U.S. Treasurer helps teach Ohio Credit Union
Movement's Latino Financial Education Class
Ohio Lt. Governor Jennette Bradley also visits free Spanish-language class

U.S. Treasurer Rosario Marin talks to the Ohio CU Movement's free Latino financial education class, which included young Natalie Rosales Mendez, who attended with family members.

(June 25, 2003) -- U.S. Treasurer Rosario Marin not only praised the Ohio CU Movement's Latino Financial Literacy Program when she attended a class on Monday, June 23, she helped teach a class. Marin is the first Mexican-born U.S. Treasurer and the highest Latina to serve in President George W. Bush's Administration.

Treasurer Marin said the Department of the Treasury and its new Office of Financial Education is committed to helping people learn about personal finance. "We came to realize that more than 10 million Americans never set foot into financial institutions," Marin said at the class in the Columbus suburb of Gahanna. "Twenty-five to 40 percent of those are Latino. Latinos are paying a lot of unnecessary money because they lack a relationship with a financial institution." As a result, they fall victim to predatory lenders, she said.  

"Some of them are paying up to 30% (interest) to purchase an old car. It breaks my heart because they are signing things they cannot understand," Marin said. "We really appreciate what you in Ohio are doing."

Several times during the class, the enthusiastic and animated Marin joined instructor Ruben Nieto in teaching the class in Spanish. Marin instructed the 33 attendees in how to use credit. She explained how to build a credit history and how to use financial discipline to maintain good credit. The more than 30 class participants -- originally from countries including Mexico and Venezuela  -- gave her a standing ovation when she finished.

The Ohio Credit Union Foundation sponsors the free educational service along with Columbus-based credit unions OhioHealth Credit Union, Telhio Credit Union, and Western Credit Union. The Ohio State University Extension Office is also a sponsor. Dr. Ruben Nieto is the course instructor.

The four-session, four-week program was first offered in 2002 to help Central Ohio’s growing Hispanic population become more informed about personal finance.  In the pilot year, more than 225 individuals from 12 Latin American countries attended at least one of the classes, and 53 percent of them completed the course and graduated.

According to the U.S. Census, Ohio’s Hispanic population grew 32 percent between 1990 and 2000, reaching 240,000.  Representing the fastest growing ethnic population in the U.S., Hispanics have a combined purchasing power of more than $450 billion, according to the U.S. Treasury, yet research and surveys reveal that 43 percent report knowing little about retirement planning, and as many as 25 percent do not have a bank or credit union account.

“Credit unions know that education will make life better for these new residents,” said Helmreich.  “Some of the Spanish-language class participants can’t speak English; some can’t read or write any language.  But the common bond is that they want to learn how to handle money in this country where they have come to make a better life for themselves and their families.”

“Credit unions represent a movement which puts people above all else, and as such, it’s our responsibility to help these new residents gain exposure to financial services,” said Helmreich. 

Many Central Ohio credit unions are also responding to the needs of the immigrant population by offering low-cost wire services so that members can send money back home to relatives and friends.  The International Remittance Network, or IRNet, allows members to transfer money to non-bank outlets in 41 nations.  The fee to send money by IRNet averages about $7 -- much less than fees and exchange rates charged by other money wire services.

The June 26 class was at Shepherd Church of the Nazarene in the City of Gahanna.


 

Ohio Lt. Governor Jennette Bradley talks with Dave Shoup, the Ohio Credit Union League's Director of Research & Information, as League COO John Florian looks on. Ken Roberts, the Acting Deputy Superintendent for Credit Unions at the Ohio Division of Financial Institutions, is shown in the background talking with credit union officials.

Ohio Lieutenant Governor Jennette Bradley visits class
U.S. Treasurer Rosario Marin’s visit to the Ohio CU Movement’s Latino Financial Literacy class on Monday attracted a few other VIPs to the Gahanna church gymnasium where the classes are held. Ohio Lt. Gov. Jennette Bradley – who also serves as Ohio’s Commerce Director -- mingled with Treasurer Marin and credit union officials for an hour before the class began. Ken Roberts, the Acting Deputy Superintendent for Credit Unions at the Ohio Division of Financial Institutions, also attended. 

View photos of the event on Lt. Governor Bradley's website


Treasurer presents certificate of recognition to sponsors
U.S. Treasurer Rosario Marin presented a framed Certificate of Recognition to the sponsors of the Latino Financial Education Program on Monday. The certificate recognizes "noteworthy contributions in promoting financial education among the members of the Hispanic Community in Columbus, Ohio, through a program that meets criteria for effective financial education programs." The certificate is signed by Marin and John Snow, the Secretary of the Treasury. On hand to accept the certificate were representatives of the Ohio CU Foundation, the Ohio CU League, Western CU, Telhio CU, OhioHealth CU, and the Ohio State University Extension Office. The program is in its second year. In its first year, 225 people received a certificate of graduation from the four-session course.

 

U.S. Treasurer Rosario Marin, center,  pauses for a photo with Sandra DeLeon of Universal 1 Credit Union in Dayton, at left, and Sue Helmreich, the manager of outreach programs at the Ohio Credit Union League.

Organizers look to start program in Dayton
Sandra De Leon attended Monday's Latino Financial Education class to learn more about the program, but ended up as an assistant instructor. The bilingual business development specialist for Universal 1 Credit Union is teaming with the Ohio CU Foundation in an effort to start a similar program in Dayton. De Leon is a member of the Dayton Hispanic Chamber of Commerce and is fluent in Spanish. The second generation Mexican-American hopes to attract other credit union sponsors at a July 30 meeting in Dayton. Several times during Monday's class, De Leon explained -- in Spanish -- details about credit union services. "I told them that credit unions work for members," she said. "I told them that credit unions are the best!"