With completion of these final steps, the Association for Black Economic Power (ABEP) finalized the credit union’s charter and insurance applications and submitted them to the Minnesota Department of Commerce and the National Credit Union Administration on Oct. 31.

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. To support ABEP in their effort, last year the Minnesota Credit Union Foundation set out to raise $1 million in capital from support of the credit union community. The Foundation is pleased to announce the goal was reach this past month, with $1,083,600 in capital contributions raised.

“ABEP and the new Arise Community Credit Union leadership are extremely proud and humbled to be a part of this momentous occasion,” said Debra Hurston, Executive Director of ABEP. “We are witnessing history and are extremely grateful for the support and dedication of so many who worked to reach this milestone.”

The initiative will now move onto its next phase – strategically planning and beginning to implement critical items from proposed credit union’s business plan. ​

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.

Join the National Credit Union Administration’s third summit focused on diversity, equity, and inclusion. This year’s event will take place November 2-4, 2022, with a theme promoting action: All-In on DEI & ACCESS. The two-and-a-half day, hybrid event will bring together professionals from credit unions and other financial institutions to promote the value proposition of diversity, equity, and inclusion for the credit union industry; share DEI and financial inclusion best practices; and develop solutions to industry-specific challenges. The Summit will take place at the Hilton Washington Dulles Airport in Herndon, VA, and sessions will live-stream to remote participants.

​‌We are proud to share Dawn Dunkelberger, North Memorial FCU’s VP of Financial Services and Ben Herring, MnCUN’s Director of Engagement, will join a panel discussion on Increasing Financial Inclusion and Attracting Deposits through Prize Linked Savings Accounts on November 3rd, from 3:30pm to 4:30pm ET. Industry experts will discuss member research around PLS and provide actionable steps credit unions can take to address this important subject.
Additional information, including the full summit agenda, is available on the 2022 All-In on DEI & ACCESS Summit web page.

This summer, MnCUN partnered with Coopera to offer a series of webinars that connected the MnCUN Multicultural Opportunity Report with actionable examples for credit unions and communities to grow and prosper. Presented by Coopera, a full-service multicultural analytics and consulting firm, the series included three, one-hour virtual sessions: Financial Wellbeing from a Multicultural Perspective, Opportunities for Credit Unions to Serve Growing Multicultural Populations in Minnesota, and How can we do better? Addressing and closing the Wealth Gaps in Minnesota.

​PowerPoints from each session are available for MnCUN member credit unions under the Resources to Improve Member Engagement and Attract Prospective Members section of our online DEI Resource page. Please note log in is required. Credit unions can also access the full MnCUN Multicultural Opportunity Report.

With questions, reach out to Andrea Molnau, VP Communications & Engagement. 

The Association of Black Economic Power held a townhall meeting last week to provide updates to the community on the new credit union and to announce the results of voting for the new name. The community voted for “Arise Community Credit Union” by a landslide. The new name will be used in place of Village Financial Credit Union going forward.

Also last week, CUInsight published an article by Nation Credit Union Foundation executive director Gigi Hyland and MN CU Foundation Executive Director Andrea Molnau on the importance of the creation of the credit union and its opportunity to truly impact Financial Well-being with cooperative values.
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The Minnesota Credit Union Foundation is seeking both Capital Contributions, Individual Donations, 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.

Is your credit union looking to leverage Multicultural Opportunities in your market? Our final session with Coopera that connects the MnCUN Multicultural Opportunity Report with actionable examples for your credit union and your communities to grow and prosper will focus on the current wealth gaps in Minnesota.

​We’ll take a closer look at our own bias around lending, branding, and risk; and explore practical ways to overcome those biases to improve financial well-being for all.

Date: Wednesday, Aug. 10
Time: 1:00 PM - 2:00 PM CST
Cost: $49

As one of the final steps in the new credit union charter application process, the Association for Black Economic Power (ABEP) is seeking volunteers for credit union Board of Directors, Supervisory and Credit Committees. 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.

​It has been advised by state and federal regulators that credit union executive staff should not be on a board or committee of another credit union; however, staff and mid-level management would be acceptable based on the approval of the employing credit union.

“This would be an excellent professional development opportunity for those with financial, credit or compliance and audit experience,” said Mark Cummins, President & CEO of the Minnesota Credit Union Network. “Volunteering for the new credit union is a chance to build something from the ground up, and make a real difference in the lives of North Minneapolis community members.”
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To learn more, visit https://www.learnaboutvillage.org/careers; or reach out directly to Debra Hurston, Executive Director of ABEP. 

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.