CEI Institute and Filene Research Institute Collaborate to Advance Racial Economic Equity

CEI Institute has partnered with Filene Research Institute to address racial economic equity through the first-of-its-kind REE Incubator project. This initiative aims to develop solutions targeting racial economic disparities by fostering collaboration between credit unions and community stakeholders. Over an 18-month period, the project brought together nine credit unions and 11 community partners from New York to Hawaii, testing the idea that organizations addressing societal problems can achieve greater improvements in economic equity by working together.

The REE Incubator utilized Filene's innovation framework and CEI Institute's expert coaching methodology to create effective solutions for racial disparities. Programs developed by the credit unions included down payment assistance, grant programs, matching savings initiatives, financial empowerment services, educational resources, car loans, and credit-building assistance. Some initiatives focused on high school entrepreneurship and money management, while others targeted financial empowerment for individuals aged 18-25.

Peter Holmes, CEO of CEI Institute, emphasized the significance of the project, noting that credit unions can now engage with previously unreached individuals, resulting in substantial community impact and new opportunities for membership growth. The coaching provided by CEI Institute's team, including Beverly Wolfe, Howard Holley, Terri Quinton, and Shellee Mitchell, was instrumental in helping participants focus their solutions and explore scalability.

The capstone projects were showcased at Filene's Spark! 2024 conference, where the Catalyst Award was presented to Kaua'i Federal Credit Union and Hawaiian Community Assets. Their down payment assistance and green lending program aimed to build Native Hawaiian homeownership, receiving $10,000 from sponsors Target Foundation and TruStage Foundation. The project is projected to reach $1 million in green lending in 2024. Veridian Credit Union secured second place for their financial empowerment program serving African Americans in Blackhawk County, achieving significant milestones in homeownership and financial stability.

Other notable participants in the Catalyst Award presentations included MSU Federal Credit Union and GreenPath Financial Wellness, and Chartway Credit Union with Norfolk State University. Christie Kimbell, Executive Vice President at Filene Research Institute, highlighted the importance of community-driven efforts in tackling challenges and making a difference credit union by credit union, community by community.

For more information about the CEI Institute coaching methods and community entrepreneurship activities, visit www.CEIInstitute.org. For details on the REE Incubator projects, visit www.filene.org/REE.