CEI Institute and Filene Research Institute Launch Racial Economic Equity Incubator to Combat Disparities
TL;DR
Credit unions benefit from innovative solutions to address racial economic disparities, gaining a competitive edge in their communities.
The REE Incubator project utilizes a cohort-coaching model to develop effective solutions to mitigate racial disparities in underserved communities.
The initiative fosters collaboration between credit unions and community stakeholders, creating greater improvements in economic equity within underserved communities.
The Catalyst Award recognizes Kaua'i Federal Credit Union for their down payment assistance and green lending program, projecting $1 million in green lending in 2024.
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The CEI Institute and Filene Research Institute have partnered to launch the Racial Economic Equity (REE) Incubator, a groundbreaking initiative aimed at addressing racial economic disparities in underserved communities across the United States. This 18-month program brought together nine credit unions and eleven community partners, from New York to Hawaii, to develop and implement solutions under the guidance of CEI Institute coaches.
McKaye Black of Filene Research Institute highlighted the initiative as a testament to the credit union ethos of people empowering people. The REE Incubator has successfully introduced a variety of programs, including down payment assistance, grant programs, and financial education services, tailored to meet the needs of specific demographics such as high school students and young adults.
Peter Holmes, CEO of CEI Institute, emphasized the transformative potential of these projects in reaching previously underserved individuals, thereby creating significant impacts on both individuals and communities. The initiative's success was celebrated at Filene's Spark! 2024 conference, where the Catalyst Award was presented to Kaua'i Federal Credit Union and Hawaiian Community Assets for their innovative down payment assistance and green lending program.
Veridian Credit Union's 'Achieve' program, which focuses on financial empowerment for African Americans, was also recognized, showcasing the tangible benefits of these initiatives. Christie Kimbell of Filene Research Institute underscored the importance of incremental progress in tackling economic disparities, credit union by credit union, community by community.
This collaboration represents a significant advancement in the fight against racial economic disparities, demonstrating how targeted, community-based initiatives can lead to meaningful change. For more information, visit https://www.filene.org/REE or https://www.CEIInstitute.org.
Curated from 24-7 Press Release
