Jordan Modell has had experience working with Citibank, American Express and the Bank of New York. Brewster Kahle is an Internet pioneer who helped develop precursors to the World Wide Web and Amazon.com and sold them for millions of dollars that he has used to form a foundation which supports the Internet Archive, an effort to digitally record everything that has been on the Internet since 1996.
The pair decided they wanted to found a credit union after coming to the conviction that the existing financial services industry had largely stopped working for lower income and middle class people and that a bank was not the best vehicle to use to meet the needs of those populations.
[A credit union] is not for profit, so has no motive to see you fail, and cannot be bought so it does not need to pad its balance sheets with risky investments' Modell wrote on a weblog that he has used to document the effort. 'Thanks to my friend Brewster Kahle I have been given an opportunity to help right my country by starting a totally transparent credit union.
