Association for Black Economic Power Provides Project Update for Village Financial Credit Union

​In recognition of the support from the Minnesota Credit Union Community to launch Village Financial Credit Union, the Association for Black Economic Power (ABEP) is pleased to provide the following update on the status of the charter applications 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:

•  Debra Hurston attended the CUNA Governmental Affairs Conference, at which she connected with the NCUA   Board members; participated in legislative visits; attended the Small Credit Union Roundtable discussion; and   participated in a CU Broadcast Interview about the initiative.
•  Town Hall meetings were held virtually on both March 3 and March 17 to reaffirm support and answer questions   from the North Minneapolis community about Village Financial Credit Union.
•  Three candidates for the Board of Directors have been confirmed; and the search continues for additional   members. Information about this opportunity is posted on MnCUN’s Job Board; and all are encouraged to share   with their networks.
•  Proposals for additional funding have been submitted to several additional community Foundations. The   Minneapolis Foundation is considering a fund drive modeled after the Minnesota Credit Union Foundation effort.
•  The Charter Application is anticipated to be submitted in early second quarter.

The Minnesota Credit Union Foundation is seeking both Capital Contributions and Pledges of Deposit to help support this effort. To have your contribution be included with the Charter Application, please make your commitment by April 8, 2022. 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. Those interested in participating can reach out to Samantha Marks for the log in credentials.