July 2016

Financial education 

programs serving 

immigrant populations

Issue brief
1 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

About the CFPB research, tools, and resources for financial educators

An essential part of the mission of the Consumer Financial Protection Bureau (CFPB or Bureau) 

is to empower consumers to take more control over their financial lives. Since the Bureau 

opened its doors in 2011, we have worked to improve the financial literacy of consumers in the 

United States and to ensure access to tools, information, and opportunities for skill-building 

that they need to manage their finances.

The Bureau’s principal financial education mandate is set forth in the Dodd-Frank Wall Street 

Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act created the 

Bureau and mandated the establishment of an Office of Financial Education to “be responsible 

for developing and implementing initiatives intended to educate and empower consumers to 

make better informed financial decisions.” 12 U.S.C. § 5493(d)(1)

To better help consumers make well-informed financial decisions and achieve their own life 

goals, we at the CPPB have sought to increase understanding of three broad areas: consumer 

financial behavior, the financial education field, and effective practices in financial education.

We conduct research in these areas to inform the CFPB’s own financial education efforts and to 

share our insights with others who have a common interest in improving the financial wellbeing of consumers.

The CPFB’s goal for its financial education activities is to help consumers move toward financial 

well-being. In the CFPB’s definition of financial well-being, consumers:

 have control over day-to-day, month-to-month finances

 have the capability to absorb a financial shock

 are on track to meet financial goals

 have the financial freedom to make choices that allow one to enjoy life

To learn more, visit the Resources for Financial Educators web page at 

consumerfinance.gov/adult-financial-education.

To get regular updates on CFPB research, tools, and resources for financial educators, sign up 

for the CFPB Financial Education Exchange (CFPB FinEx) by emailing CFPB_FinEx@cfpb.gov.
2 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Table of contents

Table of contents.........................................................................................................2

1. Introduction and executive summary .................................................................4

2. Background...........................................................................................................8

2.1 About the research .................................................................................. 10

3. Research findings...............................................................................................11

3.1 Challenges facing immigrant communities .............................................11

3.2 Challenges facing financial educators .................................................... 18

4. Approaches to helping immigrants build financial well-being .......................21

4.1 Outreach and awareness campaigns ......................................................22

4.2 Financial education programs................................................................23

4.3 Targeted financial products and services............................................... 25

5. The CFPB’s actions to assist LEP and immigrant consumers.......................29

5.1 Access to Bureau services........................................................................29

5.2 Consumer education resources ..............................................................29

5.3 Regulation............................................................................................... 31

6. Conclusion and implications.............................................................................32

References.................................................................................................................33
3 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Appendix A: ...............................................................................................................37

Field scan of programs and practices.............................................................. 37
4 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

1. Introduction and executive 

summary

To better help financial education practitioners who serve consumers of diverse backgrounds, 

the Consumer Financial Protection Bureau (CFPB or Bureau) conducted a field scan of financial 

education programs for immigrant populations and spoke with experts in the field.1 The CFPB’s 

Office of Financial Education is issuing this report to raise visibility about the financial 

education challenges that many immigrants face. This report will also share promising financial 

education strategies that financial education providers can use to better serve immigrants who 

seek their services and are part of their communities. The ultimate goal is to help consumers 

achieve their own financial goals. 

Note that the focus of this report is on financial education strategies that are adapted to the 

specific needs of immigrant populations. While the financial education needs of many 

immigrants mirror those of native-born individuals, financial education programs that are 

broadly available and not specifically tailored to immigrant populations are discussed at length 

in other CFPB reports.2

 1 The field scan is not exhaustive of all financial education interventions that serve immigrant populations. Instead, the field scan 

identified the types of financial education approaches that are adapted in some way to serve immigrant populations and to 

identify several leading examples of each approach. The research described in this report was funded by the CFPB under a 

competitive award to Abt Associates, contract number TPDCFPBPA130014 CALL0003.

2 See reports under “Understanding the financial education field” on the CFPB Financial Education Exchange page: 

consumerfinance.gov/adult-financial-education.
5 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Why did the CFPB examine immigrants’ financial education needs? Immigrants make up a 

significant and growing share of American consumers. According to the American Community 

Survey, 41 million immigrants lived in the United States in 2013. Immigrants, particularly those 

who are limited English proficient3 (LEP), may face challenges in navigating and fully 

participating in the U.S. financial system, and thus in achieving financial well-being for 

themselves, their families, and their communities.

Even if immigrants find ways to meet their immediate needs for managing money, it may take 

some time for them to benefit from the full scope of financial products and services available. To 

illustrate, while gaps in checking account use between immigrants and native-born households 

disappear over time in the United States,4 gaps in longer-term assets held and in overall wealth 

persist into retirement.5

The field scan also showed that immigrants vary in how they experience barriers to building 

financial capability and in their financial education needs. Therefore, no single strategy can be 

expected to work for everyone, and there is no intent to generalize to all immigrants. This 

discussion is framed broadly because individual immigrants will vary in their experiences with 

the topics discussed in this document. For example, language issues may apply to certain 

immigrants but not to others; the same is true for identification issues and issues related to 

unfamiliarity with the banking system. 

The field scan found different types of money management challenges that immigrant 

consumers face: 

Challenges caused primarily by socioeconomic status. Many lower-income, lower-asset 

immigrants face the same challenges to building financial well-being that native-born 

 

3 The Census defines limited English proficient individuals as individuals who do not speak English as their primary language 

and who have a limited ability to speak, write, or understand English.

4 Osili and Paulson 2007.

5 See, for example, Love and Schmidt 2014; Heim et al. 2011; Sevak and Schmidt 2007.
6 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

individuals face in similar circumstances: low and unstable incomes, thin or damaged credit 

histories, and limited access to or use of mainstream financial services. 

Challenges unique to many immigrants. Many immigrants are unfamiliar with financial 

concepts specific to the United States and may not yet understand U.S. financial institutions and 

products. The immigration process may create challenges around documentation status and 

identification requirements that may impact consumers’ financial situations. 

Challenges associated with limited English proficiency. While we recognize that not all 

immigrants have limited English-language skills, English proficiency is a common issue for 

many immigrant populations in accessing financial services; therefore, this report highlights 

particularly promising practices that serve LEP consumers. Households with limited English 

skills face multiple obstacles to understanding and accessing financial products and services.6

Additionally, consumers with limited English-language skills are more vulnerable to fraud and 

deceptive schemes than those fluent in English.

The field scan also found that financial education providers face challenges: 

Challenges faced by financial education practitioners. The field scan showed that 

financial educators themselves encounter numerous challenges in serving immigrant 

populations, such as reaching the target population, ensuring accessibility and convenience, 

adapting the curriculum and materials, hiring and retaining appropriate staff, timing the 

delivery of information, and building partnerships with local financial institutions and service 

providers. 

 

6 According to the 2010-2014 American Community Survey 5-Year Estimates, approximately 25 million people in the United 

States speak English less than “very well.” Estimates are available at: 

factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_14_5YR_S1601&prodType=table (last 

visited Feb. 12, 2016).
7 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

The CFPB’s research has yielded a framework of factors and behaviors that improve financial 

well-being.7 That research indicates that financial education is more effective when it addresses 

the particular barrier the consumer faces. A person needs to be motivated and confident in his 

ability to act effectively, have the necessary knowledge and skills to make informed decisions, 

and have the opportunity to act. Financial education providers also must consider these factors 

when working with immigrant communities. 

A theme throughout the report is that the population of foreign-born individuals in the United 

States includes individuals with a wide variety of backgrounds, socioeconomic statuses, and 

financial education needs. This research uncovered examples of promising practices that 

address a wide range of potential challenges faced by immigrant consumers. Illustrative 

examples of these approaches are provided in the Appendix. These examples can serve as 

models for others who work with immigrant communities to consider, adapt, or expand.

 

7 The Consumer Financial Protection Bureau’s Financial Well-Being: The Goal of Financial Education report provides a 

conceptual framework for defining and measuring success in financial education by delivering a proposed definition of 

financial well-being and insight into the factors that contribute to it. The report is available at: 

consumerfinance.gov/reports/financial-well-being.
8 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

2. Background

The mission of the CFPB is to make markets for consumer financial products and services work 

for consumers by making rules more effective, by consistently and fairly enforcing those rules, 

and by empowering consumers to take more control over their economic lives. The elements of 

this mission are interdependent; supervision, enforcement, and rulemaking work go in tandem 

with the Bureau’s work to educate consumers and to help them build and strengthen financial 

capability. 

Consumers need both a safe, transparent marketplace and the financial capability to navigate 

that marketplace effectively to achieve their own life goals. The Bureau aims to ensure that 

product features and prices are transparent; products are free of predatory features; and 

practices are not deceptive, misleading, or abusive. In addition, it is important that consumers 

be equipped to navigate the marketplace and the financial choices they face to achieve their life 

goals. Empowering people to take more control over their economic lives is an essential part of 

the mission of the CFPB. 

To that end, the Bureau is committed to helping consumers of diverse backgrounds increase 

their own capability to make sound financial choices. The Bureau’s strategy to increase 

consumers’ financial capability includes providing tools and information directly to the public to 

help them navigate the financial choices they face; collaborating on education initiatives with 

community service providers and others who can reach consumers where they are; and 

conducting foundational research to identify, highlight, and ultimately work to spread effective 

financial education approaches.
9 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

As part of its goal to help consumers move toward financial well-being,8 the CFPB considers the 

diverse needs of consumers, and has taken steps to better meet the needs of immigrant 

consumers and LEP consumers. See page 30 for more details.

Immigrants make up a significant and growing share of American consumers. According to the 

American Community Survey, 41 million immigrants lived in the United States in 2013 – of 

whom 26 million immigrated prior to 2000, 12 million immigrated in the decade between 2000 

and 2009, and 3 million immigrated between 2010 and the 2013 survey. 

In terms of language needs, according the 2010-2014 American Community Survey five-year 

estimates, approximately 25 million people in the United States speak English less than “very 

well.” A Federal Deposit Insurance Corporation (FDIC) study found that households that 

include a foreign-born noncitizen or where Spanish is the only language spoken are less likely to 

participate in the mainstream banking system.9 The Federal Trade Commission has noted that 

some populations with limited English-language skills are more susceptible to fraud and 

predatory practices. Further, the U.S. Government Accountability Office has reported that a lack 

of English-language skills can hinder financial literacy and make it hard to conduct everyday 

financial affairs.10

To better understand the unique financial needs and challenges of immigrants, including those 

who have limited English proficiency, and how financial education efforts can help address these 

challenges, the CFPB has conducted this field scan of financial education programs for 

immigrant communities.

 8 Consumer Financial Protection Bureau, Financial Well-Being: The Goal of Financial Education (January 2015), available at 

consumerfinance.gov/reports/financial-well-being.

9 Federal Deposit Insurance Corporation, 2013 FDIC National Survey of Unbanked and Underbanked Households (October 

2014), available at fdic.gov/householdsurvey/2013report.pdf, p. 17 and 28.

10 U.S. Government Accountability Office, GAO-10-518, Consumer Finance: Factors Affecting the Financial Literacy of 

Individuals With Limited English Proficiency (May 2010), available at gao.gov/products/GAO-10-518.
10 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

2.1 About the research

The field scan developed a list of financial education programs and providers based on a detailed 

review of the literature and program websites. It also supplemented these searches by reviewing 

the program list with external experts. The external experts were selected to provide broad and 

varying expertise in the types of financial education approaches used to serve immigrant 

populations. These interviews identified additional types of financial education approaches, 

leading financial education providers, opportunities for new approaches to financial education, 

and relevant lessons from other fields. The Bureau presented the findings of this field scan at a 

public meeting of the Bureau’s Consumer Advisory Board and received additional feedback11. 

The programs and organizations included in this report are illustrative of the types of financial 

programs for immigrants. The list of programs is not exhaustive and does not constitute 

endorsement by the CFPB of any particular program or organization.

 

11 Video of the public meeting is available at: youtube.com/watch?v=V11Xbp9z2KQ.
11 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

3. Research findings

The research revealed a set of challenges that immigrants face in building financial well-being. It 

also found a set of challenges that financial educators and other service providers face in 

providing services to immigrant communities. Finally, the research describes examples of 

promising financial education approaches and programs, along with financial products, that are 

tailored to serve immigrant populations.

3.1 Challenges facing immigrant 

communities 

The CFPB research found three different types of challenges that immigrants face when building 

financial well-being. One set of challenges is caused primarily by socioeconomic status and 

affects both immigrants and U.S.-born consumers. The second set of challenges is unique to 

immigrant populations, and may transcend socioeconomic factors.12 The third set of challenges 

is associated with having limited English proficiency.

3.1.1 Challenges caused primarily by socioeconomic status

Socioeconomic status can be just as important as the experience of being an immigrant when it 

comes to financial capability. Knowledge and understanding of the financial system, trust in 

 12 Research reveals that the immigrant population encompasses many subgroups with different needs and goals. Many immigrant 

populations face the issues described here, but within the subgroups, individual situations can and do vary considerably. 
12 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

financial institutions, and experience with financial products is highly correlated with 

socioeconomic status. Many low- and moderate-income immigrants encounter the same 

challenges to building financial well-being that households comprised of low- and moderateincome native-born persons face. 

Such challenges include:

Using mainstream financial services. Many immigrant households do not trust financial 

institutions due to previous experiences with financial institutions in the U.S.13 In particular, 

instances in which consumers were not aware of, or did not understand the full set of potential 

fees or where consumers felt that fees were not adequately explained led some immigrants to 

express frustration about their experiences with retail banks.14

While checking accounts have lower up-front costs than alternative financial products such as 

check cashers, bank accounts can have minimum balance requirements and other fees.15 A 

survey of Latin American immigrants found that negative perceptions of bank accounts were 

closely related to immigrants’ perceptions about high minimum balance requirements.16 For 

households with low and unstable incomes, the potential savings from having bank accounts 

may be eliminated if the household does not understand the full set of possible fees and the 

steps required to avoid them if minimum balances are not met.

For households with low and unstable incomes, paying a check casher may feel easier and faster 

than managing a bank account with minimum balance requirements and fees. Additionally, a 

2013 National Council of La Raza study found that the consumers it surveyed believed that 

 

13 Federal Deposit Insurance Corporation, 2011 FDIC Survey of Banks’ Efforts to Serve the Unbanked and Underbanked

(December 2012), available at fdic.gov/unbankedsurveys/2011survey/2011report.pdf; Barcellos et al. 2012; Suro et al. 2002.

14 Lutheran Immigration and Refugee Service, Financial Literacy for Newcomers: Weaving Immigrant Needs Into Financial 

Education (March 2006), available at higheradvantage.org/wp-content/uploads/2012/05/rw_financial_literacy.pdf.

15 Osili and Paulson 2007.

16 Suro et al. 2002.
13 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

check cashers offer more convenient hours and locations and are more likely to have bilingual 

staff, among other things.17 Some banks have taken steps to improve their services by investing 

in diverse staff, expanded hours, and installing multilingual ATMs.18

Lack of or poor credit history in the U.S. Without access to information about a 

consumer’s credit behavior, credit reporting companies (also known as consumer reporting 

agencies) cannot compile a credit history, resulting in a “thin” credit file or no file at all.19 This 

may be common among new immigrants who have not yet used credit products in the United 

States.

Damaged credit may also be a problem for immigrants who obtained credit without fully 

understanding the features of the products or without information about managing credit and 

debt. Similar to nonimmigrants, immigrants may also default due to a financial shock. Relative 

newcomers might not understand the costs or impact of missed payments and the importance of 

credit scores in obtaining credit, job and rental applications, and other circumstances. 

Limited loans for small businesses. According to the Small Business Administration, 

immigrants have higher business ownership and formation rates than nonimmigrants. 

Approximately one in 10 immigrant workers owns a business.20 However, small business owners 

often experience trouble borrowing money beyond credit cards and personal loans. Lack of 

access to credit can present barriers to starting and expanding businesses. 21

 

17 National Council of La Raza, Latino Financial Access and Inclusion in California (June 2013), available at

publications.nclr.org/handle/123456789/1123. This report is based on a financial survey of Latinos in California.

18 Paulson et al. 2006.

19 Consumer Financial Protection Bureau Office of Research, Data Point: Credit Invisibles (May 2015), available at

files.consumerfinance.gov/f/201505_cfpb_data-point-credit-invisibles.pdf.

20 Small Business Administration Office of Advocacy, Immigrant Entrepreneurs and Small Business Owners, and Their Access 

to Financial Capital (May 2012), available at sba.gov/sites/default/files/rs396tot.pdf. 

21 Lofstrom and Wang 2009.
14 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

3.1.2 Challenges unique to immigrant households

Immigrants face unique challenges, such as navigating the immigration process, potentially 

learning a new language, and assimilating to a new (or different) financial system. Some of the 

difficulties get easier with time, but building financial well-being can be a long process. 

Documentation and identification requirements. There appears to be confusion about 

the documents needed to open accounts among both immigrants and financial institutions and 

concerns about immigration status among immigrants. A national survey of Latin American 

immigrants found that 25 percent believed that opening a bank account required a Social 

Security number or a driver’s license.22 In fact, some, but not all, banks and credit unions accept 

foreign passports, consular IDs, or other alternative forms of identification and train their staff 

effectively on identification requirements.23 The USA PATRIOT Act allows financial institutions 

to accept both forms of identification, enabling insured financial institutions to serve unbanked 

immigrants who live and work in the United States. 24

Some immigrants may have, for example, a Matricula Consular. This is a card that countries 

such as Mexico, Guatemala, and Argentina issue as identification. A 2012 FDIC survey found 

that a majority of banks accepted a non-U.S. passport or some other nontraditional form of 

identification from prospective customers. Among respondents, 58 percent of banks accepted a 

non-U.S. passport, 40 percent accepted identification from a foreign consulate, and 73 percent 

accepted an Individual Taxpayer Identification Number (ITIN) as an alternative to a Social 

Security number at account opening.25

 

22 Suro et al. 2002.

23 National Council of La Raza 2013; Paulson et al. 2006.

24 Federal Deposit Insurance Corporation, Linking International Remittance Flows to Financial Services: Tapping the Latino 

Immigrant Market (December 2004), available at

fdic.gov/regulations/examinations/supervisory/insights/siwin04/latino_mkt.html.

25 Federal Deposit Insurance Corporation 2012.
15 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

In addition to some confusion about identification requirements, immigrants sometimes worry 

that banks will investigate immigration status or share customer information with immigration 

authorities. Some fear losing the money in their account if the identification they used to open 

the account expires or if they are deported.26 New York City’s Office of Financial Empowerment 

found that documentation status is one of the strongest determinants of banking status.27

Unfamiliarity with the U.S. financial system. Recent immigrants may be unfamiliar with 

financial products and fees in the United States. In addition, the U.S. tax system can be a major 

challenge, because taxes in their country of origin may have been very different.28

In terms of financial products, even if immigrants find products that suit their immediate needs 

for managing money, it may take longer for them to take advantage of the full scope of financial 

products and services – insurance, credit products and credit counseling services, Individual 

Development Accounts (IDAs), credit reports and scores, down payment assistance, mortgages, 

retirement accounts, and more. While gaps in checking account use between immigrants and 

native-born households disappear with time in the United States,29 gaps in longer-term assets 

and overall wealth persist into retirement.30

Lack of trust in financial institutions. Immigrants may bring with them a distrust of 

financial institutions based on experiences in their countries of origin. One study found that 

after controlling for income, education, race, and marital status, most of the gap between 

immigrants and native-born use of mainstream banking can be explained by the quality of 

 

26 Paulson et al. 2006.

27 New York City Department of Consumer Affairs Office of Financial Empowerment, Immigrant Financial Services Study

(November 2013), available at www1.nyc.gov/assets/dca/downloads/pdf/partners/Research-ImmigrantFinancialStudyFullReport.pdf.

