Rize CU's Efforts to Expand Financial Inclusion

During a ceremony in Los Angeles on Wednesday, officials with the Consulate General of Mexico, Inclusiv, Rize Credit Union and other Juntos Avanzamos-designated credit unions all signed a Memorandum of Understanding (MOU) to collaborate together to build a better system of financial inclusion and economic empowerment for Hispanic communities in the Southern California area. The ultimate goal: Help people of modest means reach financial independence regardless of their immigration status.

The ceremony, organized by the Irwindale, Calif.-based Rize Credit Union ($1.1 billion in assets, 70,340 members) and held at the offices of the Consulate General of Mexico in Los Angeles, was considered a significant moment for credit unions serving Hispanic communities.

Rize Credit Union President/CEO Jennifer Oliver explained the significance of the MOU signing. “Partnerships like this one between Rize Credit Union and the Consulate General of Mexico in Los Angeles are at the heart of what we stand for at the credit union. We understand how important financial inclusion is for building strong, thriving communities. Our commitment to helping Hispanic and immigrant neighbors confidently navigate the financial system is one we are proud of. When everyone has access to the tools and resources they need, it lifts up the entire community.”

According to Wednesday’s announcement, the collaboration between Rize, Inclusiv and other credit unions designated as Juntos Avanzamos will help expand credit union services to underserved and unbanked communities and will allow those with official Mexican consular cards to open an account with Rize.

“I extend my heartfelt gratitude to Rize Credit Union and Inclusiv for their invaluable partnership with the Mexican Consulate in Los Angeles,” Los Angeles County Supervisor Hilda L. Solis, First District, said. “Through their unwavering commitment to financial education and support, they are empowering low-income residents to achieve greater financial independence and stability. This collaboration stands as a testament to the positive impact that dedicated organizations can have in fostering economic growth and opportunity within our communities.”

Inclusiv EVP Pablo DeFilippi added, “Inclusiv congratulates Rize Credit Union for its commitment to serving the Hispanic and immigrant communities. This groundbreaking work is a testimony to the vision and determination of the credit union leadership of Jennifer Oliver and Diana Cervantes and their relentless belief that financial inclusion is a human right and an effective mechanism to empower communities left behind by the financial mainstream. The growing collaboration between Juntos Avanzamos-designated credit unions and the network of Mexican consulates brings together financial institutions willing and able to provide responsible, affordable yet sustainable financial products and services with a market in desperate need of those tools, critical to achieve financial security and build assets to create more equitable and resilient communities.”

“Strengthening financial inclusion is crucial to empowering the Mexican community in the United States. By ensuring their access to financial services, their economic well-being is improved and they are given tools for a secure and prosperous future, thus promoting their full participation in the economy and society,” Consul General of Mexico in Los Angeles Carlos González Gutiérrez said. “We appreciate the collaboration of Rize Credit Union and Inclusiv with the Consulate General of Mexico in Los Angeles to strengthen the financial participation of the Hispanic and Latino community.”