MADISON, Wis.– A new report from The Filene Institute aims to help credit union adapt to the increased interest in sustainable business practices.

Dr. Stuart Hart, a professor of management at Cornell University and Monica Touesnard, an executive director or a sustainability program there, together researched Back to the Future: Integrating Sustainability Into Credit Union Strategy, the Institute said.

Rather than competing directly with banks, Hart and Touesnard conclude it makes more sense for credit unions to go “back to the future” by using their unique historical and organizational characteristics (e.g., tax- exempt status, cooperative ownership, community lending, and focus on the underserved) to offer a set of products and services that differentiate them from banks and other financial services providers. The broad domain of “sustainability” offers such a landscape of opportunity, the Institute added.

“The opportunities identified in this report suggest that financial institutions are just beginning to experiment with programs and initiatives related to sustainability,” says George Hofheimer, Filene's chief research officer. “As a result, we have yet to realize the challenges and opportunities implicit in sustainability strategies.”