Filene Research Institute

We pick up here where we left off last time learning about the Cooperative Trust community and the Crash experience – if those last few words meant nothing to you, please go back to part 1 and take a listen now. We explain all about this young professional community and these unique event opportunities for them in that episode! If you’re ready for Part 2, here we go! In this episode, we highlight the ways we are stronger when we gather together. When we work in cooperation. When we develop our talent and our ideas collectively, and when we grow networks of innovative big thinkers to build a community of support and well-being for all. We start with Michael, a former crasher, now new CEO of his credit union – about how the Crash experience set the stage for where he is today – to be in the right place at the right time with the right people for it all to fall together, circuitous as his route may have been. Then we turn it over to some of our 2019 Crashers themselves. Literally from Alaska to Hawaii and eve

We are wired for connection; it is part of our DNA. Human beings have a basic need to belong to groups and form relationships – and we spend much of our lives doing just that. What we don’t often measure is the power that those connections give us to make an impact on the world around us. Insight, inspiration, innovation…none of this happens in isolation. Credit unions especially are uniquely positioned to tap into this power through their cooperative nature. In this two-part episode, we take a look into The Cooperative Trust – the credit union industry’s largest young professional group -- with a number of interviews conducted at this year’s CUNA GAC – from crashers past and present, to crash mentors who were just in their shoes, to crashers that have since become CEOs and leaders, to credit union executives who see the value in tapping into the collective brainpower of this group. Learn more about the Cooperative Trust and apply for Crash events at cooperativetrust.com. And be sure you join Filene at our

Edward Albert Filene was born on September 3, 1860. While the world was very different nearly 160 years ago when our namesake was born, it has been fascinating to pause this week, taking a moment to learn more about Ed’s beliefs, values, actions and accomplishments from his lifetime and realize how much those same ideas – of fairness, of equality, hard work, democratic control, of giving back and pushing for constant progress – are still very much so relevant today. To that end, I am thrilled to present our “Happy Birthday, Ed Filene” tribute podcast. I asked Filene staff to share their favorite fact about our friend Ed, so that others can get to know more about the amazing life he led -- and I also asked everyone to bring us back to the modern era by sharing a compelling insight with major implications for the credit union industry from one of our research reports published over the last year. Here is the list of research reports mentioned by Fileners in this episode for you to check out: George: Do Cre

This one is for all of you that love stories about money…where it came from, where it’s going, how it’s going to get there and how our lives will always be impacted by the ways we use physical and digital currencies. Join us on this trip with Bill Maurer -- Filene Fellow for our Center of Excellence on Emerging Technology and Dean and Professor at the University of California Irvine. Literally, it’s a trip -- we recorded this on the road from Chicago to our office in Madison. What you’re about to hear is a rare telling of stories and wide-ranging experiences from someone at the top of their field academically and in real-world application. Bill and I talk about how he once helped an overly enthusiastic computer chip manufacturer better understand the future of money. We talk about the strategies at play with digital payment providers and I got his initial thoughts on Facebook’s Libra cryptocurrency. Bill shares a fascinating story about the time when he had a winding and metaphysical conversation with Dee

We had the chance to talk with Renee Sattiewhite, Executive Director of the African American Credit Union Coalition at CUNA’s Governmental Affairs Conference this year. I wanted to learn more about the AACUC, learn what initiatives they are working on this year and beyond, and better understand some things Renee mentioned to me around a data challenge this industry has as well as things we can all do to help her and the AACUC be successful in their mission. As you’ll hear, Renee urges us instead of looking at these things like a diversity and inclusion problem, let’s look at it as a diversity and inclusion solution. In the interview, we also talk about the roots of the AACUC going back 20 years, what’s on their to-do lists for 2019, and what projects they are most excited to get moving on. Renee is especially excited about the work she’s got going on to help advance young professionals and empower women. Head to aacuc.org to learn more. As I learned from Renee, when we are more intentional about the outcom

This episode picks up where episode 52 left off with our most recent i3 team projects. You’re about to hear from 3 more teams about their experiences working together, examining a problem and approaching a viable solution with care. They talked about how weighty, significant and challenging some of their issues to solve were but by trusting the process, counting on each other for support and staying connected to root causes rather than shiny technological fixes, they all felt good about the paths they went down. Now that the Filene i3 application window is closed for this year, we’re in the selection process and new i3ers will be brought into the fold soon. I recommend to all those that have applied, to listen in closely and learn from the efforts and advice of these teams, and anyone that is looking forward to being part of this community in the future, start mapping out your path to applying next spring. You’ll be able to catch the next set of i3 project presentations live and in-person if you join Filen

On May 31, 1989, Filene was officially incorporated as an organization, which means we are now celebrating 30 years of existence. In this interview with Filene’s chief research and development officer, George Hofheimer, we talk about the past and future of Filene, George’s take on the evolution of our work and some of his favorite reports from our nearly 500! We also explore what outcomes and impacts have happened since the 1990s and 2000s in the financial services industry, like state law changes, that started from ideas emerging from our research. George gives some origin stories on Filene i3, The Cooperative Trust and Crash programs. He gives a preview of Filene’s next research Center of Excellence topics and events we have planned for this year yet. And we attempt to settle the debate over whether it’s pronounced FI-leen or Fill-een…well, at least we try to… Any way you say it, we are proud to celebrate our 30th year and excited for what’s to come in all the years ahead. Visit filene.org for our latest

