‘Serving the Underserved’: USCU‚Äôs Motto for Success

CLARE HUBBARD — FEATURE WRITER

According to the Pew Hispanic Center for Demographic Research, in March 2005 the number of undocumented residents in the US reached nearly 11 million, including more than 6 million Hispanics. North Carolina is among the states with the largest number of undocumented immigrants.

Many undocumented people lack access to necessary financial services, according to Doug Roth, President and CEO of United Services Credit Union. USCU offers traditional financial services to the general public, but it also appreciates the possibilities and benefits of serving the multitude of cultures in the greater Asheville community. While many financial institutions serve minority communities in some fashion, USCU is probably the only one [in this area] making an effort to fully understand the needs of the “undocumented\’ population.




Doug Roth, President and CEO of
United Services Credit Union.
PHOTO BY CATHRYN SHAFFER

Even
when services are available, it can be hard for anyone without a valid
Social Security number to find honest assistance. “There have been many
stories of people being taken advantage of because of their lack of
understanding of how financial services work in our country,” Roth
says, giving an example of a Filipina woman paying extremely high
interest rates on an auto loan because of a communication problem with
the dealership\’s management. “Too many people are being victimized by
complicated financial services. Providing financial education is a
critical step in their understanding of how financial services work in
our society,” according to Roth. The need for those services, and the
impact of immigrant labor, are huge. According to a recent study, “The
Economic Impact of the Hispanic Population on the State of North
Carolina,” by the Kenan-Flagler Business School at UNC Chapel Hill, the
Hispanic population contributed more than $9 billion to North
Carolina\’s economy through purchases and taxes in 2004. Of that,
approximately $250 million was generated in WNC.



Despite
popularly accepted myths to the contrary, little of the money earned by
undocumented residents leaves the country. Just in the past year USCU
has opened more than 250 accounts for area Hispanics, of which sixty
percent are held by undocumented immigrants. Ninety to ninety-five
percent of that money, on average, stayed in the area. For those who do
send money home, USCU members can make money transfers via the Internet
using Vigo, a privately held funds-transfer company affiliated with the
World Council of Credit Unions.




Roth stresses
the importance of giving people a place to build credit and keep their
money safe. “Many undocumented residents carry around loose cash, which
is dangerous, and people are missing out on the return benefits of
financial institutions.” USCU offers undocumented migrants basic,
uncomplicated accounts while providing assistance in applying for an
Individual Taxpayer Identification Number (ITIN). Once an ITIN is
issued, a Credit Union member is eligible for an interest-bearing
account and loans using “non-traditional lending means.” USCU gathers
appropriate credit information (for example, the individual\’s payment
history for rent or telephone bills), and may then offer secured or
unsecured loans with interest rates as low as twelve percent.




USCU Financial Services Representatives (L-R) Nicole Courtney, Amanda Novack and Lina Meyer show off
USCU\’s “Nation Migration” Butterfl y designed by UNO photographer Cathryn Shaffer for Asheville Lyric
Opera\’s downtown Migration Festival February 25 – March 12.
PHOTO BY CATHRYN SHAFFER

The politics of
border control have proved divisive in Washington and throughout the
country, with businesses, party factions, civil rights advocates, big
labor, and other interest groups taking conflicting and often
unexpected positions. But Roth points out that, whatever one\’s opinion
of the country\’s immigration policies, “undocumented people are here,
and they are being taken advantage of. If USCU can assist any of these
residents within proper guidelines, then we should make the effort to
provide financial services and financial education.” Many other
businesses are also beginning to provide some type of assistance to
undocumented residents, in simple recognition of the fact that this
community is present, growing, and in need of the same services that
are taken for granted by documented residents. USCU\’s goal is to
provide them.



USCU is located
at 391 S. French Broad Avenue in Asheville and can be reached at 828-
255-0809. In Old Fort, USCU is at 217 Catawba St. (828-668-7561). USCU
also provides a satellite operation in Fletcher for five hours every
Friday.