28 GAO 2010, p12.

29 Osili and Paulson 2007.

30 See, for example, Love and Schmidt 2014; Heim et al. 2011; Sevak and Schmidt 2007.
16 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

banking in an immigrant’s home country.31

Expectations of returning home. Immigrants who expect to be in the United States for only 

a short time may be motivated to accumulate savings while they are in the United States. 

However, at the same time, they may feel that they have less need to learn about the U.S. 

financial system and make longer-term investments like homeownership or retirement 

savings.32 This may create an inherent tension where some immigrants may not be able to attain 

or access wealth-building capability without becoming more immersed in the system.

Ethnically concentrated neighborhoods. A study suggests that immigrants living in more 

ethnically concentrated neighborhoods are sometimes less likely to join the financial 

mainstream because they listen to their neighbors and families and are unfamiliar with the U.S. 

financial systems.33 Anecdotal evidence suggests that ethnically concentrated neighborhoods 

may turn to more familiar methods for taking care of financial needs34 like rotating savings and 

credit associations (ROSCAs), notaries, and money transfer providers. 

3.1.3 Challenges associated with having limited English 

proficiency

Language challenges. Households with limited English skills face multiple obstacles to 

understanding and accessing financial products and services. Financial disclosures and other 

written documents may be available only in English. 

Many financial institutions do not have bilingual employees available to serve individuals with 

 

31 Osili and Paulson 2008. 

32 Barcellos et al. 2012.

33 Osili and Paulson 2007.

34 Osili and Paulson 2007.
17 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

limited English proficiency, particularly for languages other than Spanish.35 Even when 

bilingual bank employees are available, they may not be familiar with all financial products the 

institution offers. This means individuals with limited English can have trouble getting 

information about products, comparing costs, and correcting errors.

Technical terms in the U.S. financial system – e.g., “subprime,” “overdraft protection,” “balloon 

payment,” “401(k)” – may not have equivalent terms in some languages. Even if equivalent 

terms exist, translations may create more confusion than clarity.36 For example, when targeting 

materials and products to Latinos, financial education materials often are translated from 

English to their literal equivalent in Spanish, which may be unintelligible or difficult for the 

reader to understand.37

Individuals with limited English skills may rely on friends and family – often their minor 

children – to serve as interpreters during financial transactions. 38 These individuals, 

particularly children, may not be expert about the financial topics being discussed or may not be 

able to translate complex financial or legal concepts. 

Scams and deceptive practices. At some point during their initial years in the United States, 

many immigrants deal with scams or deceptive practices. These include many of the same 

concerns that exist for native-born households. However, there are scams designed to exploit 

the specific vulnerabilities of immigrants. For example, service providers that work with LEP 

communities indicated that in some cases, individuals use their ability to converse fluently in 

someone’s native language to build trust and then take advantage of the person. Other service 

 

35 Lutheran Immigration and Refugee Service 2006, p11.

36 For a glossary of how the CFPB translates key financial terms into Spanish and Chinese, see 

files.consumerfinance.gov/f/201510_cfpb_spanish-style-guide-glossary.pdf and 

files.consumerfinance.gov/f/201510_cfpb_chinese-style-guide-glossary.pdf.

37 National Council of La Raza, Financial Education in Latino Communities: An Analysis of Programs, Products, and 

Results/Effects (December 2004), available at publications.nclr.org/handle/123456789/1394, p11. 

38 GAO 2010, p11. 
18 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

providers described scams in which LEP individuals are told the terms of an agreement orally in 

their native language and then asked to sign a written contract in English that is purported to 

memorialize that agreement, but that, in fact, contains entirely different and less favorable 

terms.39 Language barriers may also make it harder for those with limited English skills to 

register a complaint about a practice or product,40 where complaint-taking is limited to English.

3.2 Challenges facing financial educators

Our research found that those who provide financial education face corresponding challenges in 

helping immigrant communities improve their financial capability. The field scan identified the 

following challenges when tailoring programs to help immigrant populations: 

3.2.1 Hard-to-reach target populations

As with most consumers,41 for many immigrants, their families and friends serve as the primary 

source of information about financial products and providers, even though they may not have 

complete information themselves.42 Those immigrants who lack documentation may not trust 

offers of help coming from outside their social networks. 

3.2.2 Inaccessibility and inconvenience

Many immigrants work long and nonstandard hours. Thus, access to flexible options, along with 

 

39 GAO 2010.

40 Appleseed, Expanding and Improving Financial Services for Low- and Moderate-Income Immigrant Communities: Next Steps,

available at texasappleseed.org/sites/default/files/101-FinancialServicesExpandingandImprovingCommunitiesNext%20Steps.pdf.

41 Consumer Financial Protection Bureau, Financial Well-Being: The Goal of Financial Education, p27.

42 Lutheran Immigration and Refugee Service 2006.
19 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

financial education programs tailored to nontraditional schedules, are important.43

3.2.3 Lack of targeted materials

In terms of language accessibility, it may be hard to find financial education materials translated 

into less common languages. 

Experts noted that to be effective, translated materials often need to be “transcreated”; that is, 

conveying an image or message in another language effectively but not necessarily using a literal 

translation. Idioms and culturally relevant examples are important.44 In some cases, it can be 

more effective to keep financial terms in English, if translated terms do not perfectly 

communicate the meaning. There also may be benefits to helping immigrants learn the English 

terms. Some refugee service providers also prefer picture-based materials, which may not be 

available for all topics or languages. Some picture-based materials are based on experiential 

learning that combines visual aids, pictorial stories, games, life skills, and concrete examples to 

help participants manage their finances and improve their financial self-sufficiency.45

Additional information or modules may be needed on specific topics that are important to an 

organization’s clients – for example, remittance transfers or identification requirements.

3.2.4 Hiring and retaining appropriate staff

Staff turnover is a common challenge for financial education providers, and it can be even 

harder for financial education providers to hire qualified bilingual and bicultural instructors and 

counselors. One study reports that access to Spanish-language instruction is an issue in many 

 

43 National Council of La Raza 2004.

44 National Council of La Raza 2004.

45 See the Institute for Social and Economic Development’s Picture This! program at: isedsolutions.org/programs/picture-this.
20 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

cities.46

3.2.5 Status and financial goals in the United States 

For immigrants, programs may also need to consider the length of time spent in the United 

States and the stage of the acculturation process. Identification requirements can be confusing 

for financial educators as well. For example, documentation considerations for the use of 

financial services can vary depending on country of origin, status of client, nature of financial 

transaction, and banking practices in the community. Similarly, information about ITIN 

mortgages may not be relevant to immigrants who are simply looking to understand how to 

open a bank account or transfer money to family residing elsewhere. Financial educators may 

find it complicated to address the many overlapping issues.

 

46 National Council of La Raza 2004.
21 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

4. Approaches to helping 

immigrants build financial 

well-being

The CFPB’s research on financial well-being suggests that to be effective, financial education 

should address the particular situation, goals, and needs of each consumer. 47 The CFPB’s 

framework of factors and behaviors that improve financial well-being suggests that in order to 

take a particular course of action, individuals need to: 

 Feel motivated and confident in their ability to act effectively

 Have the necessary knowledge and skills

 Have the opportunity to act 

Consumer interviews conducted for the CFPB research on financial well-being suggest that 

people get most of their factual and normative knowledge about financial topics from their 

family, friends, and community. Financial educators can be a trusted resource within the 

community. However, as noted earlier, reaching immigrants can be challenging.

A GAO report also found that, for some immigrants, a lack of basic knowledge about U.S. 

 

47 Consumer Financial Protection Bureau, Financial Well-Being: The Goal of Financial Education.
22 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

financial services is a barrier.48 Therefore, for these individuals, traditional financial education, 

particularly if tailored to their language and culture and relevant to their situation, is a critical 

component of any program or initiative. 

For other immigrants and in other situations, a barrier may well be lack of opportunities to act. 

In this case, educators will likely want to support providing financial products and services that 

help build financial capability.

The scan identified promising practices in these three main categories: 

 Outreach and awareness campaigns

 Financial education programs

 Targeted financial products and services

Some of these strategies tailor existing programs, products, and services to immigrants, while 

others entail creating new programs, products, and services specifically designed for 

immigrants. Examples of all of these strategies can be found in the Appendix.

4.1 Outreach and awareness campaigns

Several organizations use awareness campaigns and mass media to bring unbanked and 

underbanked immigrant consumers into the financial mainstream by raising awareness about 

the landscape of U.S. financial institutions, trustworthy sources of financial education, and other 

topics relevant to navigating the U.S. financial system. These campaigns typically create 

partnerships between financial institutions, such as banks and credit unions, and community-

 

48 GAO 2010, p12. 
23 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

based organizations and nonprofits.49

Some organizations also use “edutainment” with embedded educational content in programs to 

reach immigrant communities and provide financial education. Such “edutainment” may be 

effective at raising awareness among populations that might not otherwise seek financial 

education. 50 For example, a telenovela51 was developed to provide both entertainment and 

financial literacy to English- and Spanish-speaking audiences. 

4.2 Financial education programs

Financial educators have found several different pathways to delivering financial education to 

immigrants.

Direct financial education. Many community-based organizations offer financial education, 

among other services. Financial education can be offered through classes or individualized 

coaching, or integrated into the organization’s other services. These organizations often tailor 

their financial education to the unique needs of their immigrant clients. 

