MADISON, Wis.—The Filene Research Institute said it is partnering with Urban Strategies, Inc. and Native Women Lead to create the Racial Economic Equity (REE) Incubator.
According to Filene, the REE Incubator will work to advance racial economic equity through the credit union system by co-creating solutions that meet local community members’ needs and delivers resources, support and capital to communities of color.
“Communities of color have faced a long history of systematic racialized exclusion from the financial services industry, greatly limiting wealth-building opportunities across multiple generations,” Filene stated. “The REE Incubator aims to take a unique approach to addressing wealth gaps by inviting up to six credit unions already partnering with community organizations to apply together and participate.”
Filene added that as a cohort they will help create a framework for incorporating racial equity into financial programs, products, services, and strategies with an explicit focus on reducing the racial wealth gap.
Need for Co-Creation
“Filene believes that for the credit union industry to develop valuable and successful financial products and services for BIPOC communities, it must co-create products and services with those very communities,” said Josh Sledge, senior director of Incubation. “The REE Incubator is forging new pathways for credit unions and communities to strengthen community-driven partnerships, develop joint priorities and implement practices.”
Expanding on Filene’s 15+ year successful track record of testing and scaling solutions, the REE Incubator is looking to develop a new norm and practice within the credit union industry by examining co-creation grounded in a racial equity lens. Through this approach, participating partners in the REE Incubator will identify opportunities to test, refine and evaluate strategies to close the racial wealth gap, and develop a process map centering an equity lens.”
‘Fundamental Realignment’
Jamie Gloshay, co-director and co-founder of Native Women Lead, said it is important for credit unions to work with diverse communities and people with different lived experiences in order to “co-create and push toward a fundamental realignment of power between credit unions and community.”
According to Filene, Urban Strategies, Inc. and Native Women Lead have deep experience working with diverse stakeholders nationally, and developing strategies at the levels of macro, organizational and local context, “especially as it relates to structural racism and authentic co-creation.”
‘Disrupting the Systems’
“To ensure all children, families, businesses, and communities have an equitable pathway toward stability and thriving, the REE Incubator will hold partners and participants informed and accountable for the debt reduction and wealth-building opportunities long deserving of communities of color,” said Donovan Duncan, executive vice president, Urban Strategies, Inc. “Urban Strategies, Inc. is committed to disrupting the systems of poverty and inequity in low-wealth, Black, Brown, and Indigenous neighborhoods across this country; the time is now and we are honored to support this work.”
Filene said the next phase in this Incubator will be conducted over the course of 9-12 months with the launch of live product testing in Fall 2023.
For More Information
Credit unions interested in the REE Incubator are being urged complete this interest form to be among the first to hear when the RFP opens on Friday, Oct. 14, 2022. Applications will be accepted until end of business on Dec. 2, 2022.
In addition, Filene said the three organizations will host a webinar November 3 at 11:00am CDT.
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