Immigrants, like all consumers, need access to high-quality financial services that both facilitate day-to-day transactions and set them up for long-term success. Many of the financial needs of this population closely mirror those of other underserved consumers in the U.S., though there are distinct challenges that complicate immigrants’ financial situations. For example, a lack of credit history is a common barrier to full participation in the economy for adult immigrants, especially those who lack legal status.
A report from the Center for Financial Services Innovation (CFSI), “Investing in the American Dream,” produced with support from Citi Community Development, examines these unique financial circumstances and identifies seven key strategies that financial institutions can adopt to build long-term relationships with this underserved demographic group. In the report, CFSI argues that doing so would not only benefit immigrants by contributing to their overall financial health, but would also in the long run benefit financial institutions and society at large.
New America’s Asset Building Program and CFSI hosted a panel of experts to discuss the financial services experience of immigrants in America and the role of both the public and private sectors in promoting financial inclusion for all who call America home.
Join the conversation online using #ImmigrantFinance and following @AssetsNAF and @CFSInnovation.
Senior Policy Advisor, U.S. Treasury Department
President, Self-Help Federal Credit Union
Senior Cabinet Advisor, National Council of La Raza
Senior Analyst, Insights and Analytics, Center for Financial Services Innovation (CFSI)
Director of Research, Policy, and Communications, Citi Community Development
Senior Policy Analyst, Asset Building Program, New America