NC Minority Support Center

Quarterly Newsletter

To download a copy of our latest Newsletter, click here.

You may also request a Newsletter via regular mail by contacting the Support Center
Tel: 919.530.1683 | Fax: 919.530.1684
Email: info@ncmsc.org

CDCU News and Events:

NC General Assembly Approves $1.5-million for Latino & Generations CCU

Latino Community CU Wins Louise Herring Award for Philosophy in Action

Credit union name change reflects broadened market - Charlotte Business Journal

CDCU Spotlight

Latino CCU Helps Low Income Families Buy Homes

State General Assembly Allocates $2.5 Million to Provide Homeownership Opportunities for the Underserved

Congratulations To The Federation’s Newest Board Appointees

Press Releases:

First Legacy Federal Credit Union

St. Luke Credit Union

Latino CCU Helps Low Income Families Buy Homes

Durham, NC . November 22, 2005. The Latino Community Credit Union (LCCU) is making it easier for low income families to buy their first home. Spanish language newspaper La Noticia, based in Charlotte, recently featured a two page story about a Salvadoran family, the Claros. The first time buyers purchased a home with a loan from the Latino Community Credit Union. The Claros left their cramped apartment building and moved to a more spacious home, where they continue to pursue the American dream.

LCCU provides several types of financing: 100%, 95%, or 90%. The origination fee is only 1% of the amount of the loan. Private Mortgage Insurance (PMI) is not required.

LCCU offers various savings accounts, check-cashing, free ATM access, money order services, low-cost money transfers to Latin America, children and youth savings accounts, and consumer and mortgage loans to its members. LCCU recently celebrated its fifth anniversary in June 2005 with more than 35,000 members and over $22 million in assets, according to CEO Luis Pastor. LCCU’s membership has since grown to more than 40,000. LCCU has provided 2,000 members with credit-builder loans, 8,000 members with consumer loans and has helped 51 families achieve their dream of buying a home. LCCU also provides financial education workshops to interested community members on such topics as managing a checking account, building credit, and buying a car or home.

State General Assembly Allocates $2.5 Million to Provide Homeownership Opportunities for the Underserved

The North Carolina General Assembly appropriated $2.5 million to the North Carolina Minority Support Center (NCMSC) to further develop mortgage programs at Generations Community Credit Union and Latino Community Credit Union. Both credit unions will use the funds to build equity which will allow them to take on an additional $25 million in deposits. In doing this, $25 million will be made available so the credit unions can offer affordable mortgage loans to families in low-income communities. Both urban and rural communities will benefit from this program since both Generations and Latino Community Credit Unions have a statewide presence. The Support Center hopes that the programs will assist between 400-500 families in becoming homeowners over the next five years.

Congratulations To The Federation’s Newest Board Appointees

This past June, the National Federation of Community Development Credit Unions (the Federation) held its 2005-06 board elections. The 17 seat board now consists of 2 new appointees from the Support Center’s CDCU network. Saundra Scales, President of School Workers Federal Credit Union (SWFCU) will represent Region 2 and Randy Chambers, Chief Financial Officer of Self-Help Credit Union is an At-Large member.

Scales has been a part of the movement for almost 25 years. She graduated from University of North Carolina at Charlotte with B.A. in Business Administration and the Southeastern Regional Credit Union Management School at the University of Georgia. As president, she increased SWFCU’s membership base from 1,780 to 5,993 and has grown the credit union from only 1 branch to 5 branches in the state’s southern western region. Under her leadership, SWFCU has maintained a five-star rating from Bauer Financial Services Rating Company for the past 41 consecutive quarters and is considered the 2nd largest CDCU in North Carolina. Before her appointment to the Federation’s board, she was an alternate board member. She is a founding member of the Support Center and serves as the organization’s current chairperson. She is also on the board of directors of Generations Community Credit Union.

Randy Chambers is a native of Washington, DC and has previously served in various positions on Capitol Hill and in the nonprofit sector in Washington. He holds a Master of Public Policy degree from Duke University and a B.A. from Pomona College. He came to Self-Help Credit Union in 1997 and has played a very active role in the CDCU movement ever since. He is treasurer and co-founder of la Cooperativa Comunitaria Latina de Crédito (Latino Community Credit Union), the first Latino financial institution in North Carolina. He also serves as board secretary for Generations Community Credit Union and he is a former board member of El Pueblo, Inc, a statewide Latino advocacy and policy organization and the sponsor of La Fiesta del Pueblo.