Latino Community CU Wins Louise Herring Award for Philosophy in Action (6/13/2006)

Latino CCU Chairman John Herrera accepted the award on behalf of the credit union.

Latino Community Credit Union (LCCU) received the statewide Louise A. Herring Award for Philosophy in Action for a program aimed at helping its members realize the American dream of home ownership.  The award recognition came at a special banquet held June 12th at the 71st Annual Meeting of the NC Credit Union League. 

The annual Louise A. Herring Award for Philosophy in Action recognizes credit unions that, in day-to-day operations, demonstrate the credit union philosophy of “people helping people” in an extraordinary way. Credit unions compete by asset category, with LCCU winning in the under $100 million asset category. 

LCCU won the Louise A. Herring Award for Philosophy in Action for a mortgage program aimed at meeting the needs of the immigrant community. LCCU does not require private mortgage insurance, and provides 90%, 95%, and 100% financing. “The mortgages were developed to meet members’ needs,” said John Herrera, LCCU’s Chairman. “Our members generally hold lower-paying jobs that don’t allow them much extra money to save for a down payment,” he said. “These mortgages help low-income families in North Carolina who certainly are capable of repaying a mortgage, but don’t have savings for a down payment, to buy a home. Homeownership is still an elusive goal for many low-income families, but it is the best way to build family wealth.” 

The selection committee also praised LCCU for its philosophy of providing financial education to members, and working with immigrant members to help them develop a credit history. These programs are all aimed at helping integrate immigrants fully into the American economy, thereby bringing benefit to all concerned.  

LCCU will now compete for the national Louise A. Herring Award for Philosophy in Action. The Credit Union National Association will announce the national winners later this year.