Occupy SF Starts a Credit Union for the 99% – 2 Minute Finance

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 quote 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…unquote. 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.

One comment on “Occupy SF Starts a Credit Union for the 99% – 2 Minute Finance”

  1. It's a Beautiful Day says:

    Thumbs up ! Beware of possible infiltrators though.

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