#USA #Madison #Credit Unions #Center of Excellence #Filene Research

Filene Research Institute Launches New Center of Excellence for Growth

Madison, Wisconsin - The Filene Research Institute has officially unveiled its latest initiative, the Center of Excellence for Growth. This long-term research program focuses on empowering credit unions to achieve sustainable organizational growth while simultaneously enhancing the financial well-being of their members and the communities they serve.

In the current financial landscape, credit unions are tasked with more than just increasing their assets or membership figures. The essence of growth for these organizations lies in developing healthy, resilient institutions that can effectively support a larger number of members and foster deeper, more meaningful relationships with them. Ultimately, this approach aims to strengthen both the financial stability of individuals and communities.

The new Center will investigate how growth impacts the fundamental cooperative relationship between credit unions and their members, analyzing strategies that can lead to stronger, more capable organizations. This effort will also focus on the development of leadership and governance practices, talent management, and methods for measuring performance that enhance sustainable credit union success.

Jessica Gamache, the Head of Research at Filene, emphasized the interconnectedness of credit union growth and community welfare. She noted, "A stronger credit union has a greater capacity to invest in its members and communities, and financially robust members contribute to creating healthier, more resilient cooperatives. This Center will help us better understand the strategies and capabilities that allow both to grow together."

The launch of this Center has garnered support from notable organizations, including Michigan State University Federal Credit Union, Origence, and Redwood Credit Union. These founding sponsors are dedicated to fostering sustainable growth not just for credit unions but also for the people they serve. April Clobes, President and CEO of Michigan State University Federal Credit Union, stated, "Sustainable growth requires us to think beyond any single measure of success. It means building an organization that is financially strong, relevant to members, and positioned to make a meaningful difference in the community."

Tony Boutelle, President and CEO of Origence, highlighted the importance of connecting with future generations of members, advocating for a return on investment in research that will yield practical tools for credit unions to better serve their clientele in the coming decades. He addressed the industry's need to continuously adapt to changing member expectations and financial challenges.

Brett Martinez, President and CEO of Redwood Credit Union, further reinforced the importance of member growth, labeling it as a reflection of the industry's value and relevance. He asserted that investment in the Center of Excellence for Growth would empower credit unions to sustainably attract, serve, and retain members and, thus, uphold the legacy of the credit union movement.

As part of its mission, the Center will combine cutting-edge academic research with practical credit union perspectives, helping industry leaders forge connections between organizational growth, member financial health, and community development. This collaborative approach aims to translate insights gained into actionable strategies that credit unions can implement for long-term success.

About Filene Research Institute

The Filene Research Institute functions as an independent cooperative finance think tank with a mission to enhance organizations through innovative research and incubation. Their network unites leaders and thinkers to enact change by fostering cooperation and delivering impactful consumer financial well-being initiatives. In addition to producing actionable academic research, Filene offers incubator programs for testing and scaling solutions, organizes events to encourage organizational action, and provides advisory services to facilitate and implement innovative practices. For further information, visit filene.org and follow them on LinkedIn and Instagram.