MADISON, Wis.–The Filene Research Institute is looking for credit unions to participate in a pilot program aimed at besting and developing products geared toward unbanked minorities.
The project, announced earlier this year and is being conducted in cooperation with Visa, is called the “Filene Incubator: Reaching Minority Households.” The objective is to lead to the replication and expansion of products that can serve minority groups in the United States and Canada.
Credit unions that already offer products to serve this population can apply for consideration for the incubator initiative, and the five that Filene selects will have the opportunity to expand their programs by testing them further in the marketplace, Filene said. The last day to submit programs for consideration is Nov. 20.
Filene will host a webinar Nov. 5 at 2 p.m. (CT) to teach interested credit unions how participation in the program could benefit their organization.
Filene and Visa also plan to release extensive research later this year that will dig into the scope of the underserved market.