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Occupy Oakland deposited $20,000 in a Wells Fargo account several days after it protested the evils of big banks outside one of the bank's branches.
November 21 -
The outpouring of consumer anger that found an outlet in Bank Transfer Day could actually improve some banks' relationships with their customers.
December 13 -
A credit union association has "egg on its face" after scaling back its estimate of membership gains, one banking representative says. Another cautions against too much celebration.
December 6
It's perhaps not surprising to learn that the Occupy protesters have a do-it-yourself streak to them.
Instead of just
The move comes just weeks after their brethren in Oakland, Calif., were lambasted in the press for depositing donations
Occupiers are tentatively calling the credit union the
People's Reserve plans to make micro-loans to the working poor and homeless and low-cost loans to students, according to the article.
The group will open two branches in San Francisco and expects to start with 500 members and grow to 2,000 members before December 2012, the article says. The credit union anticipates accumulating at least $7 million of capital.
The move is "a response to criminal Wall Street activities, exploitative behavior of the big banks, and the dire needs of the local community," the newspaper reports, citing Occupy San Francisco's Facebook page.
During the flap over their Wells deposit, Occupy Oakland pointed to the difficulties of opening a credit union account for the organization quickly; the money was needed fast to help protesters post bail, the group said.
But their neighbors in San Francisco remain undeterred at least for the moment at the much more involved process of actually chartering the People's Reserve themselves.
Reminded by Credit Union Journal that establishing a credit union is no easy task, Brian McKeown, who identified himself as the principle founder of the credit union said, "I am certainly prepared and I am not unaware of the work involved in starting up a credit union."
