The National Credit Union Foundation (the Foundation) has announced a $100,000 grant to help smaller credit unions analyze membership demographics and better understand the roles culture, race and ethnicity play in financial well-being.
The grant will be split among multiple credit union recipients, giving them access to industry-leading programs, data analysis and consultation provided by Attune and Coopera, two organizations leading the charge for multicultural inclusion and financial health.
“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 open up that opportunity for credit unions that could otherwise be unable to allocate the human and financial resources.”
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.
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.”
John Thompson, president of Attune, said, “In order to address the problems of financial well-being, credit unions need to first understand where members and staff are at in their individual financial well-being journey. We’re excited to bring the power of the Attune measurement platform to bear, enabling more credit unions to improve financial well-being for all.”
Credit unions composed of 10 or more employees with assets between $100 million and $600 million are eligible to apply for the grant.
Update: the window to submit grants is now closed. Recipients will be notified in November.