WASHINGTON– The National Credit Union Foundation has announced a $750,000 grant pool it said is to help mid-sized credit unions ($500 million- $1 billion in assets) analyze membership demographics and better understand the roles culture, race and ethnicity play in financial well-being.
According to the Foundation, the grant will be split among 20 credit unions, giving them access to industry-leading programs, data analysis and consultation provided by Attune Insights and Coopera Consulting, “two organizations leading the charge for multicultural inclusion and financial health.”
The Foundation added the grant effort replicates the “incredibly successful” 2021-2022 the Foundation funded with six smaller asset sized institutions. That grant report is available here.
‘Persistent Inequities’
“The persistent financial inequities faced by people of color have been laid bare over the last few years,” said Gigi Hyland, executive director of the NCUF. “Credit unions were founded to support those most in need but to do so effectively, they need to understand who their members are. This grant will catalyze mid-sized credit unions to place member demographic and financial health information at the heart of strategy to future-proof credit unions’ success and growth.”
According to the Foundation, successful applicants will have the opportunity to use two of Coopera’s inclusion tools: the Ethnicity Segmentation Analysis to track membership demographics, and the Hispanic Opportunity Navigator, which assesses a credit union’s readiness to serve Latinx communities and provides a roadmap to success.
In addition, grant recipients can partner with Attune to measure employee and member financial health and receive data-driven insights to steer strategic planning and product development, the Foundation said.
‘Need for Analytics’
“An effective deep inclusion strategy needs to be based on data analytics to truly include the most vulnerable and financially excluded consumers. Coopera is honored to support those credit unions looking to go beyond the dialogue and get to the action in diversity, equity and inclusion through data,” the organization said.
The application packet and further information is available here.
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