ARTICLE
Saint Paul, MN - The Minnesota Department of Commerce has issued a charter for a new credit union, Arise Community Credit Union. It is the first new state-chartered credit union chartered in 23 years in Minnesota and the first Black-led credit union in the history of the state. As a credit union, Arise will be a not-for-profit cooperative owned by members, with membership open within Hennepin and Ramsey Counties. The Association for Black Economic Power (ABEP), under leadership of ABEP Executive Director Debra Hurston, has led the creation of this community-focused credit union. “The formation of this credit union, and the dedication and work of Debra Hurston and her team, is an important step to give more Minnesotans access to community-led financial institutions,” said Commerce Commissioner Grace Arnold. Arise Community Credit Union’s charter is an exciting opportunity to remove historic barriers to financial services, to build wealth and to grow Minnesota’s economy more inclusively.” As ABEP describes it: The vision for the new credit union was birthed from North Minneapolis community members who strongly believe that institutional economic power is the critical ingredient to addressing the inequities that Black communities experience in our region. With support from the community, Arise Community Credit Union can be positioned to provide financial products and services to the unbanked and underbanked residents of the community. Establishing a Black-led credit union is an opportunity for individuals to manage health, housing, education, and other concerns while breaking the cycle of poverty and economic struggle. Arise anticipates opening and beginning operations by the end of this year, when it will begin to accept its first members and offer services such as checking and savings accounts, with debit/ATM cards, and consumer loans. Arise will initially provide digital-only banking services, with future plans to open a physical branch. Arise is insured by the National Credit Union Insurance Fund, which provides federal share insurance on deposits for up to at least $250,000 per member. The Share Insurance Fund has the backing of the full faith and credit of the United States. Under state law, regulation by the Minnesota Department of Commerce of state-chartered credit unions and banks support the state’s economy through safeguarding the integrity of the banks and credit unions. Commerce regulatory oversight includes, among other things, processing new charter applications, regular examinations to ensure the safety and soundness of financial institutions, and investigation of complaints of misconduct or consumer harm.
Saint Paul, MN - The Minnesota Department of Commerce has issued a charter for a new credit union, Arise Community Credit Union. It is the first new state-chartered credit union chartered in 23 years in Minnesota and the first Black-led credit union in the history of the state.
As a credit union, Arise will be a not-for-profit cooperative owned by members, with membership open within Hennepin and Ramsey Counties. The Association for Black Economic Power (ABEP), under leadership of ABEP Executive Director Debra Hurston, has led the creation of this community-focused credit union.
“The formation of this credit union, and the dedication and work of Debra Hurston and her team, is an important step to give more Minnesotans access to community-led financial institutions,” said Commerce Commissioner Grace Arnold. Arise Community Credit Union’s charter is an exciting opportunity to remove historic barriers to financial services, to build wealth and to grow Minnesota’s economy more inclusively.”
As ABEP describes it: The vision for the new credit union was birthed from North Minneapolis community members who strongly believe that institutional economic power is the critical ingredient to addressing the inequities that Black communities experience in our region. With support from the community, Arise Community Credit Union can be positioned to provide financial products and services to the unbanked and underbanked residents of the community. Establishing a Black-led credit union is an opportunity for individuals to manage health, housing, education, and other concerns while breaking the cycle of poverty and economic struggle.
Arise anticipates opening and beginning operations by the end of this year, when it will begin to accept its first members and offer services such as checking and savings accounts, with debit/ATM cards, and consumer loans. Arise will initially provide digital-only banking services, with future plans to open a physical branch.
Arise is insured by the National Credit Union Insurance Fund, which provides federal share insurance on deposits for up to at least $250,000 per member. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Under state law, regulation by the Minnesota Department of Commerce of state-chartered credit unions and banks support the state’s economy through safeguarding the integrity of the banks and credit unions. Commerce regulatory oversight includes, among other things, processing new charter applications, regular examinations to ensure the safety and soundness of financial institutions, and investigation of complaints of misconduct or consumer harm.