Promoting financial education among the Latino community

The Labor Council for Latin American Advancement

The Labor Council for Latin American Advancement represents approximately two million Latino unionists, and is the premier voice for the Latino labor movement. The organization advocates for Latino interests in everything from civil rights and economic equality to political engagement. In this capacity, LCLAA has a strong interest in promoting financial education among members.

Master Your Card: Oportunidad first interacted with LCLAA while attending the 84th Annual LULAC National Convention in Las Vegas, Nevada. Mastercard Group Executive Carlos Menendez met with LCLAA’s Executive Director Hector Sanchez to discuss a potential partnership to educate LCLAA members on the benefits of payment technology. Mr. Sanchez expressed his concerns about the underbanked in the Latino community. As he later explained it, “Too many hardworking Latino families lack the access to mainstream financial services that are essential for moving up in the world.” Menendez discussed how payment technology provides financial inclusion to the underbanked.

Partnership

Following this initial discussion, Mr. Sanchez invited Mastercard Senior Business Leader Mercedes Garcia and Master Your Card: Oportunidad Chair Fabian Nunez to meet with Members at LCLAA’s annual conference in Los Angeles, California. At the event, Ms. Garcia and Mr. Nunez introduced the Master Your Card program to 100 LCLAA board members and spoke about how a partnership could benefit their local members.

The MYC presentation made a strong impression on LCLAA members that year as MYC was again invited to present at the LCLAA National Latino Labor Summit in Texas the following year. Ms. Garcia hosted a panel and workshop to a full audience, where she discussed the value of electronic payment tools for the financially underserved. After demonstrating a strong commitment to the organization, LCLAA members were eager to take the Master Your Card program to the local level.

Innovation

In order to make this program available to members across the country, Mr. Sanchez expressed his vision for an online, bilingual curriculum explaining the opportunities available through electronic payment tools, and offering details to allow his members to use the technology to their advantage. In response, Master Your Card: Oportunidad worked with LCLAA to identify the organization’s most vulnerable members – youth and seniors – and then develop an online education toolkit targeted to promote financial empowerment among these members. Once finished, Oportunidad presented the toolkit to a conference of 125 LCLAA leaders and made the materials available on LCLAA’s website for the two million workers whose interests the organization represents.

Education

This toolkit offers important consumer information on choosing a card product that fits your needs, protecting yourself from fraud and identity theft, and ensuring your card product is up to industry-best standards. Master Your Card: Oportunidad continues to update the toolkit with important new information, and will hold a series of training sessions at LCLAA’s regional meetings in 2015 to promote the resources.

You can find these free resources here: http://lclaa.org/campaigns/opportunity.

Watch Mr. Sanchez discuss the program in a video developed for his members and featured with the toolkit below: