Occupy SF Protesters to Open People's Reserve Credit Union

[bijou]

A few weeks ago, we got a real kick out of the fact that Occupy Oakland deposited a $20,000 donation it received into Wells Fargo -- one of the many big banks the movement has been actively protesting since September. Say what you want about Occupy SF camp (it's dirty and filled with homeless people) -- at least protesters there are practicing what they preach.

Members of Occupy SF announced their ambitious plans to turn protesters into bankers by creating the People's Reserve Credit Union. According to Occupy SF's Facebook page:

The goal of this project is to encourage San Francisco residents, businesses, as well as nonprofit and city agencies to keep their money out of the big banks and to redistribute that money locally. Initial services will include micro-loans for the working poor and homeless, and subsidized student loans at low interest rates.


The credit union is being created with the help of San Francisco's Glide Community Church and Supervisors John Avalos and Eric Mar. The group filed its paperwork and has already crafted a thoughtful mission statement: The credit union will serve as a replicable model for other financial institutions to reinvest wealth in their local communities. They will support microenterprise, provide educational loans, and foster community improvement projects.

Jason Macarthur, a protester with Occupy SF, listed the goals that the organization plans to achieve within the first year. That includes starting with 500 members with plans to grow to 2,000 members before the end of next year.

Other plans include:

Accumulate capital assets of $7 million or more, through investments by different organizations, members, et al.

Open two credit union branches within the city of San Francisco. The first branch location in the mid-Market Street corridor , in the former Social Security Administration storefront (MOCD) , with the assistance of other local nonprofits. Each branch will have a cafe within it and a commercial kitchen available to rent.

The credit union will employ students and homeless, creating 60 part-time jobs.

Issue 300 to 500 micro-enterprise loans (max. $5,000).

Add 1,000 people overall to the city employment payroll.

Finance and start a food co-op large enough to support a neighborhood. ...

http://blogs.sfweekly.com/thesnitch/...edit_union.php

[SarasotaRepub]

Micro-Loans???? Now who in their right mind would "Loan" someone like bobbolink (assuming she's still alive) a penny??? I mean, come on!!!! :D

[NJCardFan]

Let them. They're going to find out real quick how it feels to "loan" someone money only to not get it back.

[Rockntractor]

Free hammer or sickle, your choice when you open an account.

[Beefeater]

The credit union will employ students and homeless, creating 60 part-time jobs.

Huh, students and homeless making credit decisions. Think I'll just run right over and move my money in. What could go wrong?

[bijou]

The credit union will employ students and homeless, creating 60 part-time jobs.

Huh, students and homeless making credit decisions. Think I'll just run right over and move my money in. What could go wrong?

Yeah, your life savings will be perfectly safe. :D

[JB]

This is just too perfect. I can't stop cracking up about this. People that protest banks and capitalism are now bankers and capitalists.

And then I see a future where the folks that took student loans from this place suddenly start thinking "you know what, these guys were right, I shouldn't have to repay these funds." And then we'll have Occupiers occupying an institution that was started by Occupiers.

[Teetop]

I predict the US taxpayer being hooked in this fiasco. :(

[jediab]

They offer low interest rates? Shouldn't it be loans for free? That is one of the things they preach right? Free school!

[Silverhair]

Homeless people handling SS numbers and other banking information?

60 Part-timers needed to handle a mere 2,000 members with only 7 million in deposits?

I foresee instant failure.