Meet Troy Smith, the driving force and Chief Executive Officer of G1 Investment LLC as well as the United States Economic Rights Coalition (USERC). Together with seven other dedicated individuals, they are spearheading the creation of C3 Federal Credit Union, which aims to become the premier Black-owned 5-county Federal Credit Union in Maryland. Their journey began in March of the previous year with the goal of providing financial services to the underrepresented African American and Hispanic communities.
Troy and his team are on a mission to secure $10 million in contributed capital. They are rallying to encourage 100,000 individuals to donate $100 each. Operating in Charles County and Prince George’s County, Maryland, they have meticulously worked on the NCUA Proof of Concept submission throughout the year. This submission entails extensive research on the legal aspects of establishing a federal credit union, with a concentrated focus on their Purpose and Core Values, Field of Membership, Subscribers, and Capital Funding Plan. NCUA assesses and scores each Critical Element in the Proof of Concept on a 100-point scale, allocating up to 25 points for each element.
Groups meeting the minimum score of 80 receive a formal invitation from NCUA to submit a full charter application. The Proposed C3 Federal Credit Union has successfully obtained this formal invitation. Meet the leader of a team of volunteers who diligently worked throughout 2023 to submit a Proof of Concept application to the National Credit Union Association (NCUA) for the establishment of a Black-owned five-county community development Federal Credit Union Charter. The NCUA issued a groundbreaking Pre-Approval letter to the Proposed C3 Federal Credit Union on January 28, 2024.
For the first time in Maryland’s history, NCUA has preliminarily agreed to designate these five counties in Maryland as a unified community — Charles, Prince George’s, Calvert, St. Mary’s, and Anne Arundel—with nearly 2 million potential members. Unlike banks, Federal Credit Unions (FCU) are owned equally by their depositors and have geographical limitations. FCUs must define a Field of Membership (FOM) based on a common bond, which could be occupational, associational, or community-based. Community chartered FCUs can have an FOM consisting of a single political jurisdiction or multiple contiguous political jurisdictions, provided the population is 2.5 million or less.
Troy emphasizes, “The Federal Credit Union system is a potent financial institutional framework in our country as it empowers the depositors. Unlike banks, particularly large US banks, which channel loans to their preferred account holders, leaving African American and Hispanic individuals and businesses consistently underfunded and unheard.”
The second phase of the chartering process involves drafting a business plan, formulating a proforma, surveying the proposed FOM, and raising capital.
C3’s objective is to enhance the financial well-being of the Maryland community by offering financial literacy seminars, entrepreneurship workshops, and investment education sessions, while ensuring access to responsible credit, savings, and business services in a hospitable and caring environment.
C3 aims to educate both youth and adults on the significance and utility of savings and investments and on managing capital responsibly. The proposed federal credit union intends to support the local business community by providing business services, education, and loan products to keep businesses informed and well-equipped to compete in a competitive economy.
The upcoming steps for this endeavor include surveying the FOM and initiating fundraising to materialize this vision.
If you reside in Charles, Prince George’s, Anne Arundel, Calvert, or St. Mary’s counties, kindly participate in the survey as a minimum of 384 completed surveys are required for eligibility. Click here to complete the survey: https://c3fcu.com/survey
C3 is aiming for $10 million in contributed capital to establish the proposed federal credit union. To contribute, visit: https://c3fcu.com/donate
To view the DocuSeries created, kindly visit the following links:
• Official Trailer: https://youtu.be/bCg0pL2B3os
• Full Episode: https://youtu.be/iAhjsIOg2hY
Troy further adds, “It is time to rediscover the strength of intentional collaboration and demonstrate to society that remarkable and significant achievements are possible when individuals unite and showcase their strength.”
For media inquiries, please contact Proposed C3 Federal Credit Union at [email protected]
