The Occupy movement is apparently broadening its interest in credit unions with a rally planned Saturday in Irvine, Calif. amidst talk of founding a national federation of credit unions under the "People Before Profits" banner.
OccupyFirst, identified as a nonprofit firm "born out of the alternative banking workgroups in the Occupy movement" is sponsoring the rally in the City of Irvine council chambers, according to a city spokesman. Irvine is a Los Angeles suburb.
On a Facebook page, OccupyFirst said its goal is to recruit citizens "interested in taking control of money from the banks to join us in person and online." The mission would be to support the federation of CUs to be formed.
OccupyFirst said the Saturday session would be the "inaugural general assembly of OccupyFirst." The non-profit firm said it is "dedicated to peacefully combating economic injustice by providing competitive alternatives which benefit the many instead of the rich."
The session is to be broadcast live on the internet, said OccupyFirst.
The city spokesman said the city is not a sponsor of the rally nor has it any relation to the group "except we asked that they reserve the chambers in advance and that it be a legitimate group."
It was unclear what link OccupyFirst has to plans in San Francisco announced last November by Occupy protestors there for chartering of the People's Reserve Credit Union.
The initial goal, organizers said, was to start with 500 members and raise $7 million with seed money.
Officials of the Department of Financial Institutions in Sacramento said no application has been received as yet and that there have been no recent discussions with Occupy representatives.
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