Culturally appropriate and language-accessible materials. For many consumers for 

whom English is not their native language, receiving materials in their native language is 

essential to increasing financial knowledge and access. A survey showed that Latinos who did 

not own a traditional mainstream bank account were overwhelmingly (66 percent) Spanishspeaking. When asked to identify the top factors they considered when choosing a bank, the 

 

49 Other examples include Bank On, locally led partnerships between local public officials; city, state, and federal government 

agencies; financial institutions; and community organizations that work together to help improve the financial stability of 

unbanked and underbanked individuals and families in their communities. See: joinbankon.org/#/about.

50 Spader et al. 2009.

51 A telenovela is a soap opera produced in and televised in or from many Latin American countries. For example, Nuestro Barrio 

is a telenovela miniseries that provides both entertainment and financial literacy. See: reinvestmentpartners.org/nuestro-barriohomeowner-education-campaign.
24 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

ability to communicate in Spanish was a top consideration for them.52

Integration into social-services organizations. Incorporating financial education into 

resettlement services for new refugees has recently become more widespread. Some providers 

have advocated for financial education to be integrated into curricula provided to adult English 

as a Second Language (ESL) students. 

Employer-based programs. Though employer-based financial education programs generally 

do not specifically target immigrants, these programs hold promise for their ability to reach 

immigrants working for large organizations. These programs typically couple financial 

education with retirement savings accounts and other employer-based financial products and 

services. 

School-based programs. School-based financial education can engage children and youth to 

increase financial capability and promote asset building. In addition to improving the financial 

capability of young people, school-based programs may also help the parents, to the extent that 

students share what they learn with their families. Anecdotal evidence shows that recent 

immigrant parents have a high level of trust in their children’s school and look to their schools 

for a variety of information and connections to community resources. For example, the 

experience of opening a savings account for a child through programs offered at their school 

may make parents more comfortable with financial institutions and more likely to open an 

account. 53

Individual Development Account (IDA) programs. IDA programs combine matched 

savings accounts with financial education to help low- and moderate-income individuals save 

 

52 National Council of La Raza 2013.

53 The Financial Education & Account Access Among Elementary Students (April 2014) study commissioned by the U.S. 

Department of the Treasury and conducted by the Corporation for Enterprise Development assessed the interplay of classroom

financial education and access to a savings account for school-aged children. The study is available at: 

cfed.org/assets/pdfs/AFCO_Youth_Full_Report_Final.pdf.
25 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

for short- and long-term asset-building purchases. The Assets for Independence54 (AFI) 

program is a major funder of IDAs available to the broader U.S. population. The Office of 

Refugee Resettlement administers a closely related program that focuses on making IDA 

accounts available to refugees.55 Many organizations implement matched savings programs 

similar to IDAs for immigrants and other disadvantaged groups.

4.3 Targeted financial products and 

services

Beyond financial education, financial institutions have developed an array of products and 

services tailored to immigrants. Financial products and services can improve immigrants’ 

financial capabilities by helping them to establish credit or build assets. Immigrants may prefer 

financial products they are familiar with from their country of origin, or products that have been 

developed to meet the unique needs of immigrants in the United States. 

Innovative banking services include lending circles, citizenship and Deferred Action for 

Childhood Arrivals (DACA) loans, as well as other small and credit-building loans. Programs can 

be designed to cater to the unique needs or experiences of immigrants, such as ROSCAs and 

products that meet specific religious requirements, which are described in more detail below. 

While there are many responsible lenders in this space, immigrants and financial educators who 

serve immigrants should be aware they may be exposed to scams and deceptive practices. 

Remittances transfers. Many immigrants choose to use money transfer operators for 

remittances. The choice of organization is frequently driven by the preference of the receiver, 

 

54 U.S. Department of Health and Human Services Office of the Administration for Children & Families – Office of Community 

Services: acf.hhs.gov/programs/ocs/programs/afi.

55 U.S. Department of Health and Human Services Office of the Administration for Children & Families – Office of Refugee 

Resettlement: acf.hhs.gov/programs/orr/resource/individual-development-accounts-idas.
26 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

rather than the costs to the sender.56 Some senders with bank accounts choose not to use the 

bank, even when the cost is lower, because the receiver is geographically remote from an ATM or 

is concerned about theft at the ATM. Other senders may not be aware the bank offers the 

service.57

Lending circles, ROSCAs, and related products. Lending circles are social loan programs 

based on traditional practices of informal group lending around the world. In these programs, 

participants typically receive financial training and then are placed in groups of participants. 

Each participant makes monthly contributions and then receives a loan on a rotating basis. The 

lending circles serve as a mechanism for individuals to access capital and in some cases build or 

improve credit. Lending circles have increasingly been adopted as a tool for engaging 

immigrants with financial services, helping them to save and to establish a credit history. 

Similarly, ROSCAs provide informal savings and credit where participants contribute weekly to 

a group fund and then receive payouts when their turn arises. ROSCAs differ in the structure of 

contributions, payouts, and communications among members. Examples include tandas (Latin 

America), susus (West Africa), and trust banks (China).

Customer service and locations. While many transactions are available online, studies 

indicate that many immigrants still like to bank in person, and the customer service experience 

matters to them. The National Council of La Raza conducted a survey that showed customer 

service ranked as one of the most significant factors when survey respondents were asked what 

they were looking for in a banking institution.58

Products that meet religious requirements. Some immigrants prefer to finance purchases 

in ways that meet religious requirements with respect to credit or interest. Some consumers 

 

56 Banking on Remittances: Increasing Market Efficiencies for Consumers and Financial Institutions, p19, available at

econpapers.repec.org/paper/fipfedhpr/967.htm.

57 Paulson et al. 2006.

58 National Council of La Raza, Banking in Color: New Findings on Financial Access for Low- and Moderate-Income 

Communities (May 2014), available at publications.nclr.org/handle/123456789/1203. 
27 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

from a variety of religion faiths face such constraints, but most demands come from Islamic 

consumers. For example, for home purchases, Islamic homebuyers have three common 

financing options: 

Murabaha: The financial institution buys the house and gradually sells it to the buyer for an 

amount that includes a preset profit. 

Ijara: The financial institution buys the house and leases it to the buyer, who gradually pays off 

the home plus a market-based rent. 

Musharakah: The buyer and the financial institution share equity as the buyer gradually 

purchases the home and both parties share in gains and losses. 

Similar principles in modifying credit options to accommodate religious constraints also apply 

to small business, auto, and other loans. Islamic financing options in the United States have 

been primarily offered through specialized financial institutions. A small number of financial 

educators have also experimented with pilot programs.

Mortgages for ITIN holders. ITINs allow banks to meet identification requirements for 

customers – both documented and undocumented immigrants – who file taxes with the Internal 

Revenue Service but who do not have a Social Security number.59 Though not all mortgage 

lenders offer loans to ITIN holders, many financial institutions do. 

Citizenship loans and DACA loans. For people eligible to apply for citizenship, the 

application cost is one of the main barriers to citizenship.60 The cost to obtain U.S. citizenship is 

 

59 Effective Jan. 1, 2013, the Internal Revenue Service updated procedures that affect the ITIN application process. See: 

irs.gov/Individuals/General-ITIN-Information.

60 American Immigration Council, The Cost of Citizenship Is a Barrier for Some Immigrant (January 2015), available at

immigrationimpact.com/2015/01/09/cost-citizenship-barrier-immigrants/.
28 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

about $680 per individual and to apply for the DACA program61 is about $465 per individual. 

Because many immigrants need to borrow these sums, sometimes for several family members, 

several credit unions, community development financial institutions, and community-based 

organizations offer small, low-cost loans. These loans are designed to help eligible immigrants 

apply for citizenship or the DACA program. Sometimes the loans are coupled with financial 

education.

Credit-building loans. Several organizations offer small credit-building loans whose primary 

function is to help immigrants establish or repair their credit history. Immigrants may also 

establish a credit history. Payments for ITIN mortgages and Islamic financing products are 

reported to the credit bureaus. Some providers of citizenship loans, DACA loans, and ROSCAs 

also make credit building an objective of their loans. 

 

61 DACA allows certain people who came to the United States as children and meet several key guidelines to request 

consideration of deferred action for two years, subject to renewal, and who would then be eligible for work authorization. See: 

uscis.gov/humanitarian/consideration-deferred-action-childhood-arrivals-daca.
29 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

5. The CFPB’s actions to assist 

LEP and immigrant 

consumers

The CFPB is committed to providing persons with LEP meaningful access to its programs and 

services and to help immigrants and LEP consumers manage their financial lives.

5.1 Access to Bureau services

The CFPB’s contact centers (855-411-2372) can assist consumers with complaints in more than 

180 languages. Consumers who speak Spanish have the option of receiving written 

communications in Spanish. Last year, the CFPB Office of Consumer Response added direct 

selection of Russian, Arabic, Haitian Creole, Mandarin, Korean, Vietnamese, and Tagalog in 

addition to English and Spanish. Reports show that the number of calls in these languages has 

consistently increased month over month. Currently, about 16% of consumer 

complaints/inquiries are conducted in Spanish each month.

5.2 Consumer education resources

The CFPB offers free financial education materials targeted to LEP consumers that can be 

downloaded for use or reprinting, or ordered in bulk. Selected materials are available in 

Spanish, Haitian Creole, Mandarin, Korean, Vietnamese, French, Tagalog, Arabic, and Russian. 

These financial education materials can be found at promotions.usa.gov/cfpbpubs.html.
30 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

The CPFB has also developed The Newcomer’s Guides to Managing Money. The guides provide 

recent immigrants with straightforward information about basic money decisions. The four 

guides focus on these topics:

 Ways to receive your money

 Ways to pay your bills

 Checklist for opening an account

 Selecting financial products and services

The guides and other financial education publications can be ordered for free in bulk here: 

consumerfinance.gov/blog/the-newcomers-guides-to-managing-money.

