North Jersey FCU Hosts Signing Ceremony for Juntos Avanzamos Initiative—”Together We Advance”

Photos and information provided by North Jersey FCU

On August 21, 2024–North Jersey Federal Credit Union (NJFCU) hosted a celebratory signing ceremony with its sister credit unions from the Dominican Republic and Puerto Rico. Roughly 120 people were in attendance, including: Yanio Concepcion Silva, President of  Su Cooperativa Vega Real de la Provincia de La Vega, República Dominicana of the Dominican Republic (bringing 20 associates for this special occasion). From Puerto Rico, Aurelio Arroyo, President of Su Cooperativa de Ahorro y Credito Jesus Obrero de Guaynabo, Puerto Rico, also came to form a unique partnership.

Juntos Avanzamos means: Together We Advance. It is a designation that just over 150 credit union share. The aim of these financial institutions is to help the Latin immigrant community to more easily engage in banking practices that people in the United States take for granted. With certain federal designations, non-citizens can transact through savings and checking accounts. They can take out personal loans, home loans, auto loans, business loans and use credit cards. But a lot of people in the immigrant community do not know that. Nor do they know who to turn to and who to trust with their banking needs. The Juntos Avanzamos affiliates simplify these transactions through financial education and community outreach.

Where NJFCU took it to another level was by signing a memorandum of understanding with the Dominican and Puerto Rican cooperatives, so that their members will be aware that they have assistance stateside (either when traveling, or establishing residency). Similarly, when American citizens/residents who are members of NJFCU travel to Puerto Rico or the Dominican Republic, they will be treated as members by the sister cooperatives.

Another level of awareness and cooperation was established with 2 consulates: Mexico and Colombia. Dignitaries from both were in attendance. The consulates are able to offer their constituents counseling and financial literacy education.

When you are a new immigrant, it can be difficult to know what to do, who to trust and where to go for your financial needs. These alliances help.