Occupy San Francisco announced they will start a credit union to help keep local money out of the hands of big banks and to promote their community economics initiatives. Watch our 2 minute video to find out more about the new project and their goals.
Occupy protestors have been getting a lot of flack lately for their drawn-out protests and disruptive tactics.
But members of Occupy San Francisco have turned that energy into an interesting new project.
They announced plans to form a new credit union in hopes of keeping money from San Franciscans local. The Peoples Reserve Credit Union hopes to draw money away from big banks in order to fund microenterprise loans and create local jobs.
Brian McKune of Occupy SF says their hope is to ”economically empower workers, the working poor, and low-income families…There is a way to reduce the impact of large banks on the community…keeping the money where it belongs…”
They were also careful to note that the project was created by members of the Occupy SF movement, but is not a part of the movement itself. So far, the organization has found backing from some members of the City’s Board of Supervisors and community organizations.
They have also set some preliminary goals, including:
- Starting with a membership base with 500 members
- Accumulating assets of $7 million dollars and
- Providing 300-500 microenterprise loans within the community
The organization also hopes to open two branches in San Francisco, employing approximately 60 part-time students and members of the homeless community.
Over the past few days, critics have voiced their skepticism online on how Occupy members were capable of starting a financial institution and whether they could be trusted.
In fact, as we covered on 2 Minute Finance in a previous video, a credit union is actually a cooperative of like-minded individuals who all buy into and own a share of the organization.
Just about anyone can start one. They’re regulated by the state or federal government and the carry share, or deposit, insurance.
Our friends over at Bankrate boil down the entire process of setting up one to 10 steps, including organizing the membership and board of directors, meeting regulatory approvals, and finding skilled individuals to run the organization.
It’ll be interesting to see how this progresses and whether they can balance their anti-wall street ideals with successfully running a credit union.
For more information about the Peoples Reserve Credit Union and a link to their website, visit our website at 2 Minute Finance.com. I’m Bobby Lee with 2 Minute Finance, thanks for watching.