TransUnion and CU Strategic Planning Announce Partnership to Help Credit Unions Secure CDFI Grants
CU Strategic Planning
TransUnion (NYSE: TRU) and CU Strategic Planning announced today a partnership to help credit unions apply for Treasury Department Community Development Financial Institution (CDFI) Fund grants. Leveraging TransUnion’s Prama platform, credit unions will be able to better hone their applications and use the CDFI funds for maximum impact in the communities they serve.
Prama, winner of the 2020 FinTech Breakthrough Award, employs advanced credit data analytics to improve understanding of consumer behavior, identify growth opportunities and enhance portfolio profitability. The product suite includes anonymized information on virtually every credit active consumer in the U.S and quickly turns data into insights, becoming the lending industry’s first self-service platform to enable real-time integrated action.
“Partnering with credit-data market leader TransUnion has been an amazing opportunity to better serve our credit union clients with finely tuned CDFI Fund grant applications that maximize impact in communities that have been marginalized and underrepresented in mainstream banking,” CU Strategic Planning Chief Strategic and Advocacy Officer Mike Beall said. “It helps CU Strategic Planning make more informed, data-driven strategic decisions to increase financial inclusion and provide stronger support to minority depository institutions.”
Three key use cases for Prama include helping lenders understand consumer behavior, identify growth opportunities and improve portfolio profitability which allow for greater reinvestment back into the communities CDFIs and other lenders serve.
“CU Strategic Planning has extremely strong connections with smaller and community development credit unions which enables TransUnion to help expand financial inclusion initiatives,” said Sean Flynn, senior director of TransUnion’s credit union business. “TransUnion strives to use information for good and unlock economic opportunities for all through data.”
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.
About CU Strategic Planning
CU Strategic Planning exists to unlock opportunities for credit unions to change lives and their communities. For more than a decade, CU Strategic Planning has provided business planning services for credit unions with a focus on community development. The company facilitates strategic planning meetings and develops business plans in addition to being the No. 1 CDFI grant-writing firm for credit unions in the country. It also manages the non-profit, National Council for Financial Opportunities.