New Economy Credit Union: Announces application launch
New Economy Credit Union Organizing Committee
Organizers of Milwaukee's proposed New Economy Credit Union are pleased to announce that they will officially launch their application for a charter with the Wisconsin Office of Credit Unions on December 4, 2017. The credit union's Organizing Committee will hold an Application Launch Press Conference in the community room of the King Drive Commons at 2745 N Dr. Martin Luther King Drive at 10:00 a.m. on Monday, December 4. All members of the community and press are invited to attend.
At the Application Launch, members of the Credit Union Organizing Committee will provide a short update on the progress of the Credit Union effort and community support for this initiative, as well as answer questions about the future of the Credit Union.
New Economy Credit Union is a proposed financial institution that will serve people who live, work, worship, attend school, or participate in organizations headquartered in the 53212 zip code. Founded on cooperative principles, the Credit Union will provide needed financial services to this neighborhood, foster new cooperative businesses, and organize the community to challenge the power of the big banks, Wall Street and the richest 1%.
53212 is one of Milwaukee's most racially diverse zip codes with a median household income well below the citywide average. Yet it remains a segregated area, with Holton Street widely considered a racial dividing line between the Riverwest and Harambee neighborhoods.
"New Economy Credit Union intends to be headquartered directly on Holton Street, creating a bridge between these two communities and reaching populations that are traditionally underserved by financial institutions," said Rick Banks, Chair of the Credit Union Organizing Committee.
Residents, community leaders, activists, and business owners in the 53212 area have been working together over the past three years to put their dream of a cooperative credit union into action. The Credit Union's efforts have been supported by the Riverwest Cooperative Alliance, the Harambee Great Neighborhood Initiative, Riverworks Development Corporation, and other community groups. In a market survey of 53212 residents, an overwhelming majority expressed interest in joining the Credit Union once it opens.
Once the application is approved, the Credit Union will need to raise enough money to cover at least the first three years of operating costs before it can open its doors to the community. This fundraising effort is currently underway. For more information or to donate, visit NewEconomyCU.org.