Association For Black Economic Power Forms New Alliances To Launch Financial Cooperative

Meet the two forces on a mission to build a village committed to financial well-being.

According to Business Wire, The Village Financial Cooperative will be launched thanks to two leading organizations in the credit union sector.

“We remain committed to the launch of the Village Financial Cooperative, and will be working in close coordination with both the Minnesota Credit Union Network and the African-American Credit Union Coalition,” said Debra Hurston, Executive Director at the Association for Black Economic Power (ABEP) — who was appointed in December 2020 — in a news release.

ABEP is a nonprofit that was birthed right from North Minneapolis community members who believe in the critical need for institutional economic power to address inequities experienced by Blacks in Minnesota.

“In addition to the new alliances we are forging within the credit union sector, our objective is to continue to nurture a broad base of support for the Village Financial Cooperative, including consumers, small businesses, chambers of commerce, faith-based organizations, foundations, financial institutions, and local and state government,” Hurston continued. “Our target launch timeline is during the first half of 2022, and will be based upon several pending regulatory approvals.”

President and CEO of the Minnesota Credit Union Network, Mark Cummins says that mentorship and support are critical to the launch of the new initiative.

“We’re seeking to provide the critical mentorship and support needed for the launch of the Village Financial Cooperative,” he said. “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.”

For the African-American Credit Union Coalition, the launch of this cooperative is near and dear to their overall mission.

“We fully understand and support the vision of ABEP for creating a Black-led financial institution at this critical moment in time, and in one of the most underserved communities in the country,” said Renée Sattiewhite, President & CEO of the African-American Credit Union Coalition. “Our hearts and resources are pledged to help to catalyze the launch of the Village Financial Cooperative in any way that we can.”