MADISON, Wis. (8/13/15)--Visa will partner with the Filene Research Institute to help community financial institutions, including credit unions, expand their reach to underserved households throughout the United States and Canada.
CUNA Chief Advocacy Officer Ryan Donovan is on the project's advisory panel. ""We think this is an important project that will help identify barriers to credit union access in underserved areas and help overcome those barriers," he notes.
Over the next year, Visa will work with Filene to publish research on the scope and size of the underserved market, develop insights on underlying issues in reaching those communities, and identify products and programs effectively serving targeted households.
The program, “Filene Incubator: Reaching Minority Households,” is designed to identify and test programs serving minority groups and replicate the best. Through the Filene Incubator, institutions will be selected and trained to test, launch and scale program concepts.
To guide these activities, Visa and Filene have recruited industry experts from academia, public policy and the credit union community to serve as the program’s advisory panel.