Inclusiv and Los Angeles Mexican Consulate Sign MOU to Promote Financial Inclusion
On September 6, 2024, Inclusiv and the Consulate General of Mexico of Los Angeles signed a collaboration agreement to promote financial inclusion and asset-building opportunities for the Mexican, Latino, and all immigrant communities living in Los Angeles County.
Through this collaboration, Juntos Avanzamos designated credit unions within the Consulate’s footprint – the entire county of Los Angeles – will be able to provide financial education within the consular office, participate in consulate-sponsored activities, support initiatives such as the Ventanilla de Asesoria Financiera (VAF), Semana de Educacion Financiera (SEF) and Mexicana Emprende; as well as to expand access to affordable, responsible and sustainable financial products and services to individuals served by the consulate, many of whom have historically been ignored by the financial mainstream.
Inclusiv is a national network of over 500 credit unions serving nearly 21 million consumers throughout the country. Juntos Avanzamos is an Inclusiv designation for credit unions that meet rigorous financial inclusion criteria designed to eliminate systemic barriers that exclude Latino and immigrant populations from the financial system: alternative documentation for account opening purposes and flexible loan underwriting criteria. Today, there are 148 credit unions that have obtained the designation, serving 12 million consumers in 33 states, DC and Puerto Rico.
The General Consulate of Mexico of Los Angeles is the largest of the 50 consulates operated by the Mexican government within the US and serves and average of over 1,000 people per day. Los Angeles County, has a population of almost 10 million people, more than that of six individual states combined – half of whom are Latinos. At 3.5 million, the county has the largest concentration of Mexicans outside Mexico.
Financial education and access to banking and credit will be provided by local Juntos Avanzamos designated credit unions, starting with Rize Credit Union (Rize CU). This collaboration aims to improve financial inclusion and economic empowerment for Hispanic and immigrant communities, regardless of immigration status. Rize CU has been a leader in this mission for over a decade. It was the first credit union in the state of California to obtain the Juntos Avanzamos designation, which underscores its commitment to providing safe, affordable, and responsible financial services to underserved populations.
The Consul General of Mexico in Los Angeles, Ambassador Carlos González Gutiérrez, emphasized the importance of strengthening financial inclusion for the Mexican community, highlighting that access to financial services improves economic well-being and promotes full participation in society. The Consulate’s Ventanilla de Asesoría Financiera (VAF) offers free, confidential financial guidance on topics like savings, credit, budgeting, and entrepreneurship. Rize CU will support these efforts by leading workshops, talks, and financial education fairs to enhance financial literacy in the community. Over time, additional credit unions will join this effort.
On the partnership, Los Angeles County Supervisor Hilda L. Solis commented, "Through their unwavering commitment to financial education and support, they are empowering low-income residents to achieve greater financial independence and stability.”
Jennifer Oliver, President and CEO of Rize CU, highlighted the importance of this partnership, stating, “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 benefits the entire community.” The partnership focuses on expanding financial education and access to banking services, including allowing individuals with Mexican consular cards to open accounts at Rize CU, gaining access to secure banking and financial literacy tools.
"The formalization of this collaboration demonstrates the work that Inclusiv has been leading for many years, from promoting remittance solutions such as 'Directo a Mexico,' to working with regulatory bodies to gain recognition of the 'Matricula Consular' as a permissible identification for account opening purposes, to promoting partnerships between the network of Mexican consulates and Juntos Avanzamos designated credit unions," said Pablo DeFilippi, Executive Vice President of Inclusiv Network.
With the Juntos Avanzamos designation as a standard, the Mexican Consulate will have assurance that the financial institutions it works with are committed to providing access to critical banking services and financing opportunities, without regard to immigration status.
This partnership between the Consulate General of Mexico, Inclusiv, Rize CU, and other Juntos Avanzamos credit unions represents a significant step in promoting financial inclusion. By expanding access to secure banking services and financial education, this collaboration aims to empower Hispanic and immigrant communities, helping them build a more stable and prosperous future.
Experian and NerdWallet: Proud partners and supporters of the Juntos Avanzamos Initiative.