Credit Unions Sign On to Support Filene's Diversity & Inclusion Project

A five-year research project that aims to improve diversity within the financial services industry is being sponsored by several credit unions across the nation.

The Filene Research Institute’s Center of Excellence for Diversity, Equity and Inclusion will exame challenges in access to talent and products within the industry. It is being led by Quinetta Roberson of Villanova University.

Partners in the project include: Desert Financial Credit Union ($5.4 billion, Phoenix), SchoolsFirst Credit Union ($20 billion, Santa Ana, Calif.), State Department Federal Credit Union ($2.2 billion, Alexandria, Va.), Suncoast Credit Union ($11 billion, Tampa, Fla.), United Nations Federal Credit Union ($6.15 billion, Long Island City, N.Y.), University of Wisconsin Credit Union ($3.5 billion, Madison, Wis.), Visions Federal Credit Union ($4.7 billion, Endwell, N.Y.) and Xceed Financial Federal Credit Union ($902 million, El Segundo, Calif.).

“The credit union movement has a proud legacy of connecting underserved communities to resources and tools that promote financial empowerment,” Jeff Meshey, president/CEO for Desert Financial. “We have long sought the right opportunity to contribute to serious research on diversity, equity and inclusion related to the financial services sector.”

The center looks to address issues affecting credit unions by providing research that helps them better prepare for the future and to better serve members. Filene Research Institute, in Madison, Wis., will specifically look at industry-wide benchmarks to measure progress within the industry, study barriers to a more diverse, inclusive and equitable workforce, and create tools and guides on how to implement best practices.

“We anticipate Dr. Roberson’s findings will serve as a roadmap for all credit unions for improving our best practices in diversity, equity and inclusion,” Meshey said. “I anticipate the discoveries made will impact policy related to our own workplaces and business operations, and yield positive changes for our members, communities and teams.”

Taylor C. Nelms, senior director of research at Filene Research Institute, said the support being provided by the industry should help transform how people understand diversity, equity and inclusion within the industry.

“It is critical to look at diversity, equity and inclusion from many different angles, including both visible and invisible forms of diversity, from the workplace to the marketplace, in order to increase diverse representation and advance organizational inclusiveness and equitable outcomes in credit unions and in financial services generally,” Nelms said.