In recent days, we've had a few questions about where this effort is going. Here is our update: after seven years of trying to start a grassroots, community-controlled credit union to build wealth in the 53212 zip code, we have decided to permanently suspend our efforts to organize the New Economy Credit Union.
Unfortunately we ran into hurdles that proved insurmountable. State regulations made to benefit the richest 1% among us have made the founding of a small community credit union a colossal undertaking and, without sizable support from the city or state government, our effort was unsustainable. All of the money raised was processed by our fiscal agent, Cooperative Development Fund of CDS, based in Saint Paul, Minnesota.
Unfortunately we ran into hurdles that proved insurmountable. State regulations made to benefit the richest 1% among us have made the founding of a small community credit union a colossal undertaking and, without sizable support from the city or state government, our effort was unsustainable. All of the money raised was processed by our fiscal agent, Cooperative Development Fund of CDS, based in Saint Paul, Minnesota.
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Ten years ago, the bankers crashed our economy. The bankers are doing fine, but the rest of us are still suffering. It is time for us to create an economy that works for us! We need to reject the banker-run economy for an economy that is democratic, sustainable, and just. To do this we need to break away from the power of the big banks altogether by forming our own financial institution - a credit union.
To get this new community organizing credit union open we need to raise, through donations, our start-up and operating expenses for the first few years. We are partnering with Cooperative Development Services (CDS) to raise the money for these expenses through their 501(c)(3), the Cooperative Development Fund of CDS.
Knock on doors - we have an ambitions goal of knocking on every door in Riverwest and Harambee. Be a part of this. This a good role for a social person, or a person who wants to improve their people skills. Help with data entry - we have spreadsheets on top of spreadsheets, and we need help keeping track of every person who wants to be a member.
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