MADISON, Wis. (10/27/15)--Filene Research Institute is encouraging credit unions to take part in a pilot program that’s aiming to test and develop products geared toward serving unbanked minorities.
In partnership with Visa, Filene earlier this year developed the “Filene Incubator: Reaching Minority Households” project, which it hopes will lead to the replication and expansion of products that can serve minority groups in the United States and Canada.
Credit unions that already offer products that serve this population can apply for consideration for the incubator initiative, and the five that Filene selects will have the opportunity to expand their programs by testing them further in the marketplace.
The last day to submit programs for consideration is Nov. 20.
Filene will host a webinar Nov. 5 at 2 p.m. (CT) to teach interested credit unions how participation in the program could benefit their organization.
Filene and Visa also plan to release extensive research later this year that will dig into the scope of the underserved market.
Ryan Donovan, CUNA chief advocacy officer, sits on the project’s advisory panel, and told News Now earlier this year that the incubator is “an important project that will help identify barriers to credit union access in underserved areas” and how to overcome those barriers.