New Partnership with TransUnion Will Help Credit Unions Secure CDFI Grants
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.”