Association for Black Economic Power Provides Project Update for De Novo Credit Union

The Association for Black Economic Power (ABEP) is pleased to provide the following update on the status of the new credit union charter application process. ABEP is a nonprofit organization created to establish a Black-led credit union to address systemic financial challenges impacting Minneapolis residents, particularly people of color. Project updates include:

•  In going through the process to vet the name Village Financial Credit Union, it was determined that there is another financial institution in the Twin Cities using the name “Village Bank.” Due to trademark laws, ABEP was not able to receive legal approval to use the name Village Financial Credit Union for the new credit union. As a result, the Board of Directors underwent the process of selecting several options for a name. These options have been vetted to avoid any additional trademark concerns; and the Board feels these options reflect the mission and values the new credit union. The name options will soon go to the community so they may have input on selecting the final name.
  
  
• Discussions on additional funding have been submitted to the Gates Foundation, CNote, and several community Foundations. Talks have been re-established with the city of Minneapolis regarding grant options. The Minnesota Credit Union Foundation has raised $758,000 in capital donations and just under $3.9 million in deposit pledges. 
  
  
• The Charter Application is anticipated to be submitted by the end of June.

The Minnesota Credit Union Foundation continues to seek both Capital Contributions and Pledges of Deposit to help support this effort. To learn more, visit mncun.org/villagefinancial or contact Minnesota Credit Union Foundation President Mark Cummins or Executive Director Andrea Molnau.

A monthly call has been scheduled through MnCUN to provide additional updates and the opportunity to ask questions.