credit unions 
Thu Feb 04, 2010 at 21:31:11 PM EST
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Are you as angry as I am about the bailout of the banks and ever bashed TARP program? Well then, maybe you'll be as excited as I am about some great news that came our way today. Our partners at the "Federation" (that would be the National Federation of Community Development Credit Unions) wrote to us today to tell us that: At a meeting with key leaders of community development credit unions (CDCUs) and community development banks, Treasury Secretary Tim Geithner announced yesterday a major capital investment program for depositories certified as community development financial institutions (CDFIs).
JFSJ is ourself an investor in the Federation (which is a CDFI), as well as in many community development credit unions, through our Tzedec Economic Development Fund. Cliff Rosenthal, CEO of the Federation, has been one of the leading Jewish voices for building access to capital in low income communities. As the Federation's justly excited announcement explains:
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Mon Feb 01, 2010 at 12:13:47 PM EST
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There’s this new website which is encouraging people to move their money out of large banks and into community banks or credit unions. I heard about it on NPR this weekend and decided that I’m going to do it. Yes, my giant bank is convinent, but it's also evil. A smaller one that is close to my job would be convenient too and I already go to whatever random ATM I see anyway, incurring fees. I don’t really do too much else at the bank. And sorry to be crude, but F banks being “too big to fail.” If they’re too big to fail, they’re too big to manage.
Here’s what Move Your Money’s saying: “Community banks are typically more conservative about how they manage their money, they’re more closely connected to the people and businesses that live near them, and they’re more inclined to make loans they know will get paid back. In other words, they have the values that more people would want banks to have.”
On their website they have way to search the closest community, which oddly named my closet bank as Woori Bank, a bank headquartered in Korea. Eh...that makes no sense, but I guess I’ll figure it out.
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