Since Hurricane Katrina, it is estimated that the Latino population in New Orleans increased by 40,000 to 50,000. Unbanked Latinos in New Orleans represent a $750 million market that has generally been overlooked by local banks and credit unions. However, the recent success and expansion of ASI Federal Credit Union's outreach and services to the Latino community has garnered attention from an international non-profit network.

Louisiana Appleseed, a nonprofit network of 16 international public interest law centers dedicated to uncovering and correcting injustices and barriers to opportunity, honored ASI Federal Credit Union at its Good Apple Gala on January 21. The event recognized the organizations and individuals that have advocated legal, legislative or market-based structural reform to remove barriers to opportunity. ASI Federal Credit Union has the distinction of being the only financial institution to be honored at the gala.

ASI Federal Credit Union has instituted an aggressive campaign to economically empower Latino immigrants by opening Louisiana's first credit union branch dedicated to serving the Latino community. Opened in March in Mid City, the branch boasts a fully bilingual staff with branch materials printed both in Spanish and English. At the branch opening, the credit union hosted City Councilmember Shelley Midura, State Representative Austin Badon, Jr., Darlene Kattan from the Hispanic Chamber of Commerce and Martin Gutierrez of the Catholic Charities and the Hispanic Apostolate of the Archdiocese of New Orleans. Each praised the credit union for its efforts to provide services to the Latino community in New Orleans.

ASI Federal Credit Union further set itself apart by offering unique financial services that have proven beneficial to the growing Latino population in New Orleans. Upon recognizing the linguistic and cultural barriers preventing many Latinos from access to affordable banking, the credit union has developed several innovative products to fill market gaps, and also recently began offering Immigrant Temporary Identification Number (ITIN) processing services as a free service to members and non-members.

Additionally, the credit union and its partner, A Shared Initiative, Inc., deliver financial education and other asset-building programs to credit union members and Louisiana residents. Each element of the credit union's program seeks to bring New Orleans' unbanked Latino population into the financial mainstream and support the credit union's long-standing mission of economic empowerment and financial justice within the community.

"ASI's goal is to provide access, inclusion and financial justice to its members," said Mignhon Tourné, President and CEO of ASI Federal Credit Union. "Enhancing the economic well-being and financial stability of Latino families is one of ASI's key initiatives. Working with partners like Louisiana Appleseed to help such families overcome obstacles to financial services will allow us to together strengthen the New Orleans community."