With Financial Stress at Record Highs, Filene Launches Center to Help Credit Unions Support Members and Employees

Filene Fellow Dr. Mathieu Despard

Filene’s Center for Member Well-Being officially launched July 1st, with fellow Dr. Mathieu Despard of Washington University, St. Louis.
​
As inflation, prices on everyday goods and economic uncertainty continues to increase it is no wonder more Americans are feeling financially stressed these days. In fact, according to a recent Bankrate Financial Freedom Survey, 77% of U.S. adults say they are not completely financially secure, up from 75% in 2024 and 72% in 2023. Also, financial stress tends to be the major contributor to people’s overall stress—which can result in a number of overall health and well-being issues like poor sleep, lack of exercise, poor eating habits, delaying health care due to costs and decreased work productivity, just to name a few.

A key differentiator for credit unions is their commitment to improving the financial lives of their members. There’s a growing movement towards serving the “whole member”— but how? This will be the focus of the newly launched Member Well-Being Center of Excellence, representing a three-year journey to explore how credit unions can increase the well-being of members and employees through sustainable, evidence-based practices and solutions.

The Center for Member Well-Being
Kicking-off this exciting 3-year journey led by Fellow Dr. Mathieu Despard in collaboration with an advisory council of credit union leaders, the Center for Member Well-Being seeks to bridge the gaps between current efforts and the potential of the credit union industry to drive deep changes to well-being at the individual, community and system level. These valuable insights will focus on answering the following key questions: 

• What are the key drivers of well-being, and how are they related to financial well-being at the individual, community, and system-level?
• What are the best evidence-based practices and solutions for improving financial well-being?
• As employers, what aspects of well-being are credit unions best positioned to improve for their employees?
• How do credit unions ensure internal programs and policies are driving well-being for their employees?
• What new or existing products and services measurably improve overall well-being?

Generous support for the Center for Member Well-Being is provided by Affinity Federal Credit Union, Altura Credit Union, BCU, Canvas Credit Union, Chartway Credit Union, EastRise Credit Union, Members First Credit Union, United Nations Federal Credit Union, and Wright-Patt Credit Union. 

“As a lifelong credit union member and the grandson of a small-town credit union board member, I’m thrilled to join and support Filene’s Member Well-Being Center of Excellence,” stated Dr. Despard. “I’ll lend my research expertise on a range of financial inclusion and well-being topics and experience testing interventions to help credit unions build on an already-impressive portfolio of member solutions. I also look forward to helping credit unions explore creative ways to impact member well-being around other quality of life issues such as health."

“At Altura, we believe that true financial strength starts with the overall well-being of the people we serve,” said Jennifer Binkley, President & CEO of Altura Credit Union. “We’re proud to support Filene’s Member Well-Being Center because this research will help credit unions like ours better understand the real-life challenges our members and employees face—and provide actionable solutions that lead to healthier, more empowered communities.”

“Chartway is proud to sponsor Filene’s Center for Member Well-Being because we believe that financial health is foundational to a life well-lived and are strong advocates for data and research driven initiatives," said Rob Keatts, Executive Vice President and Chief Strategy Officer at Chartway Credit Union. "This partnership reflects our purpose to unlock the potential of individuals and communities so they can thrive by advancing financial education and well-being—values that are deeply embedded in who we are and how we serve.”

“Credit unions have always played a vital role in improving financial lives and now, by expanding that mission to address overall wellbeing, we can move people closer to true financial freedom,” said Carrie Iafrate, President & CEO of Members First Credit Union. “Filene’s Center of Excellence for Member Well-Being aligns perfectly with our credit union’s promise to empower people in their journey of wellbeing. By partnering with Filene, we’ll strengthen our ability to deliver sustainable, evidence-based solutions that support a holistic approach to prosperity for our members and employees. This work is essential to our vision of creating thriving communities, and we’re proud to join other like-minded credit unions in this important effort.”

For an exclusive first look at Filene’s new Center for Member Well-Being and to learn more about its three-year research journey to help credit unions advance the well-being of their members and employees--join Dr. Despard on July 22nd, 2025 (11am CT) for an exciting center launch webinar. Also, Filene members and strategic partners will have a chance to engage with the Center for Member Well-Being’s Fellow Dr. Despard in-person at Filene’s big.bright.minds. 2025 on December 2-4, in Nashville, TN.

Filene’s Upcoming Research Center: All Things Payments
Filene is also announcing its next research initiative—its forthcoming Center of Excellence on All Things Payments. Set to launch in early 2026, this new research center will address the rapidly shifting payments landscape, exploring how credit unions can respond to emerging consumer behaviors, new technologies, and competitive pressures in real-time, digital-first environments. The key focus areas that this new research center will explore includes:

• Understanding how cutting-edge innovations in payments are shaping consumer expectations
• Understanding the evolving strategies of payments and its impact on credit unions in the overall financial services landscape
• Exploring how credit unions can leverage payment data to create personalized, value-added services that enhance member loyalty and drive growth
• Understanding the implications of new payments technologies on existing core systems and what credit unions can do to future-proof their technology stacks
• Identifying the most effective approaches to mitigate fraud risks while maintaining seamless payment experiences in an increasingly digital ecosystem

With SchoolsFirst Federal Credit Union already committed as a founding sponsor, interest is building quickly for this highly anticipated Center—credit unions and system partners looking to shape the future of payments are encouraged to join us as sponsors.

“Payments have quickly transformed into the center of our Members' financial lives, and we at SchoolsFirst FCU are thrilled to be among the pioneering sponsors of the Center for All Things Payments,” said Amy Hsu, SVP, Payments, Security & Fraud at SchoolsFirst FCU. “This is more than just an opportunity for us; it's a commitment to innovation and excellence. We are eager to share our insights, learn and collaborate with like-minded visionaries to ensure the Center's success. Together, we aim to empower credit unions to take the lead in revolutionizing the way Members interact with payments, making their financial journeys seamless, personal and more secure.”

---