An Occupy activist effort to start a credit union in SanFrancisco has stalled while seeking capital, according to anorganizer.

“You really need to have a pool of money put together for anyoneelse with any money to take you seriously,” said Brian McKeown, anactivist with the Occupy financial protest movement and anorganizer of the proposed People's Reserve Credit Union. “Our effort has really stalledas we gather the capital.”

McKeown reported on his group's effort as news came out thisweek about another group of Occupy activists, in New York City,trying to raise funds to start what they called a “financialcooperative.”

McKeown said he has had only limited contact with New YorkOccupy activists and none about this current effort.

The Occupy Money Cooperative's organizers said that they plan tolaunch a fee-bearing prepaid card as their first project as acooperative, issued in association with a bank. They didn'tsay which one and have not responded to calls for additionalcomment.

McKeown said his group, which he said includes severalorganizers in the California music scene, continued to work onputting together one or more musical events to raise awarenessabout the credit union and raise funds, but that there had beenproblems securing a venue.

In the meantime, McKeown said, they had gathered more than thenumber of participants required by the California Department ofFinancial Regulation to show support for a credit union.

“The challenge right now is really coming up with initialmoney,” he said.