SNELLVILLE, GA – The African-American Credit Union Coalition (AACUC) has announced what it is calling a “groundbreaking investment program”—the Future Fund.
The initiative was announced during an induction ceremony for its African American Credit Union Hall of Fame, which was held at the Organization of American States Building in Washington in conjunction with America’s Credit Unions’ GAC.
According to the AACUC, the Future Fund is designed to propel the organization into a “future of sustained impact and influence, especially in communities typically underserved in banking and finance,” and is predicated on three consequential pillars:
- Internships and leadership development by building a succession pipeline for the credit union system, while securing the legacy of mentorship and professional development AACUC has established.
- Small credit union sustainability by ensuring the viability and vibrancy of the credit unions that are at greatest risk of mergers, acquisition and member attrition.
- Wealth building and community impact programs by supporting credit unions to establish and sustain initiatives that improve financial access, inclusion and well-being for communities of color.
‘Strength of the Future’
“The strength of our future is measured by the leadership we provide today,” said Bill Cheney, Future Fund Honorary Chair and SchoolsFirst Federal Credit Union CEO. “Our support of the AACUC Future Fund will secure and strengthen the vital role credit unions play in helping Americans thrive and attain financial well-being.”
SchoolsFirst Federal Credit Union in California is one of nine initial investors. The others include:
- BECU
- Educational Systems Federal Credit Union
- Greylock Federal Credit Union
- National Association of Credit Union Service Organizations (NACUSO)
- Navy Federal Credit Union
- TruStage
- Visions Federal Credit Union
- VISA
Navy FCU Pledges $250,000
The AACUC said many of the investors are AACUC Corporate Partners, organizations pledging multi-year financial and in-kind support for AACUC’s operations. One of AACUC’s newest and second all-time Diamond Level Corporate Partners Navy Federal Credit Union pledged $250,000 to the organization earlier this year.
During a meeting at AACUC headquarters, a special award was presented to Mary McDuffie, the now retired president and CEO of Navy Federal Credit Union. Also recognized were members of Navy Federal’s executive leadership team, Keith Hoskins and Brittani Ivey.
“The exemplary leadership and vital participation of our dear friend Mary McDuffie cannot be overlooked in this pivotal moment,” said Renée Sattiewhite, AACUC president/CEO. “We are eternally grateful to Mrs. McDuffie and the entire senior leadership team at Navy for taking this journey with AACUC.”
About the Fund
In a statement, the AACUC said, “As a bold, transformative funding source, the Future Fund is intended to ensure the organization’s long-term strength and sustainability regardless of industry trends, economic downturns and socio-political headwinds. In addition to supporting and expanding crucial programming that addresses the racial wealth gap, preserves small credit unions, lifts up low-income communities and spreads financial access and inclusion to the underserved, the Future Fund creates an operating reserve that will ensure the continued reach of AACUC across the credit union movement, which has been paramount for AACUC’s leadership.”
The Committee
Members of the Future Fund Committee include:
- Bill Cheney, AACUC Future Fund Honorary Chair, CEO of SchoolsFirst Federal Credit Union
- Ty Muse, AACUC Future Fund Chair, president/CEO of Visions Federal Credit Union
- Whitney Anderson, AACUC board chair
- Tracey Jackson, AACUC Vice Chair, CFO of Resource One Credit Union
- Marvin York, AACUC Treasurer, VP Contact Center Member Engagement at PSCU
- Adrian Johnson, AACUC board member, EVP/CFO of MECU Credit Union
- Denise Huginnie, senior advisor to AACUC
- Tom Mayhew, SVP, National Cooperative Bank
- Jason Haley, Chief Investment Officer at ALM First Financial Advisors
- Tony Kitt, President/CEO of Plexcity
For info: www.AACUCImpact.org.
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