The Savings Exchange
By Kim Pate on 04/19/2011 @ 01:30 PM
Filene i3 Product – The Savings Exchange
In April of 2010, I joined a team of innovative credit unions through the Filene i3 (Ideas, Innovation, Implementation) program. My collaborators on the i3 team included Jackie Edwards, Connexus Credit Union, Wausau, Wis.; Tamela Meade, American Airlines Credit Union, Fort Worth, Tex.; Jon Reske, UMass Five College Federal Credit Union, Hadley, Mass.; and Alison Wolf, FAA Credit Union, Oklahoma City, Okla. Building on CFED’s work on the expanded Saver’s Tax Credit, we developed The Savings Exchange. This product is a savings group to help people learn about savings, encourage each other to save and take advantage of tax-time savings opportunities like the Saver’s Tax Credit, the Earned Income Tax Credit and the Child Tax Credit.
A coalition of credit unions formed by the Filene Research Institute and partially funded by the National Credit Union Foundation (NCUF) is implementing the Savings Exchange Pilot. This pilot, open to credit unions interested in joining the coalition, will help credit union members save for the future through savings groups that provide a structure and incentives to save. Filene recommends the program for credit unions active in the Volunteer Income Tax Assistance program, paid tax services, and with the Investor Education in Your Workplace program, which is sponsored by the Investor Protection Trust and supported by NCUF. For more information about the Savings Exchange Pilot, visit http://filene.org/blog/post/SCPN.