Cooperative Federal is more than an ordinary credit union. Founded by local organizers and activists in , we are a mission-driven, community-owned nonprofit focused on social and economic justice. Above and beyond community revitalization or economic growth, we are building a future that works for all of us: one that stands in opposition to the structures of racism, oppression, exploitation and injustice.
We envision a solidarity economy: a world where all people are valued, have opportunity, and can be part of a sustainable future. Cooperative Federal is owned and operated by its members. There are no other owners. Socially responsible finance is the heart and soul of our credit union. Deposits are federally insured by the National Credit Union Administration and backed by the full faith and credit of the United States government. Our founders were specifically concerned with divesting from businesses that supported the Apartheid system of racial oppression in South Africa; providing fair, friendly financial services designed by and for people of modest means; and serving people that conventional banks failed to serve or subjected to discrimination: women; black, indigenous, and people of color BIPOC ; LGBTQIAP people; households with little wealth and low income; very small businesses; unconventional businesses and organizations such as cooperatives, community groups and nonprofits; and part-time workers including many women, artists, musicians, youth, and those coping with underemployment.
In addition, the founders demanded that the credit union be sound, fiscally responsible and accountable. Such a credit union, they hoped, would help build a foundation for a community-based economy and gain a measure of independence from a distant, unjust, and unaccountable global economy.
When Coop Fed initially opened, in the spring of , we operated a volunteer-powered branch in the back of the Syracuse Cooperative Market. There, members could access savings accounts, personal loans and microbusiness loans.
Our fledgling credit union gradually added a staff person, a home-based loan office, checking accounts, mortgages and more. In we celebrated our first major expansion: moving into a small building we purchased at Westcott Street, in the heart of an underserved, multicultural urban neighborhood. That branch would remain our home base for nearly 30 years.
