In an inspiring show of support for the Hispanic immigrant community, North Jersey Federal Credit Union (NJFCU) hosted a landmark event on August 21, 2024. The event marked the official signing of a memorandum of understanding (MOU) with sister credit unions from the Dominican Republic and Puerto Rico. This bold initiative aims to help immigrants establish and maintain financial stability both in the U.S. and abroad, bridging the gap for non-citizens by promoting financial literacy and banking accessibility.
A Moment of Unity: Building Bridges Between Nations
The NJFCU’s commitment to immigrant financial wellbeing was on full display, with the event drawing a crowd of about 120 people, including distinguished guests from both the Dominican Republic and Puerto Rico. Among those in attendance were Yanio Concepcion Silva, President of Cooperativa Vega Real from La Vega, Dominican Republic, accompanied by 20 associates. Representing Puerto Rico was Aurelio Arroyo, President of Cooperativa de Ahorro y Crédito Jesús Obrero from Guaynabo.
These leaders, along with NJFCU, committed to an international partnership that will create a vital link between members of their respective credit unions, whether residing in the United States, the Dominican Republic, or Puerto Rico. With this MOU, members of NJFCU who travel to Puerto Rico or the Dominican Republic can now access services as if they were local members, and vice versa for members of the sister cooperatives traveling to the U.S.
Juntos Avanzamos: Together We Advance
The event spotlighted the Juntos Avanzamos (Together We Advance) designation, a unique mark shared by just over 150 credit unions. This distinction is more than symbolic; it represents a concerted effort to simplify banking processes for Latin immigrant communities. With the help of Juntos Avanzamos institutions, immigrants can access essential banking services, such as savings and checking accounts, personal loans, home loans, and business loans, all while being equipped with the financial education needed to make informed decisions.
The Juntos Avanzamos initiative is especially crucial because many immigrants remain unaware of the banking options available to them or who they can trust with their financial needs. With NJFCU’s recent partnership, these barriers are being dismantled through education, outreach, and cross-border financial services.
Expanding Horizons: Consular Partnerships for Financial Literacy
The August event also forged important connections with the consulates of Mexico and Colombia, whose dignitaries were in attendance. These partnerships add another layer of support for immigrants, offering constituents access to financial literacy education and counseling. For immigrants, navigating the U.S. financial system can be daunting. However, with the added assistance from their consulates, they will have the resources and guidance needed to make informed financial choices.
These consulate collaborations are a critical step forward, as they provide immigrants with a trusted source of information and assistance. Whether individuals are trying to open a bank account, obtain a loan, or simply understand how to budget and save, the consulates can point them in the right direction.
Empowering Communities through Financial Education
One of the core missions of the Juntos Avanzamos initiative is financial education. Immigrant families often face barriers to accessing mainstream financial services, which can leave them vulnerable to predatory lending practices or other financial pitfalls. By aligning with the Dominican and Puerto Rican cooperatives, as well as the Mexican and Colombian consulates, NJFCU is offering more than just transactional services—it’s creating pathways for long-term financial stability.
The event emphasized that access to loans, credit cards, and banking services is only one part of the equation. Financial literacy—understanding how to manage money, build credit, and plan for the future—is equally important. The partnerships forged during this event will provide invaluable educational resources, helping individuals in the immigrant community gain the confidence and knowledge they need to succeed financially.
Looking Ahead: A Future of Financial Inclusion
As a financial institution, NJFCU has taken a pioneering step toward breaking down barriers for immigrant communities. This event is just the beginning. Moving forward, NJFCU will continue to provide critical resources for non-citizens and immigrants, ensuring they have access to the same banking services and financial tools as U.S. citizens.
The newly formed partnerships with credit unions in Puerto Rico and the Dominican Republic, along with the support of Mexican and Colombian consulates, reflect NJFCU’s unwavering commitment to inclusivity. This initiative empowers immigrants to build financial stability, both in the U.S. and abroad, and will undoubtedly serve as a model for other credit unions across the nation.
Conclusion: How NJFCU Can Help You
As NJFCU continues to champion financial inclusion for all, it remains dedicated to offering personalized financial services to immigrant communities. If you’re looking for a trusted partner to help you achieve your financial goals, whether you’re an immigrant or a long-time resident, NJFCU is here to guide you.
Join NJFCU today and take advantage of our diverse financial services, including personal loans, savings and checking accounts, and financial education programs tailored to meet your unique needs. Visit NJFCU to learn more about how we can help you secure your financial future!