On November 19, 2014, the Board of Directors of Cooperative Federal, a committee of volunteers elected by their fellow members to govern Cooperative Federal’s credit union, unanimously passed this resolution:
Statement of Solidarity with THE General Body at Syracuse University
Cooperative Federal expresses solidarity with THE General Body and their movement for structural changes to the administration of Syracuse University related to transparency, diversity, and safety.
Our Credit Union Aligns with the 11 Grievance and Need Points of THE General Body:
TRANSPARENCY: As a cooperative entity we uphold transparency in our operations through governance by a Board elected democratically by our shareholding members on the basis of one member, one vote. Institutions should exist to serve people, not the other way around. Our investment in Syracuse to date is over $110 million. All of our members’ money is put to work in and for the local community.
We oppose the corporatization of education and exclusion of the students (stakeholders, if not technically shareholders) and the campus community from access to budgetary information, and the blocking of the inclusion of wording that supports diversity, citizenship, accessibility, democracy, and community engagement in any mission statement. Budgetary decisions should also respect and respond to requests for an increase in library and graduate student employee funding, as well as divestment from fossil fuels.
DIVERSITY: As a financing entity, Cooperative Federal takes great pride in re-investing all of our member’s savings into the community of those we represent – highlighting a culture of mutual aid and service across the diverse membership we are dedicated to cultivating. More than any other financial institution in Syracuse, we provide services to those underserved by conventional for-profit banks – including a growing number of recent immigrants and refugees, from every corner of the globe. Most of our members live on low incomes and a majority of our members are people of color.
Our own beginnings are in line with many campus movements of the last thirty years. Cooperative Federal was organized by a group of local activists seeking a viable and radical alternative to global corporate banks, specifically at that time, divestment from the racist Apartheid regime in South Africa. We continue to uphold a mission of fair services for people of color, single women, the LGBT community, activists and other low-income or nontraditional workers; through special loan terms, Servicios Bilingues, and a “commitment to serve all members fully”.
SAFETY: As an entity of the people, we fully respect and encourage the right to a peaceable, public redress of grievances as enshrined in our Constitution and traditions. This includes full inclusion of provision for mental health and sexual assault services, accessibility for those with disabilities, and preventative measures for those identifying as marginalized, as put forth within THE General Body’s list of needs.
Each member of a community should not only have the same rights as others whom share the same equity of being a functioning and contributing person within an institution, but also the same expectations towards a system and community of services that evolves with THE General Body and the needs they identify.
Prefiguring Society with Our Own Lives and Institutions
Each member, regardless of their wealth or ability, has an equal vote and an equal share in our success at Cooperative Federal, a model which we believe is key to a system that works for people, not for profit. Private educational organizations can take steps within their investments, campus services, and charter to ensure that they include such values as well.
Based on this belief and our record of engagement and service, Cooperative Federal proudly expresses our support for THE General Body at Syracuse University, and student movements everywhere against discrimination, unequal privilege, and lack of student community access to administrative redress. We honor the students fighting to demonstrate another way is possible within our current society, and stand with you throughout this work in progress.
In cooperation and solidarity,
Frank Raymond Cetera, President
Syracuse’s Community Development Credit Union