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Annual Impact Report

FY 2023 brought us to the brink of the credit union renaissance. A time of exploration of where credit unions came from, and an opportunity to build on unique strengths around humanism, innovation and transformation. Throughout this issue you will see where the work of Filene has supported the credit union industry's renewed focus on human well-being, autonomy and progress.

The Credit Union Renaissance

Approaching continual change through the lens of opportunity allows the credit union industry to reinvent and stay relevant. Ed Filene saw opportunities to evolve the way financial services operated nearly 100 years ago and brought about the U.S. credit union system. The Filene Research Institute was created within the industry out of the need for thoughtful and objective research and innovation around financial services issues. Filene continues to evolve to rise up to the opportunities before the industry.

Edward A. Filene's visionary words from 1935 resonate today as we stand at the precipice of the credit union renaissance–truly a new epoch for our industry. 

This is a new epoch. To discover the new responsibilities of this new epoch, and to act in accordance with those new responsibilities is the most practical and most important problem which confronts us now. 
Edward A. Filene

Fiscal Year 2023

Filene continued to evolve and adapt to the ever-changing landscape of the credit union industry. We have seen the industry face unprecedented challenges, we have also witnessed remarkable opportunities for growth and transformation.

Our work and throughout this annual report, you will find stories that reflect three defining characteristics of this past year: Humanism, Innovation and Transformation.

A Year of...

  • Humanism -  playing a pivotal role in the ethos of credit unions, emphasizing a people-centric approach that prioritizes the well-being of members and the community over profit maximization. 
  • Innovation - a critical driver for credit unions, offering a pathway to adapt, thrive, and stay competitive in a rapidly evolving financial landscape.
  • Transformation - largely propelled by rapid technological advancements, evolving member expectations, and dynamic market conditions allowing credit unions to remain relevant and competitive. 

As we navigate this Credit Union Renaissance together, we must remember that credit unions’ unique strengths lie in trustworthiness, the ability to connect with members' changing needs, a data-driven approach, and openness to new ideas. With these strengths as the foundation, credit unions can not only weather the storms but thrive in this new epoch.

Thank you for being part of the Filene community, and for your unwavering commitment to the credit union system.

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