Peter Alvarez (left), emerging markets manager for Redstone FCU, Huntsville, Ala., and Laura Castro de Cortes, vice president of alternative financial services for Centris FCU, Omaha, Neb., discuss their institutions' success in serving the underserved Wednesday at BAI's 2013 Retail Delivery Conference in Denver.
"About 40% of the households in the Huntsville, Ala., area are either unbanked or underbanked," Alvarez says.
Redstone FCU created Right Choice Money Services outlets to provide affordable check-cashing, bill-pay, and other services, primarily to local Hispanic consumers.
"We're a credit union," Alvarez says. "Our mandate is to serve people of modest means."
With cybersecurity a top priority in 2017 for the financial services industry, CUNA’s compliance staff explored what credit unions should do in the event of a data breach at the institution or its service provider.