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Report #588 |

New Insights on ITIN Lending as a Driver for Growth

Looking for loan and membership growth while also creating community impact? ITIN Lending programs drive growth and can serve as a differentiation strategy for credit unions to fulfill the mission of people helping people.

Executive Summary

Our research highlights the current state of ITIN lending program implementation in the credit union system—being one of the first reports to provide data and testimonials to the impact these lending programs have for internal growth and community development. ITIN lending programs are low-risk, effective paths to asset and membership growth for credit unions that also support underbanked communities. Effective ITIN lending requires operational updates, stakeholder training, culturally informed service delivery, and deep community engagement. ITIN lending drives:

  • Innovation in lending practices that may spur broader portfolio growth and greater financial inclusion.
  • More intentional community outreach that results in stronger brand awareness, trust, and membership growth.
  • Improvements to internal data tracking for understanding membership and financial growth.

Credit Union Implications

ITIN lending is growing. Increasing number of banks are now offering these products yet many credit unions still do not offer ITIN lending. With ITIN lending serving a growing market of over 21 million underbanked consumers, these programs offer paths towards asset and membership growth for credit unions while also supporting underbanked communities. ITIN lending is the embodiment of people helping people and can serve as a differentiation strategy for credit unions. 

Download the report today to learn more about implementing ITIN lending programs in your credit union.

Filene’s Center for Consumer Financial Lives in Transition is generously funded by:

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