Thread: Iowa banks reach out to invaders

http://desmoinesregister.com/apps/pbcs. ... 40314/1033

Banks reach out to immigrants

Task force focuses on improving services; Spanish-speaking staffers are hired

By S.P. DINNEN
REGISTER BUSINESS WRITER
May 4, 2005

Socorro "Coco" Lopez says banks need to do more to make immigrants more comfortable opening their own bank accounts.

Many customers of Foto Fiesta, an east-side photography and clothing shop for Latinos who are getting married or having first communions, often can't - or won't - deal with a bank.

The problem also involves convenience.

While there are filling stations and bakeries and restaurants, all run by or frequented by Hispanics, up and down her East Grand Avenue neighborhood, she said, "there's no banks around here."

However, the Federal Deposit Insurance Corp.'s Kansas City branch has launched its New Americans Task Force to make commerce easier for Lopez and her clients. Seeing that hundreds of thousands of Latinos, Bosnians, Sudanese and other immigrants have swept into Iowa and the upper Midwest, the FDIC wants to focus on improving money transfer services, getting financial education to immigrants, and crafting mortgage loans that fit newcomers' needs.

Buying a house can be a hassle for anyone. But what about qualifying for a loan for people new to this country who haven't been able to establish much in the way of a traditional credit history?

At the National Bank in Bettendorf, executive Sylvia Mendez said that as with any customer, she'll want to review two lines of credit. But she might look at rent stubs for the past year, or even receipts from rent-to-own stores that would show a borrower has made timely payments.

Financial education could help ease immigrants into doing business with banks.

But Darcy Tromanhauser, of legal-rights group Nebraska Appleseed, based in Lincoln, Neb., said the effort has to be sustained during a period of time.

"It's more than just showing up an the annual community fair," she said.

At Commercial Federal Bank, which is based in Omaha and has an extensive branch system in Iowa, it's about having Spanish-speaking tellers on duty at all times at offices with Hispanic clients.

"If I walk in and they don't have a Latino on staff, we fine them," said Laura Castro de Cortes, a vice president at Commercial Federal in Omaha .
Smaller banks are getting in on the action, too. Andy Mumma, executive vice president and manager of the Adel branch of Raccoon Valley Bank, said he's bringing in Spanish-speaking staffers - the bank has added a Spanish-speaking loan officer at their branch in Perry. The bank is also is trying to devise educational seminars that will attract immigrants.

"Every bank is looking for a way to attract more customers," Mumma said.

Mumma also said he is looking for ways to launch an economical money-transfer program that was discussed at the task force meeting.

It would be speedier and cheaper for client and bank. Hispanics, in particular, are sending billions of dollars annually to relatives in their home countries.

A big goal for the task force could be to standardize the way banks conduct business with immigrants. That would fit well with Coco Lopez, a native of Mexico. She said she has heard many customers complain that some banks will accept matricula consular cards, which are identity cards issued by the Mexican government, in place of Social Security cards, while others will not.

As Lopez noted, the cards aren't even available to natives of El Salvador, Guatemala and other Latin American countries who also live in Des Moines.

She said she has heard many customers complain that some banks will accept matricula consular cards, which are identity cards issued by the Mexican government, in place of Social Security cards

AN AMERICAN CANT EVEN OPEN AN ACCOUNT WITHOUT A SS CARD! We shouldn’t be letting them have preferential treatment because they are ILLEGAL. NO BANKS should accept matricula consular cards. You MORONIC GLOBILISTS!

SAVE THIS ARTICLE!!

This is proof of a conspiracy, collusion whatever you want to call it to use our banking system which is a federal banking system to violate federal law through "aiding and abetting".

They will have to "account" for their illegal actions.....soon!!!