The eight credit unions and their respective partner(s) are:

Allegiance Credit Union ($358 million, Oklahoma City, Okla.) will partner with Scissortail Community Development Corporation – a local non-profit focused on community development, economic empowerment, workforce development and social impact across the state – to expand its branch presence and create relevant products and services to better serve the local Latino community, including the Hispanic-owned small business community.
FAMU Federal Credit Union ($28.5 million, Tallahassee, Fla.) will partner with the Capital City Chamber of Commerce and focus on increasing access to capital for minority- and women-owned businesses, in particular Black entrepreneurs.
Hiway Credit Union ($1.7 billion, St. Paul, Minn.) will collaborate with Right Track, a St. Paul-based youth employment center; St. Paul's Office of Financial Empowerment, which runs programs that address economic inequality; and Youthprise, which helps disadvantaged youth. The partnerships will target indigenous, low-income and racially diverse youth, with the goal of developing products that go beyond financial well-being training and focus on wealth and asset-building strategies, including homeownership.
Kaua'i Federal Credit Union ($149 million, Lihue, Hawaii) will partner with local non-profit Hawaiian Community Assets, along with local business development and leadership programs, to build economic resiliency for Native Hawaiians and Pacific Islanders and low-income families. They will utilize "place-based" approaches to support housing, small business/entrepreneurship, and financial wellness and equity.
Marine Credit Union ($1 billion, La Crosse, Wis.) will work with its Foundation to improve homeownership rates and build generational wealth for credit-challenged populations. Marine offers Finding HOME, a free financial literacy and behavior change program designed to help families that do not qualify for a mortgage achieve homeownership.
Michigan State University Federal Credit Union ($7.2 billion, East Lansing, Mich.) will partner with GreenPath, a Farmington Hills, Mich.-based financial wellness non-profit, and its programs focused on Black empowerment to target the racial wealth gap by addressing high-cost debt while building pathways to homeownership.
Municipal Credit Union ($4.2 billion, New York, N.Y.) will partner with The Bronx Community Foundation to create innovative programs to eradicate inequity and build sustainable futures for all Bronx, N.Y., residents.
Veridian Credit Union ($6.8 billion, Waterloo, Iowa) will work with Iowa Heartland Habitat for Humanity; 24/7 BLAC, a Waterloo-based organization focused on personal and professional development in Black communities; and House of Hope, which supports single-mother families and women who age out of foster care. Veridian will weave the organizations' work into a comprehensive program to improve access to affordable banking and consumer lending, and build generational wealth for BIPOC families.

The REE Incubator is supported in partnership with Urban Strategies, Inc. and Native Women Lead.

Instant Insights /

Filene Picks 8 CUs to Join Its Racial Economic Equity Incubator

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