COCHITI LAKE, N.M.–The Credit Union De Novo Collective Foundation has announced the establishment of the Louise Herring Fund. Named for the pioneering advocate for the credit union movement, the fund aims to support the creation and growth of new credit union charters across the United States, the organization said.
"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 chairman of the CU De Novo Collective Foundation, said in a statement. "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.”
About the Namesake
The organization noted the fund is named in honor of Louise Herring, often referred to as the "Mother of Credit Unions," who helped start more than 500 credit unions in Ohio and who became the Ohio Credit Union League’s first managing director.
“This fund, inspired by her legacy, seeks to provide financial assistance, resources, and expertise to help new credit unions thrive in today’s competitive marketplace,” the CU De Novo Collective Foundation said, adding it is committed to fostering financial inclusion and community empowerment by supporting the establishment of new credit unions.
The Objectives
The foundation said its core objectives include:
- Financial grants and funding: providing start-up grants and seed funding to new credit union charters, ensuring they have the necessary capital to launch and sustain their operations.
- Charter application resources: “By partnering with industry experts, we offer comprehensive support including consulting, mentoring, technical assistance, loaned executives, sample policies and procedures, and initial training programs for boards and executives. Our goal is to ensure that new credit unions have the tools and guidance needed to succeed from the outset.”
A ’New Narrative’
“There are currently 63 applications for new charters at the NCUA, up from 51 the same time last year,” Wymore said in a statement. “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.”
For info: www.cudenovocollective.org