Cornerstone Innovation Group launches pilot to explore models and solutions to meet credit union challenges

The Cornerstone Innovation, Collaboration and Engagement (ICE) Committee is appointed to explore collaborative models and develop scalable innovative solutions to meet challenges of credit unions, their members, and communities. This year, one of their initiatives is to pilot the Cornerstone Innovation Group, an interactive program designed for leaders in the credit union space and facilitated by Filene Research Institute.

Three teams are collaborating to create solutions rooted in real consumer need and would appreciate your feedback on a few very short surveys. All responses are confidential.

Team One: Student Loans

Student Loans are a tremendous burden for the borrowers and the economy. This team has generated an idea about how to alleviate this burden for credit union employees and members, while also providing credit unions an opportunity to enhance their community impact. In summary, the concept would allow borrowers to generate payments toward their student loan debt (sponsored by credit unions) through “volunteer” work at non-profit community organizations.

• For anyone who has Student Loan debt, please take the following short survey to gauge desirability of the solution among borrowers: https://www.surveymonkey.com/r/8WT9GGG.

• For credit union CEOs, please take the following short survey to help this team better understand whether credit unions will support such a program: https://www.surveymonkey.com/r/65ZCHWW.
  

Team Two: Managed Credit Union Accounts

We represent a group of credit union fintech innovators and researchers. We are working on an account concept known as a “Champion” account:

• The Champion account would do it all for you! Assess your income, pay your bills, save for your future, prepare/work your budget and give you an account for your own personal spending. There’s nothing for you to worry about! You even get a “lifeline” to call to answer questions or get help with tough financial decisions.
• At any time, you can graduate from your Champion account to take more control over your financial goals. Self-directed by you!
• Please take the following short survey: https://www.research.net/r/ChampionAccountSurvey
  

Team Three: BUSINESS IN A BOX

• The goal of our project is helping our members avoid the need to use payday lenders as a way to make ends meet. Our belief is that people turn to alternative lending sources not because they don’t know how to manage their money; rather it’s because they don’t have the opportunity to earn an income that allows them to adequately support their families.
• BUSINESS IN A BOX is a way to provide income generating opportunities to individuals, with a focus on those in vulnerable and underserved communities, with resources and a path to establishing business ownership to generate additional income.
• Please take the following short survey: https://www.surveymonkey.com/r/G6W3WV3
  

Thank you for your support and assistance! To learn more about the work of this Cornerstone Committee or the Cornerstone Innovation Group, please contact Cornerstone Senior Vice President of Credit Union Relations Mike Delker at mdelker@cornerstoneleague.coop.