(Updated) Herrera Nominated to NCUA Board
President Obama has named John Herrera, a member of the Board of Directors of the Latino Community Credit Union (LCCU) in North Carolina, a fill the vacancy on the three member NCUA board created by the departure of former Chairman Debbie Matz. Herrera , an immigrant from Costa Rica, is the Co-Founder of LCCU which is the first fully bilingual financial institution in the state of North Carolina.
This isn’t the first time he has been on the Whitehouse radar. Last Month it honored him as “A champion of Change. ” In accepting the honor he said that he was inspired to create the credit union in the mid- 1990s after observing “first-hand the rapid growth of the immigrant population in North Carolina, especially among working-class, low-income Latinos. This new and largely unbanked population experienced cultural and language barriers to accessing financial services. Most mainstream financial institutions did not view Latino immigrants as promising potential clients due to lack of credit history and low account balances. This fed a reliance on cash that resulted in increased crime against Latinos, as they were viewed as “walking banks.” I began looking for a grassroots response to the problem, gathering state and local leaders, community advocates, and the credit union community.”
Unfortunately, the Senate hasn’t exactly been in a hurry to advise and consent lately. Still, his nomination decreases the likelihood that the board will have to operate with only one member if and when the Senate gets around to acting on the President’s nomination of current NCUA board member J. Mark McWatters to the Board of Directors of the Export-Import Bank of the United States