The National Credit Union Foundation is looking for credit unions to submit proposals leveraging the Center for Financial Services Innovation’s (CFSI) consumer financial health assessment tool.
The deadline for credit unions to submit their applications is Aug. 31.
CFSI is a national authority on consumer financial health. In 2017, the Foundation funded six credit unions to measure the financial health of their members, using CFSI’s financial health segmentation methodology. The Foundation also funded the aggregation of the participating credit unions’ data to develop shareable lessons and takeaways for credit unions.
The aggregate data showed that more than half (58%) of members in the aggregate credit union sample are struggling financially, highlighting a significant opportunity for credit unions to help their members better spend, save, borrow and plan.
The Foundation and CFSI mutually seek to build upon this work by using CFSI’s expertise to help credit unions take action by leveraging quantitative data to measure components of financial health and using those metrics to understand the financial health and business impacts of specific products, services, or campaigns.
Funding of $90,000 is available to “seed” up to five credit unions to develop financial health-related key performance indicators.