Glossaries in Spanish and Chinese. In 2015, the Bureau published its glossaries of 

financial terms translated from English into Spanish and Chinese as a resource tool. 

Stakeholders that may be interested in using this tool include, but are certainly not limited to, 

financial educators, government agencies, financial service providers, and other organizations 

serving LEP consumers. The glossary of terms is not a mandate, guidance, or a requirement. 

The glossaries can be found at: 

 Spanish: consumerfinance.gov/f/201510_cfpb_spanish-style-guide-glossary.pdf

 Chinese: consumerfinance.gov/f/201510_cfpb_chinese-style-guide-glossary.pdf

CFPB website. The Bureau’s website (consumerfinance.gov) offers information to consumers 

in eight languages in addition to English: Spanish, Russian, Arabic, Haitian Creole, Mandarin, 

Korean, Vietnamese, and Tagalog. Links to these pages can be found on the CFPB home page. 

They include information about the CFPB, complaint line information, and remittance rule 

information. 

Ask CFPB. Ask CFPB is an interactive online tool that gives clear, unbiased answers to 

common financial questions.

Ask CFPB en Español. In May 2013, the Bureau launched Ask CFPB in Spanish. Ask CFPB is 

an interactive online tool that gives consumers answers to questions about financial products 

and services.
31 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Planning for Retirement Tool. In 2015, the Bureau launched this interactive tool to help 

consumers make informed decisions about when to claim their Social Security benefits. The tool 

gives estimates of the expected monthly benefits at different ages, and shows how monthly 

benefits change depending on the age at which consumers claim. The tool also provides claiming 

tips relevant to specific consumer situations. The English version can be found at 

consumerfinance.gov/retirement and the Spanish version at consumerfinance.gov/jubilacion.

Your Money, Your Goals. Your Money, Your Goals is a toolkit that social-services 

organizations can use to help their clients set goals; choose financial products; and build skills in 

managing money, credit, and debt. The toolkit is available in Spanish. The Your Money, Your 

Goals toolkit can be found at consumerfinance.gov/your-money-your-goals/. 

5.3 Regulation

Remittance Transfer Rule (Electronic Fund Transfer Act). The Bureau amended 

Regulation E, which implements the Electronic Fund Transfer Act, and the official 

interpretation to the regulation. The amendments took effect in October 2013, as subpart B of 

Regulation E. The amendments provide new protections, including disclosure requirements, 

error resolution, and cancellation rights, to consumers who send remittance transfers to other 

consumers or businesses in a foreign country. The amendments implement statutory 

requirements set forth in the Dodd-Frank Act. For more information and educational materials, 

see consumerfinance.gov/blog/category/remittances/.

Mortgages. The Bureau announced the availability of a Spanish-language translation of the 

homebuying information booklet, a consumer publication also known as the special information 

booklet or the settlement cost booklet required under the Real Estate Settlement Procedures 

Act, Regulation X, and Regulation Z. The title of this publication is Su conjunto de herramientas 

para préstamos hipotecarios: Guía paso a paso (English title: Your home loan toolkit: A stepby-step guide). You can find the publication here: 

files.consumerfinance.gov/f/201507_cfpb_your-home-loan-toolkit-print-spanish.pdf.
32 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

6. Conclusion and implications

Immigrant consumers make up an important and growing share of consumers in this country. 

Many immigrants face particular challenges when it comes to accessing, understanding, and 

thriving in the consumer financial services marketplace. These challenges vary from person to 

person, depending on many factors including socioeconomic status, language, and financial 

experiences from their country and culture of origin. 

Financial educators have a valuable role to play in helping to meet these diverse challenges. The 

results of the CFPB’s research and field scan suggest that financial educators and service 

providers have many promising strategies to use to help immigrants improve their financial 

well-being. However, few of these strategies are widespread and immigrants still face many 

challenges in navigating the U.S. financial system. 

The CFPB, along with policymakers, financial educators, and others concerned with consumer 

financial well-being, can use these research findings to develop, spread, and scale targeted 

approaches to help immigrants with financial decision-making. 

Financial educators who are interested in expanding their services to immigrants can use the list 

of promising practices to explore providing these services to their clients, or partnering with or 

learning from other organizations to make these products and services more widely available.

Ultimately, the CFPB hopes to raise broad visibility about the financial education challenges 

facing immigrant populations. In addition, the Bureau hopes to encourage policymakers and 

practitioners to use the findings of this research to better understand what types of financial 

education and empowerment programs and practices may improve financial decision-making 

skills and outcomes for consumers of all backgrounds to help consumers reach their life goals.
33 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

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37 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

APPENDIX A:

Field scan of programs and 

practices

Below are the results of the field scan of financial education programs and practices that serve 

immigrant populations. The scan identifies common types of financial education interventions 

and provides examples of programs that illustrate each approach. 

This list is intended to provide policymakers and financial educators with examples and ideas on 

how to help immigrant consumers. It is not exhaustive and does not constitute endorsement by 

the CFPB of any particular program or organization. Rather, the field scan is designed to provide 

a broad view of the types of financial education programs and practices that are commonly used 

to serve immigrant populations.

TABLE 1: AWARENESS CAMPAIGNS

Organization Program or resource Description62

El Paso Affordable 

Housing Credit Union 

Service Organization

El Paso Saves El Paso Saves, in partnership with the 

national Hispanic America Saves 

campaign, encourages low-income 

households “to save money, reduce 

debt, and build wealth.” El Paso has 

partnered with the Credit Unions of El 

Paso, city and county officials, and 

 

62 The descriptions were copied from the organizations’ websites unless indicated otherwise.
38 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description62

elected officials to offer “free financial 

education, asset development creation 

workshops, and low-balance, no-fee 

savings accounts at participating credit 

unions.” 

The El Paso Saves initiative has 

tailored many of its materials and 

messages to target Spanish speakers 

in the El Paso area, which includes a 

large population of Hispanic 

immigrants. (elpasosaves.com)

Freddie Mac Don’t Borrow Trouble The Don’t Borrow Trouble campaign is 

a major awareness effort, supported by 

Freddie Mac, to help individuals avoid 

predatory mortgage lending practices 

that can strip away home equity. 

Pioneered in Boston, the campaign has 

expanded to several cities. As part of 

this effort, Don’t Borrow Trouble 

integrates financial education and 

counseling services to help individuals 

identify and avoid predatory lending 

practices. 

The Don’t Borrow Trouble campaign 

broadly targets Spanish speakers, with 

some specific topics tailored to issues 

that are primarily relevant to 

immigrants. The campaign includes 

brochures, posters, transit ads, 

television commercials, and public 

service announcements, all of which 

have been translated into Spanish. 

(dontborrowtrouble.com)

Bank On Bank On Seattle-King 

County 

The Bank On initiative is a broad-based 

outreach campaign that exists in many 

cities throughout the country. Bank On 

Seattle-King County identified the 

region’s immigrant and refugee 

population as primary target audiences 

for the Bank On initiative. Marketing 

and outreach relied extensively on the 

member organizations of the Seattle-
39 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description62

King County Asset Building Coalition, 

which serves a number of immigrant 

and refugee communities in the region. 

Materials were translated into 12 

languages. The Bank On initiative also 

connected its awareness campaign to 

resources that linked potential 

participants to the financial education 

offered through the Financial Education 

Providers Network in the region. This 

network links participants to a range of 

financial education offerings on multiple 

topics that are offered through 

community-based organizations serving 

different immigrant and refugee 

populations. 

(everyoneiswelcome.org/bank-on)

TABLE 2: TELENOVELAS

Organization Program or resource Description63

Reinvestment Partners 

Inc. and Freddie Mac

Nuestro Barrio Nuestro Barrio is a telenovela that was 

developed to provide both 

entertainment and financial literacy to 

English- and Spanish-speaking 

audiences. The show is a television 

series that uses “character-driven 

dramatic storylines” to expose viewers 

to concepts traditionally covered in 

financial literacy and homeownership 

courses, such as owning a home, 

building credit, and the dangers of 

predatory lending. The show has aired 

 

63 The descriptions were copied from the organizations’ websites unless indicated otherwise.
40 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description63

in media markets of North Carolina, 

South Carolina, Chicago, and Boston. 

By maintaining competitive 

entertainment value, Nuestro Barrio 

seeks to attract viewers who otherwise 

might not be exposed to financial 

education topics. The plot and 

storylines integrate information that 

raises awareness about the landscape 

of U.S. financial institutions, trustworthy 

sources of financial education, and 

other topics relevant to navigating the 

financial system in the U.S. 

(reinvestmentpartners.org/nuestrobarrio)

Latino Community Credit 

Union (LCCU) and Latino 

Community Development 

Center

LCCU Knowledge Center 

Videos

The Latino Community Credit Union 

(LCCU) was founded in 2000 in direct 

response to a wave of robberies that 

targeted Latino immigrants in Durham, 

N.C. Since 2000, LCCU has evolved 

into a national model for credit unions 

and community financial institutions 

seeking to serve unbanked immigrant 

communities. In collaboration with the 

Latino Community Development 

Center, LCCU has developed several 

entertaining financial literacy videos 

that are designed to help Latinos 

navigate the U.S. financial system. 

Films and videos such as “Reymundo’s 

World” or “Angelica’s Dreams” not only 

mix comedy with drama to entertain 

viewers, but also provide viewers with 

knowledge and tools to buy a home or 

to start a small business. 

