A program developed by the Filene Institute's i3 initiative has won a $300,000 grant from the Center for Financial Services Innovation to roll out a program that will reward CU members who have low FICO scores for making loan payments on time.
The i3 initiative gathers credit union executives and experts into targeted efforts to develop new products and services.
In this case, the executives forming the innovation team Shelly Berryman from SchoolsFirst Credit Union, Jackie Edwards with Connexus Credit Union, Matthew Henry with Elevations Credit Union, Mike Kenzie with Patriot Federal Credit Union and Lisa Randall with Vermont Federal Credit Union.
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