ST. PAUL, Minn.–Organizersof a start-up credit union here met with Minnesota Credit Union Networkas part of theArise Community Credit Union organization meeting.
The event took place at the MnCUN’s offices in Saint Paul and was part of the final step in the process to complete the de novo credit union’s charter application.
According to the association, the seven organizers of Arise met to elect the membership; elect the credit union’s board, supervisory and credit committees, and approve the credit union’s by-laws.
Afterward, the credit union’s board of directors proceeded with its first official meeting to chart the future of the organization, the association added.
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 NCUA.
ABEP is a nonprofit organization created to establish Black-led credit union to address systemic financial challenges impacting Minneapolis residents, particularly people of color. As CUToday.info reported in 2021, to support ABEP in its effort, the Minnesota Credit Union Foundation set out to raise $1 million in capital from support of the credit union community. The Foundation said it surpassed its goal as $1,083,600 in capital contributions has been raised.
‘Momentous Occasion’
“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.”
According to the Minnesota Network, the initiative will now move onto its next phase – strategically planning and beginning to implement critical items from proposed credit union’s business plan while awaiting responses on the charter application.
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