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Michigan Credit Union League

Call for Proposals to Conduct “Consumer Financial Health Check-ups” by CUs

The National Credit Union Foundation (the Foundation) is looking for credit unions to submit proposals leveraging the Center for Financial Services Innovation (CFSI) consumer financial health tool.

CFSI is one of the leading organizations dealing with the subject of consumer financial health. CFSI’s Consumer Financial Health Study found that 57% percent of Americans are financially unhealthy, lack daily financial systems that serve them well, struggle to weather financial shocks, and are not well-positioned to pursue their financial aspirations.

Subsequently, CFSI has been piloting a consumer financial health assessment tool with a variety of institutions to gauge consumer financial health. Specifically, two credit unions, Wright-Patt Credit Union in Ohio and Coastal FCU in North Carolina have already worked with CFSI to leverage the diagnostic tool to conduct a “financial health check-up” to understand their members’ and employees’ financial health.

The Foundation is looking to fund financial health check-up projects by additional credit unions. Total funding of $108,000 is available to “seed” up to six credit unions to conduct an assessment project at their organization. Understanding members’ financial health and what their needs and struggles are, as well as how it compares to regional benchmarks, can help galvanize interest and enthusiasm among credit union management, staff, and board members to pursue initiatives to leverage products, services and communications to help members improve their financial health.

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2016-12-05 00:00:00