The National Credit Union Foundation is calling on credit unions to apply to leverage the Center for Financial Services Innovation's (CFSI) consumer financial health assessment tool.
The NCUF, which seeks to fund financial health checkup projects for credit unions, has a total of $108,000 seed money for up to six organizations to conduct self-assessment projects. The deadline to submit applications is Dec. 9, NCUF said in a press release Monday.
CFSI's Consumer Financial Health Study found that 57% 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, NCUF said in the release.
Wright-Patt Credit Union in Beavercreek, Ohio, and Coastal FCU in Raleigh, N.C., have already worked with CFSI to leverage the diagnostic tool to conduct a financial health check-up.
"The financial health check-up will help credit unions assess the status of their members' and employees' financial health and provide insights on concrete actions the credit union can take to better respond to and improve members' and employees' financial well-being," Gigi Hyland, NCUF's executive director in the RFP, said in the release.
Hyland noted that NCUF originally approve $90,000 for the checkups, but added $108,000 through a donation of $18,000 from CUNA Mutual Group to support the effort. CUNA Mutual is currently working to advance a data and analytics culture at its company.
