1 53 2 54 3 The Place of Common Bond: Can Credit Unions 55 4 56 5 Make Place for Solidarity Economy? 57 6 58 7 † ‡ 59 Marianna Pavlovskaya, Craig Borowiak, Maliha Safri, Stephen Healy,§ and Robert Eletto¶ 8 Q30 60 9 Department of Geography and Environmental Science, Hunter College, and Graduate Center, City University of New York 61 10 †Department of Political Science, Haverford College 62 ‡ 11 Economics and Business Department, Drew University 63 § 12 The Institute for Culture and Society, Western Sydney University 64 ¶ 13 Department of Geography and Environmental Science, Hunter College 65 14 About 6,000 financial cooperatives, called credit unions, with more than 103 million members manage over 66 15 $1 trillion in collective assets in the United States but are largely invisible and seen as inferior to private 67 16 banks. In contrast to banks that generate profit for outside investors and do not give voice to customers, 68 17 these not-for-profit institutions have a democratic governance structure and a mission to provide good 69 18 services to their members. We use diverse economies and critical/feminist GIS approaches to theorize them 70 19 as noncapitalist alternatives to banks and possible sites of social transformation toward a solidarity economy. 71 20 Using the case of cooperative finance in New York City, we analyze spatial patterns, characteristics, and 72 21 place-making practices of credit unions with different kinds of the common bond, a principle that unites a 73 22 financial community, and in relation to urban geographies of class and race. We find that credit unions 74 23 provide a historically proven mechanism for collective resistance to marginalization by racial capitalism and, 75 depending on the common bond type, make place by (1) providing financial inclusion in poor and minority 24 76 neighborhoods; (2) scaling up solidarity finance through participation of middle classes; and (3) diverting 25 assets from capitalist investment into social reproduction and livelihoods. Credit unions express the 77 26 racialized wealth of their communities, however, and create spatial exclusions that pose a challenge to 78 27 postcapitalist movements such as solidarity economy. These findings are applicable to other places marked 79 28 by segregation and call for further inquiry into possibilities and barriers to solidarity finance. Key Words: 80 29 credit unions, financial geography, New York City, place making, solidarity economy. 81 30 82 31 83 32 84 33 n the last decades, the competitive calculus of these not-for-profit institutions are owned by their 85 34 financialization has generated more crisis-prone membership and have a democratic governance 86 35 Idynamics that culminated in events such as the structure and a mission to provide good services to 87 36 foreclosure crisis, the 2008 financial crisis, and the the members and maximize their economic interests. 88 37 Great Recession, making the inquiry into alterna- In the United States today, about 6,000 credit 89 38 tives to financial capital especially urgent (Crump unions with more than 103 million members of dif- 90 39 et al. 2008; Dore 2008; Fuller and Mellor 2008; Kear ferent degrees of affluence and economic security 91 40 2013; Miller 2015; Loomis 2018). Although usually manage over $1 trillion in collective assets 92 41 associated with the global scale, finance is articu- (National Credit Union Administration [NCUA] 93 42 lated through local systems (Hall 2012) such as pri- 2016a). The U.S. membership and assets are also 94 43 vate banks and predatory financial services, the the world’s largest (World Council of Credit Unions 95 44 main drivers of financialization. Less recognized in 2012). Initially a grassroots phenomenon, credit 96 45 this local mix is the presence of collective forms unions were central to antipoverty policies of the 97 46 of finance that strengthen communities and help New Deal but have been thoroughly marginalized in 98 47 them resist the effects of financialization. One such the neoliberal era, during which they became largely 99 48 example is financial cooperatives, also known as invisible and seen as inferior to private banks, espe- 100 49 Q2 credit unions. cially when contrasted with the United Kingdom, 101 50 In contrast to banks that generate profit for out- Canada, Ireland, Brazil, South Korea, and Mexico, 102 51 side investors and do not give voice to customers, where they are both widespread and recognized as 103 52 104

Annals of the American Association of Geographers, 0(0) 2019, pp. 1–24 # 2019 by American Association of Geographers Initial submission, May 2018; revised submission, July 2019; final acceptance, August 2019 Color versions of one or more figures in the article can be found online at www.tandfonline.com/raag Published by Taylor & Francis, LLC. 2 Pavlovskaya et al.

