Economic Empowerment for Everyday People
By Dr. Juneau Robbins, Chair, ABEP Credit Union Steering Committee
“Access to fair tools for Economic Empowerment, Financial Literacy, and Wealth Building, are essential to build stronger communities, create personal / community power, and overall equality.”
Truth told, caution and hesitation were my initial responses when I was first asked to participate as a community member on the Steering Committee tasked to oversee the step-by-step application and formation of Minnesota’s first Black-led Credit Union. The more I researched and learned, however, the more I realized the dire need for a non-profit focused, member-owned entity providing fair and non-predatory financial services in the community I have called home for the past 25 years. This realization was the determining factor in solidifying my choice to learn more and serve as chair of ABEP’s Credit Union Steering Committee.
My background, like other members on the Steering Committee, is not one of banking or finance. I have been a health professional in private practice, living, working, and providing employment for others in North Minneapolis, for a quarter century. Other members of the Steering Committee have equally diverse backgrounds, ranging from construction, education, coaching / consulting, non-profit and religious spaces, accounting, and more. We are everyday people who have lived a wide range of life and community experiences. Our common bond is seeking upliftment and betterment of our community. Meeting bi-weekly for nearly a year to review, discuss, and provide opinions on the actions of ABEP’s Credit Union Application Team, our experience has been a challenging and rewarding pursuit.
The idea for a black-led credit union based in North Minneapolis began during the extreme turmoil, anger, and racial unrest in the wake of several police killings, the murder of Philando Castile was the final catalyst. True and tangible solutions to social, racial, and economic injustices plaguing our community were being sought; these solutions continue to be aggressively pursued. Credit Unions are a proven financial alternative to combat the predatory banking and lending so prevalent in less-financially fortunate or working-class communities. I believe this Black-led Credit Union, while welcoming and accessible to all, will bring a tremendous amount of pride and positive change to North Minneapolis specifically, and economic justice-seeking residents of Hennepin and Ramsey counties overall.
In a community of (justifiable) historic distrust, I believe it’s important to highlight that all deposits in this new Black-led Credit Union will be insured up to $250,000 by the National Credit Union Association. This is a requirement of the Minnesota Department of Commerce. It should also be communicated that all members of the Credit Union will be co-owners, with a voting say in the future direction and policies of the Credit Union. While not yet at the finish line, the end-goal of opening the community’s first Black-led credit union is clearly in sight. I strongly encourage anyone interested in being a member when the Credit Union opens to complete the pledge form that lets regulators know the community is interested and wanting approval of this goal. Community support is a major consideration for regulation approval. No money is needed for completion of the pledge.