New Impact Report Finds NCUF 'Catalyzed Change' in 2021

The charitable arm of the country’s credit union system, the National Credit Union Foundation (NCUF), released its 2021 Impact Report to show the progress the Foundation has made in providing meaningful impact to the industry at large.

In the report, the Madison, Wis.-based NCUF stated its assets grew to $11.6 million in 2021 from $10.1 million in 2020. “This growth enabled us to partner and engage more effectively with credit unions through convenings, virtual experiential sessions and other outreach,” the report stated. “This work is successfully igniting a deeper understanding of the financial challenges credit union members and employees face, the opportunities to address those needs and our system’s ability to measure the impact of our efforts.”

During 2021, the NCUF distributed $440,000 through its CUAid disaster relief program, which helps credit union employees, directors and volunteers in need after natural disasters. According to the report, the money was distributed after the deadly winter storms in Texas in Feb. 2021 and wildfires that scorched much of the western U.S.

The Foundation’s report stated the NCUF gave out $100,000 in grants to seven small credit unions to help them assist in providing much-needed financial help to the communities they serve. The grant included partnering the credit unions with Coopera and Attune. Two organizations deeply involved in inclusionary practices and data analysis within the credit union industry.

“The grant opens the door to industry-leading programs, data analysis and consultation from two partner organizations at the forefront of understanding how race, ethnicity and culture can shape a consumer’s financial well-being,” the report stated.

According to the report, the NCUF discovered three priorities that emerged in the credit union industry as the pandemic stretched into its second year. Those priorities included:

1. Creating a national resource library (e.g. current work, case studies, toolkits) to help credit unions embrace financial well-being for all as a strategic imperative.
2. Providing education and upskilling for credit union employees to establish a workforce, ready to serve people where they are in their financial lives.
3. Supporting industry-wide consumer research, data capture and analysis to prioritize efforts and quantify improvements to members’ financial health.

“As the country emerged from the pandemic, the National Credit Union Foundation catalyzed change through credit unions and delivered meaningful impact,” the report stated.

Use this link to read the full NCUF 2021 Impact Report.