I have been listening over a sun-glinted breakfast in the City of London to Cliff Rosenthal, who has helped to develop a movement of community development credit unions in the USA.
1.6 million members, predominantly low-income, low-wage and minority take part, providing a financial lifeline. It is a small and highly successful part of a wider, mainstream credit union sector, which, with 90 million members, is itself the largest co-operative sector in the USA.
With the banking crisis, there has been a growing campaign to “move your money” to local institutions in the USA.
Cliff is on his way up to Glasgow for the global credit union congress organised by WOCU.