MONTPELIER, Vt.–Vermont State Employees Credit Union said it has become the first credit union in the U.S. to be accepted as a member of the Global Alliance for Banking on Values (GABV), an independent network of values-based banks, banking cooperatives, credit unions, microfinance institutions, and community development banks from across the world.
VSECU said it is joining 35 other financial institutions in a joint commitment to use “finance to promote sustainable social, environmental, and economic development,” according to Vermont Business Magazine. “GABV members work together to ensure that banking is a healthy and productive system of society and to develop a positive, viable alternative to the current banking system.
Rob Miller, CEO of VSECU, told Vermont Business Magazine, “By focusing on values and impact, we are excited to be part of a larger movement of values-based financial institutions that endeavor to reach above and beyond industry norms, helping to build a framework for financial prosperity that makes a meaningful impact on our employees, our members, and our Vermont communities. This important membership enables us to tap into resources that help us learn, discover and participate with top minds in our financial eco-system.”
To earn membership in GABV, financial institutions must have a values-driven agenda at the core of their mission and adhere to the organization’s Principles of Sustainable Banking
Among the unique initiatives VSECU has launched is equity crowdfunding platform Milk Money.