The National Credit Union Foundation will offer grants to three credit unions to help them gauge the effectiveness and impact of their products and services.
The foundation said on Thursday that grants totaling $54,000 will be disbursed to Community First Credit Union, Michigan State University Federal Credit Union and the Nusenda Credit Union Foundation. Each credit union will receive $18,000.
The institutions will work with the Center for Financial Services Innovation to develop indicators that will measure the strength and impact of their products and services.
CFSI is a Chicago-based nonprofit financial services consultancy that focuses on serving unbanked and underbanked consumers.
Community First, a $1.6 billion-asset institution based in Jacksonville, Fla., will use the funds to help its millennial members learn how to better save their
Michigan State University FCU, a $4.1 billion-asset institution based in East Landing, Mich., will use the funds to determine the impact of its Reality Fair financial wellness initiative for local youths.
Nusenda Credit Union Foundation, a unit of the $2.3 billion-asset Nusenda CU of Albuquerque, N.M., will use the funds to measure the impact of its Co-op Capital Program, which offers micro-loans to low-income members, immigrants and others who face obstacles in receiving credit.
