The Minnesota Credit Union Network hosted the official Arise Community Credit Union Organization Meeting at its offices in Saint Paul Oct. 27, as the final step in the process to complete the de novo credit union’s charter application. 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.
The credit union’s board of directors also proceeded with its first official meeting to chart the future of the organization.
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 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 while awaiting responses on the charter applications.