MADISON, Wis. —The Filene Research Institute has launched a multiyear research initiative to examine how credit unions can grow sustainably while improving the financial well-being of members and strengthening their communities.
The new Center of Excellence for Growth will study leadership and governance practices, talent and organizational capabilities, and performance measurement strategies that support sustainable credit union performance, Filene said.
The initiative will explore growth beyond increases in assets and membership, examining how stronger organizations can serve more people, deepen member relationships and expand their capacity to invest in communities, according to the institute.
“Credit union growth and community growth should reinforce one another,” Jessica Gamache, Filene’s head of research, said in a statement. “A stronger credit union has greater capacity to invest in its members and communities, and financially stronger members create healthier, more resilient cooperatives.”
Gamache said the center will examine the strategies and capabilities that allow credit unions and their members to grow together.
Founding Sponsors
Initial support comes from Michigan State University Federal Credit Union, Origence and Redwood Credit Union, Filene said.
April Clobes, president and CEO of Michigan State University Federal Credit Union, said sustainable growth requires looking beyond a single measure of success.
“It means building an organization that is financially strong, relevant to members and positioned to make a meaningful difference in the community,” Clobes said in a statement. “This research can help credit unions better understand how to balance and advance all three.”
Tony Boutelle, president and CEO of Origence, said reaching future generations of members is essential to the industry’s ability to fulfill its mission.
“The credit union movement was built to serve people at every stage of their financial lives, but we can’t do that if we’re not connecting with the members who will define the next thirty years,” Boutelle said in a statement.
Origence is committed to turning the research into tools credit unions can use, he added.
Brett Martinez, president and CEO of Redwood Credit Union, described member growth as both an industry challenge and an indication of how consumers view credit unions.
“It is how people vote on the value and relevance of the credit union movement,” Martinez said in a statement, adding the center’s research will help credit unions sustainably attract, serve and retain members, supporting their ability to remain relevant and help people throughout their lives.
Turning Research Into Strategies
Filene said the center will combine academic research with credit union perspectives to examine the connections among organizational growth, member financial growth and community growth.