If you’re interested in what a day in the life of an i3er is like, this is your chance to get that inside look. I sat down with all 6 of the i3 teams that recently presented their projects at Filene’s “Future of Trust” research event in Seattle. They talked about what problem their solutions aimed to fix, how they came to their solutions, how they worked together as a cohesive team, and how the i3 program helped them not only with these projects but will continue to help them be better problem solvers back at their credit unions. What I learned is that if you are thinking of applying for i3, there will never be a perfectly open time on your calendar, so it is likely that now is your best shot. If you’re wondering about the cost benefit of sending one of your organization’s rising stars through this program and what value it might bring back to your credit union and your members, listen to the passion in their voices when they say yes…this is worth every ounce of the effort, time, and investment. What they g

Dr. Lana Swartz, Assistant Professor in the Department of Media Studies at the University of Virginia spoke at the Filene breakfast this year about industries that are using the blockchain and why credit unions might want to consider its use, too. Lana studies money as a communications technology, focusing in particular on the history of payments and new financial technologies. She’s been featured in The Atlantic and reached the status of “Bitcoin famous” when she appeared in a Netflix documentary on cryptocurrencies. After the GAC talk, I sat down with Lana to get a better understanding of blockchain technology, in ordinary terms, through the example of how it has been used (or at least attempted to be used) by the music industry… We discuss how it came to be, and what the driving force behind it really is, and why blockchain wasn't the solution that the music industry had hoped it would be. Lana leaves us with her thoughts on a question worth pondering: “What happens when things like everyday payment

What really is an algorithm? This episode dives a bit deeper into this topic that we’ve talked about here before and relates to much of our research on emerging technology. I wanted to know more, in ordinary terms, not only what an algorithm is, but how they work, and what the prevalence of the use of artificial intelligence and algorithms mean for consumer and cooperative finance. Filene’s Research Director, Taylor Nelms brings us his friend Dr. Nick Seaver, Assistant Professor of Anthropology at Tufts University, who has written a book about the making of algorithmic music recommendations, to provide us some clarity on this cloudy topic. In this episode, we explore how algorithms can be a series of steps to follow to turn an input into an output – that’s an algorithm, or it can be more complex machine learning software process that learns from the source data and makes use of it to provide a future prediction – that’s an algorithmic system. Nick also teaches us why you can’t just “set it and forget i

In many ways, the credit union model in this country was officially defined in 1934 by the Federal Credit Union Act (FCUA). At the time, credit unions’ main focus was around promoting savings and thrift, and providing people of modest means access to fair credit to pursue productive investments. While this remains the foundation of the model, the practical definitions of many of the elements affecting financial services and consumers then have fundamentally changed, and many influential factors that did not exist then cannot be ignored within financial conversations today. For that reason, among others, its necessary to take a fresh look at the driving forces that made way for today’s credit unions and refresh our vision of the landscape they are in. We bring in experts Stevie Rea, postdoctoral researcher in the Department of Anthropology at the University of California, Irvine and co-author of Filene's report "The Credit Union of the 21st Century," and Sam Paxson, CO-OP Financial services’ chief experience

Mergers-- they have dramatically restructured the credit union system over the last 5 decades. And Credit union leaders have accepted this as a reality of the current financial services landscape. But that does not mean leaders should approach a merger without caution and due diligence. Many leaders are rightly concerned about how a merger would affect their operations, their employees, and—especially -- their members. Many seek evidence of the benefits and downsides. As the system consolidates into fewer, larger credit unions, a question lingers: Do mergers create value for members? Fortunately to help guide us through the complexities of that seemingly simple question, I am joined by Filene’s chief research and development officer, George Hofheimer, and Dr. William E. Jackson, author of Filene’s report “Do Credit Union Mergers Create Value for Credit Union Members? An Analysis and Review of the Empirical Evidence.” Download the full report at filene.org/472. We hope you are enjoying hearing directly fro

For today's show, I am joined by Filene’s Managing Director of Research, Taylor Nelms, as we interview Andrew Turner, Legal Research and Writing Faculty at the University of Wisconsin Law School and author of “Who Do Credit Unions Belong To? The Promise and Peril of Being Undefined in a Time of Political and Social Polarization.” In a time in America when everything seems politicized and polarized, sliced and diced in a million different ways, this isn't affecting who uses credit unions. This study explores why this is the case and whether that helps or hurts credit unions, and ultimately, their members. Andrew walks us through this research in which he explored how people of all different social and political affiliations are drawn to the ideas and values of credit unions, how nearly everyone identifies with credit unions except one specific category of consumer, and offers several strategic paths for credit unions to consider when it comes to marketing to their communities and being covered in the media..

