Association for Black Economic Power Updates Community on Status of Black–Led Credit Union

MINNEAPOLIS--(BUSINESS WIRE)--The Association for Black Economic Power (ABEP) recently hosted its first in a series of virtual town hall meetings designed to update community members on the status of Village Financial Credit Union (VFCU), Minnesota’s proposed first Black-led community credit union.

The program was moderated by community leader and business owner, Tomme Beevas. “This virtual meeting provides transparency and an opportunity for ABEP to not only highlight where the organization is in the chartering process, but to also introduce the team of credit union professionals assisting in the process and give the community an opportunity to get their questions answered.”

In addition to answering questions from the public, ABEP Executive Director, Debra Hurston, also informed attendees that they had an important role to play as well. Hurston explained that the community needs to let the regulators know that they support the credit union by completing the community survey form located at www.learnaboutvillage.org. “By completing the survey you’re telling the regulators that you intend to be a member of the credit union and that you support this initiative,” said Hurston.

"It’s absolutely critical that we keep the community informed of our journey which includes our successes and challenges,” said Valerie Geaither, Chair of ABEP’s Board of Directors. "There is nothing easy about this process and we are committed to seeing it through.”

Town hall attendees were also informed of the support the proposed credit union is receiving in the form of a capital campaign from the Minnesota Credit Union Network (MnCUN). In addition to the capital campaign, Mark Cummins, President & CEO of the Minnesota Credit Union Network, said, “we’re also seeking to provide the mentorship and support needed for the launch of Village Financial Credit Union. Our member credit unions and the staff at the Minnesota Credit Union Network are truly excited to bring the cooperative principles of the credit union movement to this worthy project.”

The next two town hall meetings will take place Thursday, March 17 and Thursday, March 31, 2022. Both virtual events begin at 6:00, p.m. and details can be found at www.abepmpls.org.

ABOUT ABEP:

The Association for Black Economic Power (ABEP) is a nonprofit organization created to establish a Black-led financial institution to address systemic financial challenges impacting Minneapolis residents, particularly people of color. This vision was birthed from North Minneapolis community members who strongly believe that institutional economic power is the critical ingredient to addressing the inequities blacks experience in Minnesota. Additionally, as a community development organization, ABEP seeks to positively impact the underserved communities it serves from the standpoint of affordable housing, workforce development and small business acceleration opportunities. Learn more at: https://abepmpls.org/