Occupy SF Protesters to Open People's Reserve Credit Union

[AmPat]

If I allow myself to ignore the OWS hypocrisy, can I collect my share of the interest? It is the "People's bank," correct? Sure, I didn't contribute, but isn't that the message of OWS? You don't have to work to pay off your personal liabilities but you can claim your share of unearned bonus.

[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.

[noonwitch]

They'd do better if they tried a food co-op first. That way, they can either sink or swim with their own money instead of other people's money.

[DumbAss Tanker]

There's a counterpart to FDIC for credit unions, the alphabet soup for it eludes me at the moment, but the regulators there have to be either laughing or crying at the stupidity on display in this situation.

[Odysseus]

There's a counterpart to FDIC for credit unions, the alphabet soup for it eludes me at the moment, but the regulators there have to be either laughing or crying at the stupidity on display in this situation.

Assuming that they aren't forced to accede to this lunacy by the Obama administration. I can see some regulator writing up the report on this fiasco and then being told to bury it and prepare to keep them solvent, no matter what. Meanwhile, $7 million is enough money for every homeless scammer, indigent con artist and petty hack in the bay area to try to grab a piece, and if these clowns handle this with the same maturity and clear-eyed realism that they brought to OWS, then it will have been looted and be insolvent before the ink on the incorporaiton papers is dry.

[Rockntractor]

Assuming that they aren't forced to accede to this lunacy by the Obama administration.

I would bet Obama backs this and makes some stupid comment about how wonderful these young entrepreneurs are. The fed will then cover up any theft or mistakes that happen and will attack any attempted whistle blowers.
There are some things we have learned to count on with this regime.

[Adam Wood]

There's a counterpart to FDIC for credit unions, the alphabet soup for it eludes me at the moment, but the regulators there have to be either laughing or crying at the stupidity on display in this situation.

The NCUA.

[DumbAss Tanker]

I would bet Obama backs this and makes some stupid comment about how wonderful these young entrepreneurs are.

Well, if their business model itself wasn't enough to do the trick, THAT certainly would be the Kiss of Death for their chances to remain solvent right there!