Dallas, Texas (PRWEB) December 11, 2008
Victor F. Russell, President and Chairman of the Kappa Alpha Psi Federal Credit Union (KAPFCU) announces the 4th Annual Shareholders Meeting to be held in Dallas, Texas on December 13, 2008 beginning at 9:30AM at the InterContinental Hotel. National dignitaries will attend this meeting including Dwayne Murray, President of Kappa Alpha Psi Fraternity Inc. and its national board of directors, the Honorable John Conyers (D-MI) Chairman of the U.S. House Judiciary Committee and the Honorable Craig Watkins, District Attorney of Dallas County.
Through the course of meeting with the Fraternity's Alumni and Undergraduate chapter and regional leaders, the KAPFCU objective is to maximize efforts towards initiating a grassroots campaign to increase membership participation. Our focus for 2009 in light of the current investment atmosphere of uncertainty is to provide our membership a high degree of confidence that their deposits and future deposits will remain secure and grow at a steady yet conservative dividend rate. On October 3, 2008, NCUA federal share insurance temporarily the member account deposit insured amount from $100,000 to $250,000 through December 31, 2009. All deposit insurance resources, including the NCUA Share Insurance Estimator, are currently updated. KAPFCU encourages its members and non-members alike to consider our institution for standard savings, certificates of deposit for 1, 2 and 3 yrs, as well as, 529 College savings accounts.
KAPFCU desires to improve the social, economic and financial conditions of African-Americans and Hispanics in America. Providing financial literacy and development services to minority youth is an important function that KAPFCU undertakes in an effort to break the chains of intergenerational poverty. KAPFCU's express goal is to develop healthy financial habits in high school and college students so that they can avoid the pit falls and financial pathologies that so many African-American households have faced. KAPFCU is a Certified Community Development Financial Institution (CDFI) which recently received designation as Low Income Credit Union (LICU) by the National Credit Union Administration (NCUA).
The first of its kind - KAPFCU is a model and innovative platform. "We are a pilot project, which can provide the basis for NCUA to allow other LICU's to operate on a virtual basis. This has the potential to significantly change the capital investment which is required to start and maintain credit unions in low income communities" states Russell. If successful KAPFCU's virtual platform is replicable across the nation and could change NCUA policy regarding LICU formation and deployment. Consequently, the KAPFCU Board has leveraged today's technology in the most effective manner and will "broadcast" this annual meeting via a webinar internet conferencing service, especially for those that won't be able to be in attendance. KAPCU is a model project for the National Credit Union Administration because it is the first credit union allowed to operate on a "virtual platform".
According to Mr. Russell, "It has been a great challenge to get the initial four years behind us and we are looking forward to increasing our financial foundation by offering new services and benefits in the future to our members. We need continued support of the twelve Fraternity Provinces spread the word and encourage prospective new members to open accounts. We provide open-access for questions and answers during our regularly scheduled quarterly conference calls between the KAPFCU Board and Province President Credit Union representatives to share updates and general exchange of ideas."