105 important economic institutions. Despite grassroots their assets with potentially radical implications for 156 106 efforts to increase awareness about credit unions in social transformation and the postcapitalist move- 157 107 the aftermath of the 2008 financial collapse (e.g., ments such as a solidarity economy that “works for 158 108 the “Move Your Money” campaign), their greater people and planet” (Borowiak 2015). 159 109 stability in times of crises compared to banks We investigate these questions using a rich but 160 110 (Colwell 2017), and rapid membership growth after understudied case of cooperative finance in New 161 111 2008, it was the “too big to fail” banks that were York City, where it forms one of the largest concen- 162 112 subsequently rescued with public money. Banks con- trations in the nation. With more than 800,000 163 113 tinue to be seen as the main and only source for members, credit unions represent one fifth (18 per- 164 114 credit, investment, and capital, whereas credit cent) of the city’s economically active population1 165 115 unions are practically absent from social imaginaries and hold $14 billion in collective assets. In this first 166 116 on either the left or the right and little is known study at the urban scale, we analyze their financial 167 117 about their contributions to place. characteristics and geographic patterns in relation to 168 118 Yet, the potential of cooperative finance for build- the common bond type, a legal basis for forming a 169 119 ing geographies of economic solidarity is likely to be credit union from members of a community, and in 170 120 171 significant. Clearly a mainstream phenomenon by the context of urban geographies of class and race. 121 172 their numbers, credit unions are second only to The common bond draws together a select pool of 122 173 banks in terms of the scope and breadth of services members who control the terms for saving and bor- 123 174 they provide (e.g., bank accounts, checks, cards, rowing and have shared social and geographic 124 175 loans, etc.). In contrast to banks, though, they belonging (e.g., associations, occupation, workplace, 125 176 approach finance in an entirely different way. or residential area). 126 177 Owned and governed by their members instead of Empirically, we investigate what kinds of commu- 127 178 outside investors, credit unions put the financial nities are united by different common bonds and in 128 179 what ways their spatial patterns interact with urban 129 security of their membership communities above 180 130 profits, whereas banks put profits for outside invest- geographies of class and race. At the level of theory, 181 131 ors above other considerations. Starting with these we draw on geographic literatures on financializa- 182 132 differences, this article seeks to frame credit unions tion, place making, diverse and solidarity economy, 183 133 as noncapitalist institutions to ask whether they can and critical/feminist geographic information science 184 134 make place differently from capitalist banks and act (GIS) to (1) theorize how credit unions make place 185 135 as a nationwide alternative to and potentially as noncapitalist institutions, (2) explain the differen- 186 — 136 replace financial capital the very engine of capital- ces among credit unions themselves in terms of place 187 — 137 ism with solidarity finance. making, and (3) explore their potential for the soli- 188 138 Understanding this potential is worthwhile for darity economy. Finally, we seek to establish the 189 139 several reasons. Credit unions have a long history of footprint of credit unions through the process of 190 140 resistance to racial capitalism, struggles for social jus- mapping by which we “place” them within the urban 191 141 tice, and solidarity, with the poor, African Americans, space both literally (on the map) and figuratively 192 142 and other minority and immigrant populations (within the economic landscape) to make them visi- 193 143 excluded from mainstream banking (Nembhard 2014; ble, ontologically present, and politically significant 194 144 Mook, Maiorano, and Quarter 2015). Moreover, (Crampton 2009; Pavlovskaya and Bier 2012). We 195 145 instead of the individual solutions to poverty pro- find that credit unions provide a historically proven 196 146 moted by neoliberalism (Schram 2015; Loomis 2018), mechanism for collective resistance to marginaliza- 197 147 they foster collective solidarities that can be impor- tion by racial capitalism and, depending on the com- 198 148 tant for social transformation. Examining credit mon bond type, they make place by (1) providing 199 149 unions, however, is worthwhile, not only because they financial inclusion in poor and minority neighbor- 200 150 resist economic marginalization and practice collective hoods, (2) scaling up solidarity finance through par- 201 151 responses. It is generally assumed that finance has to ticipation of middle classes, and (3) diverting assets 202 152 be privately owned and driven by the profit motive. from capitalist investment into social reproduction 203 153 Credit unions, however, show us a completely differ- and livelihoods. 204 154 ent path of finance that suggests that all kinds of Although hopeful, our analysis also identifies con- 205 155 working people can collectively own and manage tradictions and exclusions that arise, in our reading, 206 Q1 The Place of Common Bond 3

