Arise Community Credit Union, First Black-led Credit Union in Minnesota Receives State Charter3/27/2024
Last week, the Minnesota Department of Commerce announced that they have issued a charter for Arise Community Credit Union, a new credit union to be based in North Minneapolis.
According to the Commerce Department, Arise is first new state-chartered credit union chartered in 23 years in Minnesota and the first Black-led credit union in the history of the state. The Association for Black Economic Power (ABEP), the credit union's sponsor, is a nonprofit organization created to establish a Black-led credit union to address systemic financial challenges impacting Minneapolis residents, particularly people of color. To support ABEP in their effort, the Minnesota Credit Union Foundation (MnCUF) raised over $1 million in capital from support of the credit union community. The MnCUF provides grants, community partnerships, professional development and disaster relief to help the state's credit unions and communities prosper and thrive. Additionally, the Minnesota Credit Union Network (MnCUN) provided guidance and connection to expertise within the credit union community to help ABEP initiate the charter application process. “Arise Community Credit Union is a testament to the credit union advantage. When our values and commitments come together to lift-up and invest in communities, our entire state benefits. The Minnesota Credit Union Network will continue its leadership promoting the cooperative model across Minnesota, to ensure financial access and opportunity for all Minnesotans,” said MnCUN President and CEO Mara Humphrey. Arise Community Credit Union anticipates opening a branch in North Minneapolis later this year and will hold a community celebration on March 28 at 5:30 p.m. at Shiloh Temple in Minneapolis. MnCUN and ABEP are hosting a celebration for credit union contributors following ACCELERATE 24. Comments are closed.
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