(latinoccu.org/knowledge-center)
41 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

TABLE 3: TAILORED CURRICULA

Organization Program or resource Description64

Consumer Action Online Clearinghouse for 

Financial Education 

Resources

Consumer Action provides a 

clearinghouse for multilingual financial 

education materials and other 

translated documents. The online 

materials are available in many 

languages, including English, Spanish, 

Chinese, Korean, and Vietnamese. The 

MoneyWi$e financial education 

curriculum is available through 

Consumer Action’s website. Consumer 

Action also offers translation services 

and operates a toll-free hotline that 

provides information, nonlegal advice, 

and referrals to other agencies. 

Together, these resources provide a 

resource library for both financial 

education providers and consumers 

seeking financial education materials. 

(money-wise.org)

Institute for Social and 

Economic Development 

(ISED)

Picture This! Curriculum The Institute for Social and Economic 

Development (ISED) is a national 

organization that uses multiple 

approaches to train organizations and 

staff on financial literacy curricula for 

limited English speakers, refugees, and 

immigrants. ISED also developed the 

Picture This! Curriculum – a picturebased financial education curriculum 

designed to help new immigrants and 

refugees build basic financial skills. It is 

 

64 The descriptions were copied from the organizations’ websites unless indicated otherwise.
42 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description64

based on experiential learning that 

combines visual aids, pictorial stories, 

games, life skills, and concrete 

examples to help participants manage 

their finances and improve their 

financial self-sufficiency. It is currently 

available in 11 languages. 

(isedsolutions.org/programs/picturethis)

El Paso Collaborative for 

Community and 

Economic Development

Financial Literacy Manual The El Paso Collaborative for 

Community and Economic 

Development provides resources and 

educational materials to disadvantaged 

communities. With a grant from the 

National Endowment for Financial 

Education, the Collaborative developed 

its Financial Literacy Manual, a series 

of financial education modules that 

includes topics related to both general 

financial education and housing 

counseling. The modules are tailored to 

meet the needs of colonia and rural 

residents living on the U.S.-Mexico 

border. For example, the housing 

counseling modules include content 

related to the unique requirements 

associated with purchasing and owning 

homes in colonias and Model 

Subdivisions. (epcollab.org/language/english/financialliteracy-manual)
43 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

TABLE 4: GENERAL FINANCIAL EDUCATION

Organization Program or resource Description65

Pacific Asian Consortium 

in Employment (PACE) 

Multiple Financial Education 

Services

The Pacific Asian Consortium in 

Employment (PACE) offers a wide 

variety of programs and services to 

provide individuals with tools to develop 

sustainable business and to manage 

their personal finances. PACE offers a 

Volunteer Income Tax Assistance site, 

an IDA program, and business 

development center that provide a 

range of services that support the 

development of financial capability 

among its client population. As a 

complement to these programs, PACE 

also provides general financial 

education workshops, credit 

counseling, and homebuyer education. 

Together, these offerings provide a 

holistic set of financial education 

services. (pacelabdc.org)

Latino Economic 

Development Center 

(LEDC)

Financial Fitness Program The goal of the Latino Economic 

Development Center (LEDC) is to 

increase the economic and social wellbeing of low- and moderate-income 

Latinos by providing them with tools 

and skills to achieve financial 

independence. As part of this larger 

mission, it has integrated financial 

education into its broader approach to 

community-based economic 

development. The Financial Fitness 

Program includes basic financial 

education and credit-building services. 

The credit-building component includes 

 

65 The descriptions were copied from the organizations’ websites unless indicated otherwise.
44 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description65

credit-building seminars as well as 

access to “safe financial products” that 

include secured credit cards. 

(ledcmetro.org/financial-fitness) 

TABLE 5: FINANCIAL EDUCATION INTEGRATED INTO ESL/REFUGEE SERVICES

Organization Program or resource Description66

CASA de Maryland CASA de Maryland provides a variety 

of services – including legal services, 

citizenship assistance, employment 

training, and other programs – to help 

low- and moderate-income individuals 

and families achieve and sustain 

economic self-sufficiency. As part of its 

financial literacy program, CASA 

provides tax preparation, 

individualized counseling, and 

workshops to help individuals obtain 

identification documents to open a 

bank account or use basic U.S. 

financial services. This can include 

writing a check, using a debit card, or 

creating a budget. In addition, local 

banks in the Hyattsville area attend 

workshops at CASA’s centers to help 

members open accounts. 

(casademaryland.org)

U.S. Committee for 

Refugees and Immigrants

Banking on the Future 

Curriculum

The mission of the U.S. Committee for 

Refugees and Immigrants is to protect 

the rights and address the needs of 

refugees and immigrants by 

“advancing fair and humane public 

policy, facilitating and providing direct 

professional services, and promoting 

 

66 The descriptions were copied from the organizations’ websites unless indicated otherwise.
45 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description66

the full participation of migrants in 

community life.” As part of that 

mission, it has developed a culturally 

appropriate financial literacy 

curriculum known as “Banking on the 

Future” that provides case managers 

with tools to help refugees understand 

the U.S. banking system and other 

financial services. Banking on the 

Future is widely used among refugee 

service providers and is available in 

six different languages. 

(refugees.org/wpcontent/uploads/2016/02/FinancialLiteracy-Curriculum.pdf)

International Institute of 

St. Louis

Refugee Resettlement 

Services and the Assets for 

Life IDA

The International Institute offers 

comprehensive refugee resettlement 

services that include basic financial 

education to new refugees in the St. 

Louis area. To complement these 

services, the International Institute 

also offers financial education and an 

Individual Development Account (IDA) 

program. The “Assets for Life” IDA is a 

matched savings program that will 

match up to $3,000 of a refugee’s 

savings at a 2:1 match rate when the 

savings are used for a home purchase 

or repair, postsecondary education, 

small business capitalization, or to 

purchase a personal vehicle. 

(iistl.org/financialliteracy.html)

Cambodian Mutual 

Assistance Association 

(CMAA)

Multiple Programs The Cambodian Mutual Assistance 

Association (CMAA) is a multiservice 

organization that offers financial 

education as one of several longerterm resources available for 

Cambodian refugees settled in the 

Lowell, Mass., area. CMAA’s offerings 

include English as a Second 

Language classes, general financial 

education classes, first-time 
46 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description66

homebuyer education, citizenship

assistance, translation services, and 

other programs. Together, these 

offerings seek to provide longer-term 

assistance to support economic 

security among the Cambodian 

American community in Lowell. 

(cmaalowell.org/wp)

TABLE 6: EMPLOYER-BASED PROGRAMS

Organization Program or resource Description67

Tyson Foods Inc. Tyson Workforce Home 

Benefit and Newcomers 

Financial Literacy Programs

Tyson Foods, headquartered in 

Springdale, Ark., provided home 

ownership and financial education 

assistance to its employees, many of 

whom were immigrants. In February 

2004, Tyson Foods launched the 

Tyson Workforce Home Benefit 

Program to facilitate homeownership 

among employees to promote 

employee loyalty and retention. The 

program provided assistance toward 

down payments and closing costs. 

Tyson also sponsored a Newcomers 

Financial Literacy Program. At various 

locations across the country, Tyson 

provided classes to workers on topics 

including checking account 

management, building a credit history, 

home purchase counseling, and 

participating in the company’s 

retirement savings program. (Paulson 

et al. 2006)

 

67 The descriptions were copied from the organizations’ websites unless indicated otherwise.
47 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

TABLE 7: SCHOOL-BASED PROGRAMS

Organization Program or resource Description68

Mitchell Bank South Division High School In response to the dramatic increase in 

the Latino population in Milwaukee, 

Mitchell Bank opened a branch at 

South Division High School. Cardinal 

Bank, which operates out of South 

Division High School, is a full-service 

bank operated primarily by students in 

the school, many of whom identify as 

Latino or Hispanic. Students are 

trained to manage the branch, such as 

by opening accounts, balancing the 

vault, and completing various 

customer transactions. The students 

serve as a central point of contact for 

parents, students, and staff, and a 

segment of the population who might 

not otherwise visit a mainstream 

financial institution. (Paulson et al. 

2006)

East Bay Asian Local 

Development Corporation

Money Savvy Youth Money Savvy Youth is a financial 

literacy program that provides 

education to fourth- and fifth-graders in 

Oakland on the basics of money 

management, saving, credit, and 

financial planning. The program is a 

five-week financial education course 

that is provided by the East Bay Asian 

Local Development Corporation in 

Oakland’s public schools. While the 

program is not specifically targeted to 

immigrants, it is developed and 

administered by an organization 

whose mission includes a “historic and 

 

68 The descriptions were copied from the organizations’ websites unless indicated otherwise.
48 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description68

continuing commitment to Asian and 

Pacific Islander communities.” To the 

extent that the program is offered in 

schools with large immigrant 

populations, it provides an opportunity 

to understand the impact of schoolbased financial education on both 

children and parents. (ebaldc.org/ourprograms)

First Graduate First Graduate First Graduate is a San Franciscobased nonprofit that helps high school 

students finish high school and 

become the first in their families to 

attend college. While First Graduate 

does not focus exclusively on financial 

education, it provides guidance about 

college applications and college 

finance within a broader set of 

supports. It therefore provides a 

comprehensive model that includes 

coaching and guidance, academic 

support, mentoring, family 

engagement, and career exploration to 

engage immigrant youth and parents. 

Eighty-five percent of the students are 

immigrants or the children of 

immigrants. (firstgraduate.org)

TABLE 8: CREDIT EDUCATION AND HOUSING COUNSELING

Organization Program or resource Description69

African Development 

Center (ADC)

ADC Financial Education 

and Counseling

The African Development Center (ADC) 

seeks to serve the approximately 130,000 

 

69 The descriptions were copied from the organizations’ websites unless indicated otherwise.
49 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description69

African immigrants and refugees in the 

Minneapolis region. Its services, including 

credit education and housing counseling, 

closely mirror services offered to the 

broader U.S. population. ADC’s credit 

education provides credit report reviews, 

one-on-one counseling, and debt 

management services. ADC’s housing 

counseling program has “adapted leading 

first-time homebuyer education programs 

to suit the cultural needs” of their clients. 

