Happy 25th, Filene Research Institute!
We're celebrating the big 2-5 here at Filene Research Institute this year. This organization is the realization of an idea held by many credit union people for a long time. And, it's only fitting that we kick off our silver anniversary at our annual Chairman’s Breakfast at CUNA’s 2014 Governmental Affairs Conference—with the system leaders that formed us and the members and other contributors who’ve made these 25 years possible.
CUNA Mutual Group led the formation of Filene Research Institute in 1989 with support from CUNA, the NCUA, the AACUL and state credit union leagues, and several US credit unions. The nonprofit is named in honor of Edward A. Filene, the Boston retailer who built up the Filene's department store chain and pioneered the US credit union movement in the 1900s.
Under the vision of CUNA Mutual Group then-CEO Richard “Doc” Heins, Filene’s purpose was to not only engage in research on credit unions and issues involving consumer finance but also be a place where credit unions could test new and even far-out ideas without fear of failure. For its first 16 years, the nonprofit partnered with the University of Wisconsin-Madison School of Business to produce academic research that helped credit unions respond to market needs and shape public policy.
Filene’s notable achievements from the past 25 years include:
- Helping lay the groundwork for the Credit Union Membership Access Act of 1998 with its “Taxation of Credit Unions” and “Field of Membership: An Evolving Concept” reports
- Launching the i3 program in 2004 to instill an innovation competency in credit unions and test financial ideas like Debt in Focus (now SavvyMoney), Savings Revolution, and Save Up
- Piloting REAL Solutions to help credit unions better serve low-and-moderate-income financial consumers, which the National Credit Union Foundation adopted as its signature program in 2006
- Testing prize-linked savings accounts with the D2D Fund and the Michigan Credit Union League in 2008, encouraging consumers to save by creating a chance to win a prize with each deposit
- Introducing The Cooperative Trust in 2012, a community of young credit union professionals that stems from more than 10 years of Filene research examining the financial needs of young adults
And, while you're here, check out this video showing what we're doing today: