Louise Herring Fund Launches to Support New Credit Union Charters
The fund’s objective is to provide financial assistance, resources and expertise to help new credit unions thrive.
The CU De Novo Collective Foundation said Tuesday it launched a Louise Herring Fund to support new credit union charters.
“Establishing the Louise Herring Fund is a tribute to Louise’s enduring legacy and her unwavering commitment to financial democracy and community service,” Denise Wymore, president and board chair of the foundation, said. “We are dedicated to carrying forward her vision by empowering new credit unions to serve their communities, especially those that are underserved by traditional financial institutions.”
Louise Herring, often referred to as the “Mother of Credit Unions,” dedicated her life to promoting the principles of cooperative finance and ensuring that credit unions served the financial needs of their communities. She started more than 500 credit unions in Ohio and became the Ohio Credit Union League’s first managing director. In 2022, she was inducted into the America’s Credit Union Museum HerStory Exhibit in Manchester, N.H.
The Louise Herring Fund seeks to provide financial assistance, resources and expertise to help new credit unions thrive in today’s competitive marketplace.
“There are currently 63 applications for new charters at the NCUA, up from 51 the same time last year,” Wymore said. “By creating new credit unions, we are creating a new narrative in the fight against taxation. There is no better way to show the credit union difference than financial cooperatives pooling their resources to help fund new credit unions.”
This year so far, the NCUA has approved three new credit union charters, two of which received a provisional charter: Tribe Federal Credit Union in Minneapolis and Fair Break Federal Credit Union in Memphis, Tenn. Both credit unions need to raise $600,000 each to open their doors.
The federal agency’s provisional charter pilot initiative allows credit union organizers to obtain a federal credit union charter and provides them 12 months to secure the capital necessary to begin operations.
The CU De Novo Collective Foundation is committed to fostering financial inclusion and community empowerment by supporting the establishment of new credit unions.
To learn more or make a donation to the Louise Herring Fund, visit www.cudenovocollective.org.