Coopera Consulting Meets with Congresswoman Velazquez
Contact: Emily Caropreso, Director of Public Affairs & Marketing
Iowa Credit Union League
Coopera Consulting Meets with Congresswoman Velazquez and Congressman Boswell to Discuss Latino-Owned Small Businesses & Credit Unions
Des Moines, Iowa—Coopera Consulting met with Congresswoman Nydia M. Velazquez (D-NY), Chairwoman of the Congressional Hispanic Caucus, and Congressman Leonard Boswell (D-IA) to discuss Latino-owned small businesses and how credit unions are working to serve the youngest, fastest growing and most underserved population—Hispanics.
Coopera Consulting works to educate credit unions on how to reach and serve Hispanics and how to implement solutions to meet the needs of the Hispanic community. Some of these needs include personal, mortgage and commercial loans, remittances, prepaid reloadable cards and financial education.
“Credit unions are helping economically empower the largely underserved Hispanic community,” said Warren Morrow, CEO, Coopera Consulting. “Credit unions could do even more if legislation would permit it.”
Credit unions offer member business loans to Iowa’s businesses, but there is a statutory limit that restricts credit unions from lending beyond 12.25 percent of their assets. As credit unions reach this lending cap they are forced to turn away business owners in need of access to capital.
By increasing the member business lending cap from 12.25 percent of assets to 27.5 percent, this would extend more than $10 Billion in new capital and create 120,000 new jobs nationwide without any cost to the federal government or tax payers.
During the meeting, Congressman Boswell and Congresswoman Velazquez agreed to contact the Chair of the House Financial Services Committee, Barney Frank, to encourage him to host a congressional hearing in the near future, on increasing the member business lending cap.
The congressional visit was made possible by Alianza Latino Business Association. Members of Alianza also attended the meeting and shared how the organization assists Iowa Latino businesses and their plans for the future.
About Coopera Consulting
Coopera Consulting is an economic development firm focused on emerging Hispanic markets that present unique growth opportunities for credit unions. Coopera is owned by the Iowa Credit Union League and is a strategic partner of the Credit Union National Association (CUNA). With CUNA’s commitment to help credit unions serve Hispanics, Coopera is able to offer credit unions assessment tools, but also educational training solutions, consulting services, translation services and Hispanic consumer products. Coopera’s bicultural and bilingual staff works with credit unions nationwide. For more information visit CooperaConsulting.com.