Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Filenes Innovations for 2010 report available
MADISON, Wis. (1/27/10)--The Filene Research Institute has released a report, “Key Findings: Blueprints for Innovation,” which provides a road map for credit unions looking for innovative ways to help their members generate wealth, build relationships in the community, and cooperate with other credit unions. The report provides 14 innovations that credit unions can adapt to their own institutions to help members in three ways:
* Build wealth, through Prize-Linked Savings, a Giving CD, and other programs; * Overcome debt; and * Borrow responsibly, with tools ranging from rent loans to auto loans.
The report also includes ways that credit unions can share information with other credit unions to increase their cooperation and collaboration. Among one of the member-centric ideas Filene noted is Prize-Linked Savings. Prize-Linked Savings pays out regular interest rates on savings and offers additional opportunities for returns in the form of prizes awarded to accountholders through periodic drawings. The report includes the story of eight Michigan credit unions that banded together last year to offer “Save to Win.” By pooling their resources, the credit unions offered a $100,000 grand prize to one member in January, and individual prizes to members on a monthly basis. More than 11,700 accounts were opened as a result. The program is being expanded this year, with more than 20 credit unions participating. For more information, use the link.


RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
12 hours ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
14 hours ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
16 hours ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
16 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
17 hours ago