Some Providence residents want politicians to help bring back credit union

WASHINGTON – Some residents of South Providence, Rhode Island, who were previously serviced by the now liquidated Oasis Community Development Credit Union are calling on the area's politicians to bring a credit union back to the area, according to the Providence Journal. "Everybody started going there," said Wally Akinkuowo, owner of Legacy Cleaning Services. Akinkuowo, his business, his wife and each of his four children held accounts at Oasis. "That's the only credit union on the South Side and it's closing down. It's not good for the neighborhood. The politicians, they should get themselves involved." Julius Kolawole, former president of OASIS, who is an engineer with Narragansett Electric, said one of Oasis's most important accomplishments involved teaching South Providence residents about managing their money. Many of the people who live in the neighborhood, which is largely Latino, come from cash societies, he said. NCUA shuttered the credit union on March 18, citing loan losses and operating expenses. At that time the credit union had 524 members and $919,000 in assets.