207 from the ways in which the common bond principle system or space but being “a zone of cohabitation 258 208 interacts with spatial configurations of racial capital- and contestation among multiple economic forms” 259 209 ism. As a concept, racial capitalism refers to the fact (xxi, xxxi–xxxii). To achieve that, Gibson-Graham 260 210 that racial discrimination and dispossession are not (1996) narrowly defined capitalism as a specific class Q3261 211 incidental to capitalist processes but are rather insep- process in which those who control it through, for 262 212 arable from capitalism’s history and its ongoing example, ownership of the means of production 263 213 development (Robinson [1983] 2000). Credit unions appropriate the surplus value created by waged work- 264 214 illustrate its workings very well. The common bond ers. Clearly hegemonic, capitalist class processes, 265 215 unites communities but also creates spatial exclu- then, do not define all social institutions and eco- 266 216 sions with implications that pose challenges to post- nomic practices. Within this diverse economy, non- 267 217 capitalist movements such as solidarity economy. capitalist practices that rely on ethics of care and 268 218 Moreover, credit unions make place differently cooperation are always present; they constitute the 269 219 because they express diverging needs, aspirations, “community economies” that sustain social reproduc- 270 220 and wealth of their member groups that originate in tion and livelihoods and can be seen as spaces of 271 221 geographic communities already structured by racial postcapitalist transformation (Gibson-Graham 2006; 272 222 capitalism. It is small and poor financial coopera- Healy 2009; St. Martin, Roelvink, and Gibson- 273 223 274 tives, we find, that support marginalized urban com- Graham 2015). Examples include household labor, 224 275 munities of color, whereas large and asset-rich credit informal arrangements for child care and elder care, 225 276 unions benefit middle-class employees and their certain cultural forms of finance, hometown associa- 226 277 neighborhoods. These findings are applicable to all tions and worker cooperatives as well as housing 227 278 places marked by racialized wealth differentials and cooperatives, community gardens, time banks, public 228 279 call for further inquiry into possibilities and barriers education institutions, commons, community- 229 280 to solidarity finance. supported enterprises, and many more (Pollard and 230 281 We first develop a framework for theorizing how Samers 2007; Safri and Graham 2010; Pavlovskaya 231 282 credit unions make place as noncapitalist institutions 2015; Smyth 2017; Huron 2018). 232 283 and then discuss research site, methods, and data. Credit unions fit this broad definition of noncapi- 233 284 We next examine geographies of the common bond talist community economy for the reasons we outline 234 285 categories and connect them to urban geographies of in the next section, but here we note that they also 235 286 class and race. We then focus on their place-making align with the ethics of a growing international 236 social movement known as social or solidarity econ- 287 237 strategies and related challenges. In concluding, we 288 reflect on the complicated relationship between omy. This movement seeks to intentionally incorpo- 238 rate workplace democracy, social justice, 289 credit unions and racial capitalism and its potential 239 cooperation, and environmental sustainability into 290 for solidarity economy. 240 everyday economic lives across the world (Borowiak 291 241 2015; Utting 2015; Safri et al. 2017; Hudson 2018). Q27292 242 Ontologies of Noncapitalism and In contrast to Europe and Latin America, where 293 243 294 Possibilities of Ethical Finance popular solidarity economy movements have policy 244 support (Borowiak 2015), in the United States, its 295 245 Noncapitalist, Capitalist, and Solidarity Economies radical potential is still nascent even in the light of 296 246 the glaring need for alternatives and long-term pres- 297 247 Differentiating credit unions from capitalist ence of, for example, worker cooperatives and credit 298 248 finance is challenging if done from the common unions (SolidarityNYC n.d.; U.S. Solidarity 299 249 view that the U.S. economy is fully capitalist. This Economy Network n.d.). Solidarity economy theo- 300 250 view ignores noncapitalist alternatives or presents rists and activists typically include credit unions into 301 251 them as insignificant, subservient to, and inseparable the movement but the latter do not necessarily do 302 252 from the capitalist system (for critique see Mitchell so, remaining politically ambiguous. 303 253 2005; Gibson-Graham 2006). Feminist geographer 304 254 Q9 Gibson-Graham (2006), however, called us to read Credit Unions as Noncapitalist Economies 305 255 “the economy for difference rather than dominance,” 306 256 which is to understand it as “radically hetero- Imagining an alternative to the U.S. banks is not 307 257 geneous” and not reducible to a singular capitalist a trivial task also because the society does not 308 4 Pavlovskaya et al.

