CUNA is now America’s Credit Unions. A stronger voice to advance the credit union industry.
By Tamra Thetford, CNote March 22, 2024
Imagine your credit union knew what impact data it needed to collect and had a framework for presenting that data to impact investors looking to make a positive impact with their balance sheet. What kind of difference would that make for your organization?
Credit unions are already serving low-income members, rural communities, communities of color, and other communities that have been ignored by the mainstream financial system – the challenge is translating that impact, particularly to the expanding network of institutional impact investors.
With support from the W.K. Kellogg Foundation and the Mastercard Impact Fund, CNote conducted extensive stakeholder interviews which resulted in the development of an impact framework that is inclusive of the strengths of credit unions and that resonates with impact investors and impact measurement standards.
Impact-driven credit unions can utilize this framework to identify impact targets, connect impact strategies to these goals, and substantiate their work with impact data that could one day be the standard for the community finance industry. Moreover, this framework empowers impact-driven credit unions to substantiate their work with consistent data, enhancing their capacity to measure and articulate their impact more effectively.
In this theme, credit unions provide examples and are recognized for the products, services, and programs they offer that are tailored, responsive, and address the identified social and or environmental challenges faced by under-resourced communities.
CNote's Impact Framework provides credit unions with a robust tool to pinpoint impact targets, align strategies accordingly, and fortify endeavors with evidence-based data. This empowers impact-driven credit unions to substantiate their initiatives with consistent impact data, enhancing their capacity to measure and articulate their impact effectively. This framework also allows institutional investors like corporations to identify and connect with the credit unions that align with their impact goals.
Ultimately, utilizing this framework, credit unions are articulating their impact in a way that connects and resonates with impact investors. The resultant impact deposits strengthen small businesses, enhance financial education, promote affordable housing, and catalyze broader community economic development and wealth building.
In conclusion, CNote's Impact Framework represents a significant milestone in the journey toward more impactful community finance. Through replicable, reliable, and precise measurement of credit union’s impact, we can connect investors with authentic opportunities to support. This facilitates a future where impactful investments thrive, communities prosper, and sustainable change takes root.
Connect with CNote to learn more.
CNote is a technology platform that provides a sustainable flow of non-member deposits that are low-cost and deliver consistent value. This service is available at no cost to CUNA member credit unions as arranged by CUNA Strategic Services.