Dream of New Kind of Credit Union Is Extinguished by Bureaucracy
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Brewster Kahle in front of the Internet Archive Federal Credit Union in New Brunswick, N.J. He’s giving up on the idea. CreditBryan Anselm for The New York Times
Brewster Kahle didn’t need to start a bank.
He made a fortune building start-ups and then used his money to build the Internet Archive, a nonprofit trying to maintain a copy of everything published on the Internet.
In 2008, though, Mr. Kahle saw how hard it was for the employees at his firm to obtain loans, and more broadly, how the existing financial system had helped contribute to the financial crisis. He thought he could do things differently, and he aimed to prove it when he began applying to open a credit union in early 2011…
Dream of New Kind of Credit Union Is Extinguished by Bureaucracy
