Question 1

What is Latino Community Credit Union (LCCU)?

Accepted Answer

Latino Community Credit Union (LCCU) is a community development credit union headquartered in Durham, North Carolina, serving over 128,000 members across North Carolina and beyond. With over $1 billion in assets, LCCU is the only Latino credit union in North Carolina and has become a model institution for serving underbanked immigrant communities. The credit union was established to provide affordable, accessible, and fair financial services to the Latino population, with a mission to empower communities with dignified financial opportunities. LCCU has facilitated over $2 billion in total loans to members since its founding.

Question 2

When was Latino Community Credit Union founded?

Accepted Answer

Latino Community Credit Union was founded on July 1, 2000, as part of a grassroots movement in response to Latino exclusion from local banking services. The credit union was established through a unique partnership between El Centro Hispano, the North Carolina Minority Support Center, NC State Employees' Credit Union, and Self-Help Credit Union.

Leaders Ivan Parra, Executive Director of El Centro Hispano, and John Herrera spearheaded the initiative to address the financial challenges faced by Latino and Hispanic immigrants in Durham, including illiteracy, lack of documentation, language barriers, and vulnerability to violence due to a cash-based economy. Start-up deposits from partnering organizations totaled approximately $2.5 million, providing a strong financial foundation. LCCU was chartered by the state of North Carolina in February 2000 and opened its doors on June 26, 2000, in downtown Durham.

Question 3

Where is Latino Community Credit Union headquartered?

Accepted Answer

Latino Community Credit Union is headquartered in Durham, North Carolina, with its main administrative office located at 201 W Main Street in downtown Durham. The credit union's first location was established at El Centro Hispano on Chapel Hill Road in Durham, where it shared membership with the community organization.

Question 4

Where does Latino Community Credit Union operate?

Accepted Answer

Latino Community Credit Union operates throughout North Carolina with 15 branch locations across the state. The credit union serves members in the Triangle Region (Durham, Raleigh, Garner, Carrboro), the Charlotte Region (Charlotte, Monroe), and the Triad Region (Greensboro, Winston-Salem, High Point), as well as Fayetteville.

In 2022, LCCU expanded its mortgage lending beyond North Carolina to South Carolina, Georgia, and Virginia. The credit union maintains a strong presence in urban centers while also reaching underserved rural populations, serving over 128,000 members statewide.

Question 5

What services does Latino Community Credit Union offer?

Accepted Answer

Latino Community Credit Union offers comprehensive financial services including savings and share accounts, checking accounts, personal loans, auto loans, mortgage loans, and credit cards. The credit union provides robust digital banking services through its bilingual LatinoConnect platform, including online banking, mobile banking, mobile deposit, and money transfer services.

LCCU offers specialized mortgage lending programs that accept alternative credit documentation, making homeownership more accessible to members with limited traditional credit histories. The credit union provides free financial education programs, including the award-winning "Building a Better Future" program, which consists of six financial literacy workshops. LCCU has also developed innovative educational content using an entertaining "telenovela" format through its "Dreams" series of feature-length movies that educate members about buying homes and starting businesses.

Additional member benefits include access to GreenPath Financial Wellness for financial counseling and an online curriculum with educational videos.

Question 6

What makes Latino Community Credit Union unique?

Accepted Answer

Latino Community Credit Union is distinguished as the first and only Latino credit union in North Carolina and has been recognized as a national model for community development and international banking among federal regulators. The credit union was specifically created to serve the unbanked Latino population and has maintained that mission for 25 years.

LCCU became the fastest-growing community development credit union in the country in its early years, reaching 15,000 members and $11 million in assets by 2003. In 2003, the credit union received the prestigious Herb Wegner Award for Outstanding Organization from the National Credit Union Foundation and has since received more than 30 awards recognizing its financial education programs and tailored products and services.

The credit union has enabled over 2,000 members to become first-time homeowners through its innovative mortgage programs with careful underwriting and strong educational components, maintaining low delinquency and foreclosure rates even during financial crises. LCCU operates a scholarship program established in 2016 to increase access to higher education among members, empowering recipients to launch professional careers and give back to their communities.

In 2022, LCCU sponsored the creation of the Latino Community Development Center (LCDC), which promotes financial literacy, access to financial services, and economic development for low-income immigrant Latino populations in North Carolina.

Question 7

What type of financial institution is Latino Community Credit Union?

Accepted Answer

Latino Community Credit Union is a state-chartered credit union regulated by the National Credit Union Administration (NCUA) and designated as a Community Development Financial Institution (CDFI). As a member-owned financial cooperative operating on a not-for-profit basis, LCCU has a community charter that allows it to serve individuals throughout North Carolina and expand mortgage lending to surrounding states. The credit union's cooperative structure and CDFI designation reflect its mission to provide accessible financial services to underserved communities, particularly the Latino population.

Latino Community Credit Union (LCCU)

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About Latino Community Credit Union (LCCU) in the United States