In both cases, ADC’s innovation is to 

ensure that the service it delivers is 

culturally compatible with the needs of the 

immigrant and refugee populations in the 

Minneapolis area. For example, ADC 

experimented with a pilot program that 

offered home purchase financing using 

Islamic financing principles to better serve 

Muslim immigrants in their client 

population. (adcminnesota.org)

El Paso Collaborative for 

Community and 

Economic Development

Deed Conversion Program The El Paso Collaborative for Community 

and Economic Development provides 

resources and educational materials to 

disadvantaged communities. Its services 

include traditional down payment 

assistance programs that include a 

requirement to complete prepurchase 

homeownership education. Conversely, 

the Deed Conversion Program is a 

unique program designed to meet the 

needs of homeowners whose properties 

are located in colonias in Texas. The 

Deed Conversion Program offers small 

grants to help homeowners convert a 

contract for deed to a traditional warranty 

deed. It also allows funds to be used for 

rehabilitation, reconstruction, or new 

construction. Together, these objectives 

seek to improve housing quality and 

provide access to stronger consumer 

protections for homeowners living in 
50 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description69

Texas colonias. To become eligible for 

this program, individuals must be located 

in a colonia registered by the Texas 

Secretary of State, be at or below 60 

percent of HUD’s Area Median Family 

Income, and complete a homebuyer 

counseling program and/or class. 

(http://www.epcollab.org/language/english/contract-fordeed-conversion-program)

TABLE 9: INDIVIDUAL DEVELOPMENT ACCOUNTS (IDAS)

Organization Program or resource Description70

Office of Refugee 

Resettlement, Office 

of the 

Administration for 

Children & Families

Individual Development Accounts 

(IDAs)

The mission of the Individual 

Development Account (IDA) program is 

to provide low-income refugees with 

opportunities to save, promote their 

participation in U.S. financial institutions, 

and increase homeownership and 

access to capital. IDA grantees provide 

matched savings accounts to refugees 

with annual incomes that are less than 

200 percent of the poverty level and with 

assets that are less than $10,000. The 

program enables IDA grantees to match 

up to $1 for every $1 deposited by a 

refugee in a savings account. The total 

match amount provided may not exceed 

$2,000 for individuals or $4,000 for 

households. The matched funds can be 

used toward eligible asset purchases 

such as homeownership, postsecondary 

education, small business capitalization, 

and the purchase of a personal vehicle. 

 

70 The descriptions were copied from the organizations’ websites unless indicated otherwise.
51 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description70

(acf.hhs.gov/programs/orr/resource/indiv

idual-development-accounts-idas)

Boat People SOS 

(BPSOS)

Road to Independence through 

Savings and Education

Boat People SOS (BPSOS) offers a 

wide array of services targeted to the 

Vietnamese community. Programs 

focusing on financial access for 

Vietnamese immigrants include Road to 

Independence through Savings and 

Education, which helps Vietnamese 

refugees and victims of human 

trafficking establish Individual 

Development Accounts (IDAs). This 

program utilizes an IDA matched 

savings program to assist low-income 

clients with their long-term plan for 

economic independence. Specifically, 

this program helps participants save 

earned income in matched savings 

accounts for designated purposes such 

as buying one’s first home or first car or 

starting one’s first business. (bpsos.org)

Southeast Asia 

Resource Action 

Center 

Expanding Asset Building 

Services Project

The Office of Refugee Resettlement 

selected the Southeast Asia Resource 

Action Center to carry out an assetbuilding project called the Expanding 

Asset Building Services project. The 

primary goals of the program are to 

increase the availability of financial 

education and other asset-building 

services for refugee communities, 

increase the number of refugees who 

enroll in and achieve success in 

Individual Development Account projects 

and other asset-building services, and 

increase the number of refugee service 

providers who are Assets for 
52 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description70

Independence grantees as a means to 

increase their mainstream funding. 

(searac.org)

TABLE 10: OTHER MATCHED SAVINGS

Organization Program or resource Description71

Koreatown Youth 

and Community 

Center (KYCC)

Tax Time Savings The Koreatown Youth and Community 

Center (KYCC) provides a wealth of 

programs and services directed toward 

recently immigrated, economically 

disadvantaged youth and families within 

the Koreatown community in Los 

Angeles. For example, KYCC offers free 

tax help and preparation to help lowincome individuals save on taxpreparation fees and build good savings 

habits as part of its Tax Time savings 

program. Individuals who participate in 

the program make an initial deposit of 

$100, five additional monthly deposits of 

$50, and receive a $100 bonus for 

participation. (kyccla.org)

Mexican American 

Opportunity 

Foundation (MAOF)

Get Paid to Save The Mexican American Opportunity 

Foundation (MAOF) seeks to promote 

the socioeconomic well-being of Latinos 

in California. As part of this larger 

mission, the Get Paid to Save program 

motivates individuals to open and 

maintain a savings account. Participants 

receive financial coaching and enroll in 

financial literacy workshops, saving over 

$1,000 of their own funds at the end of 

the program. Participants also receive a 

$100 incentive at the end of the 

 

71 The descriptions were copied from the organizations’ websites unless indicated otherwise.
53 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description71

program. (maof.org/get-paid-to-save)

TABLE 11: SMALL BUSINESS SERVICES

Organization Program or resource Description72

Accion U.S. Network Microlending Program Accion is a microlending program that 

empowers low- to moderate-income 

business owners through access to 

capital and financial education. The 

U.S. network consists of several 

organizations that offer loans from 

$200 to $300,000 to small businesses. 

Through its Internet lending platform, 

Accion is able to make loans available 

in every state. 

(https://www.accion.org/our-impact/usnetwork)

NYC Department of 

Small Business 

Services

Immigrant Business Initiative In 2014, New York City’s local 

government announced an Immigration 

Business initiative that works with 

community-based organizations to help 

immigrant-owned businesses start, 

operate, and grow effectively. Through 

the initiative, the Department of Small 

Business Services selected five local 

organizations that address needs 

specific to entrepreneurs in immigrant 

communities. The selected 

organizations offer services that 

include technology assessments, 

information about government 

resources, technical assistance, and 

other consultation services. 

 

72 The descriptions were copied from the organizations’ websites unless indicated otherwise.
54 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description72

(nyc.gov/html/sbs/nycbiz/html/summary

/immigrant_businesses.shtml)

Pacific Asian 

Consortium in 

Employment (PACE)

Business Development Center The Pacific Asian Consortium in 

Employment (PACE) in Los Angeles is 

a multiservice community-based 

organization that serves the Pacific 

Asian Islander community in Southern 

California. Its Business Development 

Center offers a wide variety of services 

to help small businesses and 

entrepreneurs start or strengthen their 

businesses. PACE provides a variety of 

resources online as well as a 25-hour 

Entrepreneur Training program that 

allows small business owners to 

discuss their individual needs. The 

Business Development Center also 

offers legal and tax clinics, networking 

events, loan packaging and loan 

assistance services, and other small 

business resources. While the 

Business Development Center does 

not exclusively serve immigrant 

entrepreneurs, several of its resources 

are targeted to immigrant populations. 

For example, it offers bilingual one-onone consulting services using funding 

from the Office of Refugee 

Resettlement. (pacelabdc.org)

African Development 

Center (ADC)

Small Business Service Center The African Development Center 

(ADC) offers not only workshops, 

technical assistance, and financing, but 

it also provides small business loans to 

help immigrants start or expand their 

own businesses. As part of its small 

business workshops, it helps 

individuals write a business plan, learn 

strategies for expansion, and work with 

ADC staff to secure financing. Instead 

of extending interest-based credit to 

clients, ADC promotes asset-based 

financing. For example, ADC 
55 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description72

purchases assets (equipment) for 

clients and resells it to them at an 

agreed-upon profit. It also provides 

financial education to help small 

business owners understand their 

FICO scores to secure small business 

loans. (adcminnesota.org/servicecenter/own-a-business)

International Institute 

of St. Louis

Business Development Services The Economic Development 

Department within the International 

Institute of St. Louis provides 

workshops for entrepreneurs, startups, 

and businesses looking to expand their 

goods and services. Workshop topics 

include marketing, cash flow 

management, business growth, and 

many others. It also provides a variety 

of loan products to help businesses 

expand. Loan officers provide one-onone assistance to potential immigrant 

entrepreneurs and provide technical 

assistance throughout the loan 

process. It currently operates multiple 

loan funds, which include the Office of 

Refugee Resettlement, peer lending, 

and Community Development 

Corporation loans. 

(iistl.org/smallbizcenter.html)
56 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

TABLE 12: INNOVATIVE BANKING SERVICES

Organization Program or resource Description73

Latino Community Credit 

Union (LCCU)

The Latino Community Credit Union 

(LCCU) was founded in 2000 in direct 

response to a wave of robberies that 

targeted Latino immigrants in Durham, 

N.C. Since 2000, LCCU has evolved into 

a national model for credit unions and 

community financial institutions seeking 

to serve unbanked immigrant 

communities. The full-service credit 

union includes 11 branches throughout 

North Carolina with over 60,000 

members and $150 million in assets. 

LCCU offers an array of traditional 

financial products and services, as well 

as tailored financial products and a 

Knowledge Center that provides access 

to financial education tools and 

resources. LCCU considers these 

offerings to be a holistic approach in 

which its financial education resources 

supplement its products and services. 

(latinoccu.org)

Sunrise Banks Sunrise Banks is a Community 

Development Financial Institution with 

seven branches throughout the St. Paul, 

Minn., metropolitan area. Sunrise Banks 

has tailored several products and 

services to integrate new immigrants into 

the financial arena. Latino, Somali, and 

Hmong immigrants primarily define 

Sunrise Banks’ customer base. To meet 

the needs of this diverse customer base, 

Sunrise introduced no-interest checking 

 

73 The descriptions were copied from the organizations’ websites unless indicated otherwise.
57 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description73

and savings accounts to accommodate 

the need for Sharia-compliant products. 

