An Occupy activist effort to start a credit union in San Francisco has stalled while seeking capital, according to an organizer.
“You really need to have a pool of money put together for anyone else with any money to take you seriously,” said Brian McKeown, an activist with the Occupy financial protest movement and an organizer of the proposed People's Reserve Credit Union. “Our effort has really stalled as we gather the capital.”
McKeown reported on his group's effort as news came out this week about another group of Occupy activists, in New York City, trying to raise funds to start what they called a “financial cooperative.”
McKeown said he has had only limited contact with New York Occupy activists and none about this current effort.
The Occupy Money Cooperative's organizers said that they plan to launch a fee-bearing prepaid card as their first project as a cooperative, issued in association with a bank. They didn't say which one and have not responded to calls for additional comment.
McKeown said his group, which he said includes several organizers in the California music scene, continued to work on putting together one or more musical events to raise awareness about the credit union and raise funds, but that there had been problems securing a venue.
In the meantime, McKeown said, they had gathered more than the number of participants required by the California Department of Financial Regulation to show support for a credit union.
“The challenge right now is really coming up with initial money,” he said.