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(From the National Credit Union Foundation) – The National Credit Union Foundation (the Foundation) has announced a $750,000 grant pool 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.
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. This grant effort replicates the incredibly successful 2021-2022 grant the Foundation funded with six smaller asset sized institutions. That grant report is available here.
“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 National Credit Union Foundation. “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.”
Successful applicants will have the opportunity to use two of Coopera’s inclusion tools: the Ethnicity Segmentation Analysis to track membership demographics, and the Organizational Equity Assessment (OEA), 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.
Coopera CEO Victor Corro added, “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.”
Andy Bandyopadhyay, Founder and CEO of Attune, said, “Improving financial well-being starts with understanding where members and staff are at in their individual financial well-being journeys. A map starts with, ‘You are here!’ We’re excited to bring the power of the Attune measurement platform to help more credit unions Commit, Assess, Plan, and Act to improve financial well-being for all.”
Credit unions composed with assets between $500 million and $1 billion are eligible to apply for the grant.
Click here to view the application packet and further information. Click here to apply. The deadline to apply for grant funds is January 31, 2024.