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: 

• ​CEO Candidate: ABEP has received an accepted and signed agreement from the individual who will take over as CEO of the new credit union.  
• Board and Committee Candidates: The credit union core team has recruited and placed all seats needed for the board, supervisory committee and credit committee. Pending approval by the ABEP board, the new credit union will welcome five board members, three supervisory committee members and three credit committee members as a part of the initial organizing meeting in October.
• Community pledges: Around 450 people have pledged nearly $2 million in deposits. The credit union core team is working through a process to reconfirm pledges previously submitted as a part of the initiative in 2019.
• Institutional pledges: The capital campaign through the MNCU Foundation has raised over $850,000 in capital contribution commitments and $3.8 million in pledged deposits.
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The above updates are key milestones toward submitting the credit union’s charter and insurance applications. ABEP and project team appreciate the continued support and look forward to seeing this initiative another step closer to fruition.