Credit Unions and Economic Development

You will not find a Credit Union playing derivative games like the one JP Morgan Chase lost two billion dollars on. What you will find are locally controlled institutions that have a stake in the wellbeing of the communities they serve. Through philanthropy, routine banking services and lending, Credit Unions provide a positive alternative to corporate banks.

Puget Sound Cooperative Credit Union and Boeing Employees Credit Union have both signed on as sponsors for the 9th annual NW SolarFest taking place in July at Shoreline Community College. This sustainable living fair is a great resource for the Puget Sound area families and business owners.

Puget Sound Cooperative Credit Union is a partner in Community Solar development in Shoreline (See April 30th Blog post). On Vashon Island, the local residents were able to convince Puget Sound Cooperative Credit Union to open up a branch there and include some of the local residents to serve on their board. In a Seattle Times Story published May 8th, it was reported that 16 percent of the Island residents opened up accounts in the first year of operation. The credit union has been able to provide energy efficiency loans, first mortgages and auto loans.

"The move toward credit unions is part of a wider search for banking alternatives.
Community-development banks now zero in on low-income families, and some new credit unions tailor financing to social activism, such as New Mexico's Permaculture Credit Union and its loans for "earth-friendly and socially responsible" projects. In San Francisco, Occupy activists are trying to form a credit union to provide low-interest loans to students, families and businesses."

Let's hope this is the beginning of the development of a more sustainable economic system that is decentralized and operates to meet local needs.