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AACUC and NCUF Partner to Launch Pete Crear Fund for Coalition's Programs

ATLANTA - The African-American Credit Union Coalition and the National Credit Union Foundation announced an alliance during the Coalition's annual meeting to fund its various outreach programs. The Pete Crear Fund, named for CUNA Vice President of External Relations Pete Crear, will be used to help fund AACUC's financial literacy/education...

By Michelle A. Samaad | Updated on August 24, 2004

ATLANTA – The African-American Credit Union Coalition and the National Credit Union Foundation announced an alliance during the Coalition’s annual meeting to fund its various outreach programs. The Pete Crear Fund, named for CUNA Vice President of External Relations Pete Crear, will be used to help fund AACUC’s financial literacy/education and minority internship programs and small credit union development. The Pete Crear Fund is a donor-designated fund within the NCUF’s Community Investment Fund (CIF). The way it works is half of the NCUF’s return on a credit union’s “earmarked” Pete Crear Fund will be distributed, pro rata, back to the league and/or state credit union foundation in the state of investment origin. Investment options include a 5-year fixed-rate CD, 3-year fixed-rate CD or a 90-day account. The distribution will be a 50/50 split between the investing credit union and NCUF with a 2% cap to NCUF. NCUF’s portion is then split between AACUC and pro rata to the league or foundation in the state of investment origin. So far, the AACUC has received a $6 million commitment from credit unions, said Hubert Hoosman, AACUC funding development chairman and president/CEO of Vantage Credit Union in Bridgeton, Mo. The funds will be dispersed on a quarterly basis. One of the AACUC’s funding development committee’s goals this year will be encouraging members to invest in the fund. Hoosman said the AACUC has set a goal of $30 million. “Pete has been a leader, mentor and friend to many in the credit union movement for over 40 years,” said Mary Cunningham, NCUF vice-chair and president/CEO of USA Federal Credit Union. “I can think of no better way to recognize Pete than by creating a fund that will enable credit unions to further carry out his passion for continuing this great movement.” [email protected]

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