to open savings accounts for the purpose of paying for the immigration process on the spot at their partner's locations. In addition, people will need loans. Preparing them today for the lending process with information about how to build credit and be a good borrower will be key, especially because many individuals will be new to a traditional banking relationship.

For those credit unions seeking to start a growth program, it will be imperative to evaluate your organizational culture and operational framework to ensure you are equipped to serve this powerful new market before starting any outreach.

Having an inclusive culture and adapting to the market instead of forcing the market to adapt to your credit union will create a recipe for success. Having a growth strategy will help you be as prepared as possible to serve this new population and build long-lasting relationships.

The sooner you are ready, the sooner this influential new market can start to experience the credit union difference and choose your credit union as their preferred financial institution of choice.

Miriam De Dios is CEO of Coopera. She can be reached at [email protected].