Foundation approves 3 grants for CU to develop financial health KPIs

The National Credit Union Foundation has approved grants totaling $54,000 for three organizations to work with the Center for Financial Services Innovation (CFSI) to develop financial health-related key performance indicators (KPIs) to measure the financial health and business impacts of their products and services.

Community First CU in Florida, Michigan State University FCU in Michigan, and the Nusenda Credit Union Foundation in New Mexico will all receive grant funds of $18,000 each to measure the impact of specific products and services.

• Community First CU is going to use grant funding to address savings with its millennial members through its Save My Change program in which they round up transactions and deposit money into savings accounts for a designated purpose. Additionally, they will have new members take CFSIs Financial Wellness Survey to help build a more comprehensive financial wellness plan for each member.
    
• Michigan State University FCU will use the grant funds to enhance their Reality Fair program and measure the impact and success of reality fairs through data analysis, offering the fairs to more schools to further develop financial health and wellness initiatives for youth.
    
• Nusenda Credit Union Foundation will be using the grant funds to determine the impact of their Co-op Capital Program. Co-op Capital is a community-based microloan program that democratizes access to capital for low-income populations, immigrant communities, people of color, and other borrowers who face structural barriers to upward economic mobility.

CFSI is a national authority on consumer financial health. The Foundation and CFSI mutually seek to build upon this work by using CFSI’s expertise to help credit unions act 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.