The Minnesota Credit Union Foundation is pleased to announce that $1,038,377 in capital contributions was transferred from the Foundation to the newly chartered Arise Community Credit Union. The MnCU Foundation established a special fund in 2021 to receive donations from credit unions and other supporters. Donations have been held, and have now been released, to the new credit union. 

​Arise Community Credit Union was established to address the harmful effects of systemic exclusion, extraction, and disinvestment in North Minneapolis and other neighborhoods in Hennepin and Ramsey Counties, helping free members from high-cost debt, help them gain control over personal finances, and achieve economic well-being. Arise Community Credit Union is using the capital contributions to secure key vendors, onboard their core provider, and supply their office in preparation for a February 2025 grand opening, timed intentionally with Black History Month.

“It blows me away the generosity of the credit union community. Words cannot express our gratitude enough,” said Dan Johnson, CEO of Arise Community Credit Union. “This is a pivotal moment for Arise, our future members, and our community.”

Mara Humphrey, President of the Minnesota Credit Union Network and the Minnesota Credit Union Foundation said, “Arise Community Credit Union is a testament to the enduring relevance of the credit union advantage and the cooperative model. The credit union system support reflects the collaborative and cooperative nature of our movement. We are excited for Arise to be able to provide the credit union advantage with their community.” 

​“It is our commitment to be on the other side - to be able to support and give gladly back to the credit union system in the future,” continued Johnson.  

The National Credit Union Administration's fifth summit focused on diversity, equity and inclusion will take July 9–11, 2024, at the Hilton Minneapolis in Minneapolis, Minn.

​The theme of this year’s Summit is DEI: Here to Stay. Attendees will explore the value proposition of diversity, equity, and inclusion in the credit union industry and at the NCUA; share best practices; develop solutions to industry-specific challenges; and network with one another. There is no charge for this event. 

The Minnesota Credit Union Network thanks the Credit Union community for its support of Arise Community Credit Union. In the spirit of collaboration, we invite credit unions to join a new project with further opportunities to grow the credit union movement. 

In addition to Arise, MnCUN has been working with two more groups in the credit union chartering process – Tribe, founded by African American members who started as a “lending club;” and Gulf of Aden, an Islamic FOM-focused applicant. 
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Last week, the NCUA announced that it has granted a federal charter and Share Insurance Fund coverage to Tribe Federal Credit Union in Minneapolis. Tribe is the first federal credit union to receive a charter under the NCUA’s provisional charter pilot initiative. This pilot allows a credit union’s organizers to obtain a federal credit union charter and provides them 12 months to obtain the capital necessary to begin operations. A charter under the provisional pilot initiative does not authorize a credit union to accept member deposits or originate loans until the credit union obtains its targeted level of donated capital.

At this time, the proposed Gulf of Aden FCU is currently following the traditional chartering method. In both chartering scenarios, the NCUA requires the de novo credit union to have a credit union mentor. In working with the NCUA, MnCUN has created a new collaborative coalition model that will meet this mentoring requirement.

Based on the success of our collaborative efforts with Arise, we are working to build this coalition to provide mentors the ability to choose their mentee(s) and allocate time and resources collaboratively instead of a single-mentor approach. 

Mentee De Novo credit unions will be required to complete a self-assessment of areas of need as they progress from the chartering to operational phases. We’ll use this to match with mentors based upon the availability of time, expertise, and resources. Our vision is to have mentors from various credit unions that we can call on for their desired area of expertise, along with credit unions able to assist with financial support, as de novo credit unions seek our assistance as they make the transition from chartering to the day-to-day operations phase. 

Areas of assistance typically involve (but not limited to):

• Credit union procedures (account opening, lending, CU Accounting, ALM, etc.)
• Compliance and Regulatory Insight
• Small CU Best Practices (i.e., how to handle dual controls with a smaller office, human resources, etc.) 
• Required Reporting 
• Audits/Exams
• Board and Committee Duties and Responsibilities 
• Fundraising 

​If you are interested in participating with the coalition, please complete the volunteer form to indicate areas of expertise, time available, and if your credit union can provide financial support. Feel free to share with others in your credit union or networks that might be interested. Please note filling out the form does not require a commitment – we will follow up to confirm availability as the areas of assistance are requested.

With questions, please reach out to Dan Le, MnCUN General Counsel, or Andrea Molnau, MnCUN VP of Communications and Engagement.

Minnesota Credit Union Network is excited to partner with Montana and Wisconsin credit unions to bring you this valuable and timely The No Nonsense Experience (NNE)™: Diversity, Inclusion, and Bias Workshop. 

Tuesday, June 6, 2023 11:00 AM - Tuesday, June 27, 2023 12:00 Noon CST
Fees: $550 Early Bird (expires April 25) and $600 Regular

​This four-week No Nonsense Experience (NNE)™ Workshop is a deep dive into Diversity, Inclusion, and Bias. During this NNE you will be introduced to the Diversity, Inclusion, and Bias (DIBs)™ Model which undergirds much of the work we do.
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Participants will be provided with homework or prework that serves as prompts and the foundation for in-session discussions. Attendees will be placed into cohorts of 8 people that meet for 1 hour, once a week, for 4 weeks. Trained facilitators will guide participants toward building comfort, strength, and strategies for change, in partnership with their cohort. This cohort learning model challenges and supports professionals as they engage with others in sometimes sticky and difficult conversations. We utilize a ‘no nonsense’ approach to create an environment that allows participants to grow while feeling “The RIGHT Kind of Uncomfortable."

​Credit union professionals and DEI leaders, please mark your calendars to attend the NCUA's 2023 Summit in the Washington, D.C. metro area. Attendees will explore the value proposition of diversity, equity, and inclusion within the credit union industry, share DEI best practices, develop solutions to industry-specific challenges, and engage in active networking.

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.