Filene Unveils Racial Economic Equity Incubator

Filene Research Institute announced Monday that it will create a new Racial Economic Equity (REE) Incubator to “work to advance racial economic equity through the credit union system by co-creating solutions that meet local community members’ needs and delivers resources, support and capital to communities of color.”

The REE Incubator will be supported in partnership with Urban Strategies, Inc. and Native Women Lead. According to a statement from the Madison, Wis.-based Filene, both groups have experience developing strategies as it relates to structural racism and authentic co-creation.

“The REE Incubator aims to take a unique approach to addressing wealth gaps by inviting up to six credit unions already partnering with community organizations to apply together and participate,” Filene’s statement read.

The REE Incubator aims to answer the following questions:

• What do communities across America need and want to advance racial economic equity?
• How can credit unions be a more effective partner in reaching these goals?
• How explicit are credit unions in advancing financial equity when working with partners and programs?
• How do we build the REE Incubator to bring the collective power of the credit union movement together to accelerate racial economic equity?

Filene Senior Director of Incubation Josh Sledge said, “Filene believes that for the credit union industry to develop valuable and successful financial products and services for BIPOC communities, it must co-create products and services with those very communities. The REE Incubator is forging new pathways for credit unions and communities to strengthen community-driven partnerships, develop joint priorities and implement practices.”

“To ensure all children, families, businesses and communities have an equitable pathway toward stability and thriving, the REE Incubator will hold partners and participants informed and accountable for the debt reduction and wealth-building opportunities long deserving of communities of color,” Donovan Duncan, EVP at Urban Strategies, Inc., said “Urban Strategies, Inc. is committed to disrupting the systems of poverty and inequity in low-wealth, Black, Brown and Indigenous neighborhoods across this country; the time is now and we are honored to support this work.”

“It is important for credit unions to work with diverse communities and people with different lived experiences to co-create and push toward a fundamental realignment of power between credit unions and community,” Native Women Lead Co-Director and Co-Founder Jamie Gloshay said. “I am excited to work with Filene Research Institute and Urban Strategies, Inc. on this important initiative that visions a pathway toward economic justice and equity.”

According to Filene, the REE Incubator will begin live product testing in the Fall of 2023.