A new credit union founded by an Internet pioneer and a former banker has opened its doors in New Brunswick, N.J.
The unlikely pair of Brewster Kahle, a wealthy Internet entrepreneur known for the Internet Archive, an effort to catalog and record the entire Internet on an ongoing basis, and Jordan Modell, a former banker with experience working at some of the largest banks, started the credit union after they concluded that existing financial structures have largely failed the lower and middle class.
The new Internet Archive Federal Credit Union will serve the residents of New Brunswick and Highland Park Borough, areas which have predominantly lower income and Hispanic populations.
Given the field of membership, Carlos M. Sada, the Mexican Consul General in New York City, was on hand to cut the ribbon for the new credit union as were Teresa Vivar, president of Lazos Unida, Donna LoStocco, executive vice president at Affinity Credit Union, and Shirley Spruill, CEO of Renaissance Credit Union.
Affinity and Renaissance have helped support the fledgling credit union.
“We are so proud that so many community and credit union leaders were able to attend. This shows not only the need for a low income-designated credit union, but that the spirit of cooperation among credit unions is alive and well,” said Modell.