Point West Among 28 CUs in U.S., Canada Participating in Filene Minority Household Incubator

Reporting from CUNA News Now

Portland’s Point West Credit Union is among 28 U.S. and Canadian credit unions have committed to participate in an 18-month incubator to test five programs designed to meet the needs of underbanked minority households, according to a recent announcement from Filene Research Institute.

While minorities comprise 30% of all U.S. households, they hold only

  • 13.4% of deposits,

  • 7.5% of retirement investments, and

  • 10% of total wealth in the country.

– Source: Filene

The incubator initiative, Reaching Minority Households, created in collaboration with Visa and the Ford Foundation, will test solutions designed to improve the financial lives of minority families. Each participating credit union will test at least one financial product. Spots are still available with a sign up deadline of Sept. 15.

“Our research has shown that efforts to serve minorities aren’t simply altruistic—they benefit both members and the credit union overall,” said Andrew Downin, Filene Managing Director, Innovation. “Consumers now have access to affordable financial services and can take critical steps to create a more stable financial future for themselves and their families, and the credit union taps into a new population with an increasing ability to access financial services.”

The credit unions participating in the incubator will test at least one financial product chosen based on potential scalability and impact, among other factors.

Click here for more on the products, from CUNA News Now.

In addition, Point West recently celebrated being named the first Oregon credit union recogized with the Juntos Avanzamos designation. The designation identifies financial cooperatives committed to providing affordable and responsible financial products and services to Hispanic and immigrant consumers. Look for coverage of the celebration and what it means for Northwest credit unions in a future Anthem.

Questions about this story? Contact Eric Horvath: 503.350.2222, ehorvath@nwcua.org.      

 

Posted in NWCUA.