NEW YORK – Inclusiv has announced a “significant expansion” of its Financial Inclusion & Community Development Financial Institution (CDFI) Data Analytics Platform following a $1 million grant from CUNA Mutual Group.
“The grant will support the development of new features to help impact focused and CDFI credit unions monitor their progress toward lending goals in real-time, comply with complex Federal reporting requirements, and effectively document the impact their lending has in the communities they serve,” Inclusiv said.
The organization noted CDFI-certified credit unions in 2021 alone invested more than $28 billion in low-income communities, communities of color, and under-resourced urban and rural communities.
The New Features
Inclusiv said the new features will enable it to support credit unions in measuring their impact and help CDFI-certified credit unions meet new CDFI Fund reporting requirements. The updates will also increase Inclusiv’s capacity to support the reporting needs of the more than 480 credit unions that are currently CDFI-certified, it added.
“CDFIs are critical to the financial well-being and success of many historically marginalized communities,” said Robert N. Trunzo, CEO of CUNA Mutual Group. “We're proud to continue our support of Inclusiv’s incredibly important work to serve credit unions and the members they serve.”
Inclusiv EVP Pablo DeFilippi called the CDFI certification one of the most valuable credentials for credit unions focused on community development.
Outperforming Peers
“We’re grateful for the historic and growing support CUNA Mutual Group has provided to Inclusiv, which has enabled us to increase our capacity to support and advocate for CDFI credit unions,” DeFilippi said. “Research by Inclusiv and CUNA shows that CDFI-certified credit unions outperform their peers in growth of assets, members, and loans. Community development is not only sustainable but it’s a driver of growth and relevance to mission-driven credit unions. This funding will enable us to significantly expand our tools and capabilities to help credit unions with CDFI compliance and reporting.”
Better Analytics
Added Chriselle Martinez, CDFI program director at Inclusiv, “Inclusiv’s Financial Inclusion & CDFI Data Analytics Platform is already producing analytics on CDFI credit union lending at unmatched detail and scale as we analyzed more than one-million loan transactions totaling $28 billion in 2021 alone. This expansion will enable us to update our systems to provide more in-depth and frequent analyses for our members and keep up with the rapidly evolving reporting requirements for CDFI credit unions that are participating in the Emergency Capital Investment Program and Equitable Recovery Program.”
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