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What kind of social impact can credit unions have on its communities?
Filene Research Institute in Madison, Wis., announced it will conduct a five-year study on the impact of community development practices happening inside credit unions.
According to Filene, the research will come from its "Center of Excellence for Community Social Impact" which, once the research has finished, "will enable credit unions with information and resources needed to develop a strategic advantage in the communities they serve and become a catalyst for transformative community change."
EVP, Chief Research and Development Officer George Hofheimer said, "Credit unions are a small but mighty player in consumer financial services, holding firm to their mission of serving the needs of their communities — especially for those most vulnerable within them."
Hofheimer continued, "But there is a gap between recognizing the value of social impact strategies and actually implementing them. Therefore, this applied research project will document, index and test social impact activities in the consumer finance industry with the goal of identifying models that leverage financial services to enable positive social impact and community transformation."
According to the announcement from Filene, the research idea was created out of the current public health and economic challenges as well as social injustice crises that demand attention by the financial services industry.
The five-year project, which will be done in collaboration with an advisory council of credit union leaders, will focus on the following:
- Identifying proven factors that successfully fight the root causes of poverty and inequality impacting individuals, families, neighborhoods and communities.
- Establishing longitudinal research to identify and track proven programs and agencies that enable social impact in the consumer finance industry, and drive household and community financial well-being.
- Creating and testing a social impact playbook to demonstrate the links between community development initiatives, and positive business and consumer outcomes.
- Building partnerships with local governments, schools, hospitals, community and nonprofit organizations to translate financial services into physical and social wellness, and improved quality of life.
According to Filene, the Center of Excellence for Community Social Impact will officially launch in October.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