In the spirit of our love for prototyping and innovation that changes lives, we at Filene are trying something new today: a research-based streaming music service for the cooperative finance industry. Currently, we have only one song in our song library, but we look to build it up over time. To celebrate this new venture, we would like to give you advance access to that song. Performed live in the Swift Studio we present you with… “Filene” Filene, Filene, Filene, Filene Thinking Forward. Changing Lives. Filene. 30 Years yearning to know Watching how our research grows It’s cutting-edge It’s here for you Filene From helping CUs grow their team To business ops and strategy The best you’ll find And big bright minds Filene Filene, Filene, Filene, Filene Thinking Forward. Changing Lives. Filene. We have ideas that we can test So you can serve your members best We work for you - Support all ya do Filene Arming leaders with solutions Driving change in institutions Immerse your troop In innovation group Filene

Filene Research Institute’s namesake, Ed Filene, wrote the book “Speaking of Change” in which he emphasized the importance of always looking ahead, never remaining stagnant and keeping up with ever changing times. And at the start of each year, Filene takes a moment’s pause to reflect and speak to our local credit union community to share the latest insights from our research and incubation and examine the changes we see on the horizon. If you were not able to join us live or you want a refresher of the topics we covered, this recording is for you. So grab a coffee – or a beer – and Let’s listen in… Research referenced in this recording can be found at: filene.org/459

Today’s episode is extra special. We shared our office space last month with Coopera -- a consulting firm located in Des Moines, Iowa, focused on helping credit unions and other organizations grow by reaching and serving the Hispanic market. That brought Kenia Calderon to our podcast studio to share her story of how she came to work with Coopera and her experience as a Dreamer getting a loan through a credit union for her Deferred Action for Childhood Arrivals or DACA application. After attending university, Kenia became Coopera’s Client relations director and works closely with credit unions and other organizations in implementing Hispanic growth strategies. Her story is moving in many ways, but what we found most compelling is how enormous the ripple effect can be on an entire community starting with one credit union providing one small loan to one person. At Filene, we partner with credit unions to research, innovate and deliver programs like ITIN Lending that can be a strategic competitive advantage fo

Credit unions have a unique vantage point to see the way financial barriers hold people back day-in and day-out. And they’re also in a unique position to do something to support those most vulnerable. In today’s podcast we take a look at the very real and complicated way that economic abuse can keep survivors of domestic violence in their abusive relationships. Thanks to the work being done through the Domestic Violence Recovery Loan program, we’re not only gaining a better understanding of the complexity of this issue -- but also seeing the determination from organizations like Michigan State University Federal Credit Union -- to find a solution that supports survivors of domestic violence in obtaining a healthier and more stable economic future. Full report available at: filene.org/465 This episode features Adrienne Adams, Ph.D, Associate Professor in the Department of Psychology and member of the Research Consortium on Gender-based Violence at Michigan State University. Adrienne is also the author of

The financial industry has long faced change: in technology, consumer preferences, regulation, and new business models. To thrive, credit union leaders, like all financial providers, must scan for shifts in their institutions and markets. To do so, credit union leaders need to master the twin challenges of organizational vigilance – or “seeing sooner” -- and of adaptive capacity – or “acting faster” -- as their environments change. In today's episode, we hear from the authors of Filene's newest research report, "Preparing for a More Turbulent Future: How Credit Unions Can Remain Vigilant and Adaptive," Paul Schoemaker and George Day. They share recommendations about how credit unions can enhance their capabilities to see sooner and act faster... Full report available at: filene.org/464

We’ve boiled down our latest research about attraction and retention strategies for credit unions from our Center for the War for Talent. Our new report is called “Diving Headfirst into the Applicant Pool: How Employee Attraction Impacts Employee Retention” by filene fellow Sekou Bermiss at the University of Texas Austin. First, we talk with someone on the front lines of the work of attracting and retaining top talent at credit unions. Betsy Sommers, Senior Vice President at Seasons Federal Credit Union in Middletown Connecticut shares fascinating details on the job market in her state, and the trend of outward migration which impacts their efforts to fill positions. Then, because we can never get enough of him, we’ve got George Hofheimer, Chief Knowledge Officer at Filene. Stay till the end to hear George break down those key insights and what they might mean for your credit union’s attraction and retention strategies. One sneak peek insight – just say no to creepy recruiters… Full Report: https://filen

So, a professor, a lawyer and a CEO walk into… a podcast…? No this isn’t the set up for a joke…But it is an amazing tale of a credit union growth strategy with seemingly no downside that we could find at least. This is the tale of credit unions’ acquisition of banks and thrifts, as told by David Walker, professor & director emeritus of the Capital Markets Research Center at Georgetown University -- who authored our research report … and Michael Bell, the lawyer who has represented financial institutions across the U.S. through more than 30 M & A transactions in the past 5 years and about 20 of the 22 or so instances of credit unions acquiring banks. And we also hear from Gary Regoli, the CEO of Achieva Credit Union in Clearwater FL -- the first credit union in the country to do this type of acquisition back in 2015. That’s right, there’s been at least 22 since that short time ago and all signs point to the trend accelerating forward. All together these three tell a full story deeper that the research alon