Sunrise also partnered with another 

nonprofit to offer Individual Development 

Accounts targeted to local Hmong 

farmers. (Garon and Andres 2014)

Self-Help Federal Credit 

Union

Community Trust 

Prospera

Self-Help Federal Credit Union provides 

a range of service offerings to 

accommodate a growing immigrant 

consumer base. Community Trust 

Prospera (also known as CT Prospera) is 

a new division of the Self-Help Federal 

Credit Union designed to attract 

unbanked families into the financial 

mainstream. CT Prospera uses a hybrid 

of a check casher and a credit union 

branch, thus enabling it to “meet 

unbanked customers where they are,” 

providing check cashing, remittance, and 

other services in a convenient and 

comfortable environment with extended 

hours. (https://www.selfhelpfcu.org/home)

Carver Federal Savings 

Bank

Carver Community Cash Carver is the largest African Americanand Caribbean American-operated bank 

in the United States. In 2011, Carver 

Federal Savings Bank introduced Carver 

Community Cash (CCC), a suite of 

products that includes check cashing, bill 

payment services, prepaid debit cards, 

money transfer, and low-cost money 

orders to service the financial needs of 

the unbanked and underbanked 

customers in several boroughs of New 

York City (Garon and Andres 2014). With 

CCC, Carver is providing a pathway to 

traditional banking services as well as 

financial empowerment services to 

community residents with limited or no 

exposure to a traditional bank. Carver is 

now providing customers with 24/7 
58 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description73

access to the CCC product line through 

the Carver Cash Access kiosk, an ATMtype machine. 

(https://www.carverbank.com/communitycash)

Oportun (formerly named 

Progreso Financiero)

Small Loans Oportun offers small loans to Hispanic 

individuals and business owners with 

limited or no credit history. Oportun’s 

financial services are tailored with “the 

Hispanic customer in mind.” These 

services are delivered through a network 

of more than 110 stores, open at 

convenient hours in neighborhoods 

where customers live and work. Staff 

members at the stores and call centers 

speak Spanish and excel at 

understanding Hispanic customers’ 

needs. These loans provide a convenient 

alternative to other sources of short-term 

credit, while also helping customers to 

establish or build their credit history. 

(oportun.com)

Mission Asset Fund (MAF) 

and the Center for Asset 

Building Opportunities

Lending Circles Lending Circles is a social loan program 

based on traditional practices of informal 

group lending around the world. Through 

the program, participants receive 

financial training and are then put into 

six- to 10-person groups that rotate loans 

each month to a different participant. 

Participants make monthly contributions 

that range from $50 to $200. Mission 

Asset Fund (MAF) reports these monthly 

payments to the credit bureaus. The 

lending circles serve as a mechanism for 

individuals to access capital and build or 

improve credit.

In promoting lending circles, MAF has 

partnered with several community-based 

organizations, including the Center for 

Asset Building Opportunities in Los 

Angeles, to connect unbanked residents 

to affordable financial services. 
59 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description73

(missionassetfund.org)

Community Development 

Corporation of Brownsville 

Mutual

Self-Help/

Bootstrap Program

The Community Development 

Corporation of Brownsville provides safe, 

affordable housing to residents of the 

lower Rio Grande Valley area in Texas. 

The Mutual Self-Help/Bootstrap Housing 

Program provides homeownership 

opportunities for families earning 60 

percent or less than median family 

income in the state. The program 

encourages six to 10 families to work 

together over a period of 11 months, 

sharing labor and skills to complete their 

homes, with each family moving into their 

new home once all homes are complete. 

Participants contribute their labor to build 

65 percent of the new home themselves, 

generating sweat equity. The sweat 

equity reduces each home’s loan amount 

by almost $12,000. (cdcbrownsville.org)

TABLE 13: CITIZENSHIP AND DACA LOANS

Organization Program or resource Description74

Self-Help Federal 

Credit Union

Dreamer Loan and Citizenship 

Loan

Self-Help Credit Union provides a range 

of service and product offerings to 

accommodate a growing immigrant 

consumer base. Self-Help offers two 

loans of interest to immigrants to offset 

the costs of applying for naturalization 

and deferred action under DACA: The 

Citizenship Loan and The Dreamer 

Loan. The Citizenship Loan covers the 

cost of the naturalization application as 

well as legal fees associated with the 

 

74 The descriptions were copied from the organizations’ websites unless indicated otherwise.
60 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description74

application. The amount of this loan 

ranges from $680 to $1,000 per 

applicant for up to 12 months. The 

Dreamer Loan covers the cost of the 

deferred action application at the 

maximum cost of $465 per applicant. 

(selfhelpfcu.org/personal/loans/immigrationloans)

CASA de Maryland Citizenship Maryland In 2011, in partnership with Citi 

Community Development, the Latino 

Economic Development Corporation, the 

Raza Development Fund, and the 

Ethiopian Community Development 

Council’s Enterprise Development 

Group, CASA de Maryland launched 

Citizenship Maryland. Citizenship 

Maryland offers microloans to legal 

permanent residents to help offset the 

costs of applying for citizenship. The 

program covers the $680 application fee 

for applying for naturalization. 

Citizenship Maryland also provides 

assistance to complete the USCIS N400 Form, citizenship classes, and legal 

referrals. (citizenshipmd.org)

Illinois Coalition for 

Immigrant and 

Refugee Rights 

New Americans Initiative The Illinois Coalition for Immigrant and 

Refugee Rights promotes the rights of 

immigrants and refugees to full and 

equal participation in the civic, cultural, 

social, and political life of our diverse 

society. The New Americans Initiative is 

a nonprofit partnership between the 

State of Illinois and the Illinois Coalition 

for Immigrant and Refugee Rights to 

help immigrants with the citizenship 

application process, including financial 

assistance applying for citizenship. The 

New Americans Initiative is part of a 

larger national effort to help immigrants 

deal with the rising costs of citizenship 

and become citizens. 
61 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description74

(icirr.org/content/about-new-americansinitiative)

TABLE 14: CREDIT-BUILDING LOANS AND OTHER SMALL LOANS

Organization Program or resource Description75

Accion Chicago Credit Builder Loans for Small 

Business

Accion is a microlending program that 

empowers low- to moderate-income 

business owners through access to 

capital and financial education. Founded 

in 1991, the U.S. network consists of 

several organizations that offer loans 

from $200 to $300,000 to small 

businesses. To help small business 

owners establish or build their credit 

history, Accion Chicago offers a Credit 

Builder loan of up to $2,500 with 

repayment periods of up to two years. 

While Accion’s U.S. network does not 

exclusively serve immigrants, it provides 

a nationwide platform that is likely to 

serve a relatively high number of 

immigrant small business owners. 

(accion.org/our-impact/us-network)

Project Prosper Loan Program Project Prosper offers small loans as a

“one-time need” to help individuals meet 

immediate financial needs to pay for 

fees such as a rental security deposit, 

auto repair, citizenship application costs, 

or an educational expense. The loans 

carry a zero percent interest rate, but 

require the borrower to pay a 10 percent 

“self-interest” that is returned to the 

borrower upon repayment of the loan. 

As part of the effort to educate 

 

75 The descriptions were copied from the organizations’ websites unless indicated otherwise.
62 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description75

immigrants about managing personal 

finances, each borrower is also matched 

with a financial mentor during the loan 

period. Project Prosper also offers 

financial literacy classes in Pinellas 

County, Florida. (projectprosper.org/en)

TABLE 15: OTHER

Organization Program or resource Description76

Cornerstone Credit 

Union League and the 

National Federation of 

Community 

Development Credit 

Unions

Juntos Avanzamos Juntos Avanzamos (“Together We 

Advance”) is a designation for credit 

unions committed to serving and 

empowering Hispanic consumers. 

Juntos Avanzamos was developed by 

the Cornerstone Credit Union League, 

which represents Arkansas, Oklahoma, 

and Texas. The National Federation of 

Community Development Credit 

Unions, working with the Cornerstone 

League and Coopera, Iowa-based 

consultants to the industry on the 

Hispanic market, have been working 

together to foster a collaborative effort 

to bring this program to a national credit 

union audience. 

(cdcu.coop/initiatives/servingunderservedmarkets/immigrants/juntos-avanzamos)

City of New York IDNYC New York City residents are now able 

to sign up for IDNYC – a governmentissued identification card that is 

available to all City residents age 14 

 

76 The descriptions were copied from the organizations’ websites unless indicated otherwise.
63 FINANCIAL EDUCATION PROGRAMS SERVING IMMIGRANT POPULATIONS

Organization Program or resource Description76

and older. Immigration status does not 

matter. The IDNYC card is an 

accessible and secure document that 

enables residents to access City 

services and grants admission to City 

buildings, such as schools. In addition, 

the card can be presented as proof of 

identification for interacting with the 

police and is an accepted form of 

identification for opening a banking 

account at select financial institutions. 

(nyc.gov/idnyc)

Mexican Consulate, Citi 

Community 

Development, and the 

New York City Office of 

Financial Empowerment

Ventanilla de Asesoría 

Financiera

Created through collaboration among 

the Mexican Consulate, Citi Community 

Development, and the New York City 

Office of Financial Empowerment, the 

Ventanilla de Asesoría Financiera is a 

center housed at the Mexican 

Consulate in New York City. The 

Ventanilla offers one-stop access to 

individualized financial empowerment 

information as well as one-on-one 

Spanish-language financial 

consultation. In two years, the 

Ventanilla has served more than 

40,000 people. 

(www1.nyc.gov/site/dca/media/pr04201

5.page)