309 Table 1. Distinguishing credit unions from capitalist finance. 360 310 361 311 Credit unions Capitalist banks 362 312 Ownership Collectively owned by members Privately owned by investors 363 313 Access Common bond Anyone who can afford 364 314 Profit Not-for-profit status Profit-oriented 365 315 Mission Fair and affordable services to members Maximize profit for investors 366 316 Surplus Back to members To investors 367 Services Lower fees, affordable loans, financial education Higher fees, predatory loans 317 Governance Democratic, elected board, one member one vote By investors only 368 318 Ethics Social justice, mutual aid, thrift No social ethics 369 319 Scale Local Considerable place-making potential Global Not tied to place 370 320 371 321 372 322 recognize the possibility of noncapitalist finance. with the capitalist context, distinct place-making 373 323 Ironically, the term alternative is used in the context practices, and contributions to solidarity economy 374 324 of predatory finance, as in alternative financial ser- and postcapitalist imaginaries. 375 325 vice providers (AFSPs) that include payday lenders, Having emerged in nineteenth-century rural 376 326 check cashers, and pawn shops (Barr 2004; Miller Germany as local, member-owned alternatives to 377 327 2015). Research on credit unions seems to be largely large shareholder banks and initially used by farmers 378 328 based on the fact that they report a wealth of finan- to avoid usurious interest rates, credit unions first 379 329 cial information that banks do not. Often studied as appeared in the United States in 1909 (Isbister 380 330 proxies for banks and measured with the same yard- 1992). When banks failed during the Great 381 331 382 stick of market efficiencies, they are seen as inferior Depression, they fulfilled the community needs for 332 383 banks for the poor and not recognized as a different finance and rapidly grew in numbers after the pass- 333 384 species of finance (Avery et al. 1997; Goddard, ing of the Federal Credit Union Act in 1934 as part 334 385 McKillop, and Wilson 2002; Sibbald and Sibbald of the New Deal. At the core of the credit union 335 386 2003;Barr2004; Damar and Hunnicutt 2010; Stango movement lies the idea of “the common bond.” This 336 387 2012; New America n.d.). Critical geographers, how- means that members do not pool financial resources 337Q20 388 ever, especially in the context of the United with random peers, but with those they can trust, 338 389 339 Kingdom, have examined credit unions as alternatives help, and receive help from, and stand together in 390 340 worth of in-depth understanding (Fuller 1998; times of adversity because they already have some- 391 341 DeFilippis 2001; Fuller and Mellor 2008). In the end, thing else in common, whether that be a shared 392 342 however, they generally agree that financial coopera- workplace, association, or place. As one credit union 393 “ 343 tives ultimately succumb to bank competition, fail to scholar famously wrote, a single twig is easily bro- 394 344 be democratically self-governed, and cannot separate ken. A bundle of twigs bound together is much 395 ” 345 themselves enough from and even end up shoring up more difficult to break (Rose 1971, 1). In large part 396 346 capitalism rather than challenging it. due to such mutualism, credit unions acted as eco- 397 347 Without presuming that capitalism defines all nomic solidarity spaces, especially for the poor and 398 348 aspects of social experience, the diverse economies those excluded by institutional racism. Having rec- 399 349 perspective allows for differentiating between credit ognized this capacity, the Act sought “to make more 400 350 unions and banks in terms of ownership, governance, available to people of small means credit for provi- 401 351 surplus distribution, and relationship to place. Table dent purposes through a national system of coopera- 402 352 1 provides a simplified comparison of these two tive credit” (cited in Mook, Maiorano, and Quarter 403 353 groups as ideal and practically opposite types of 2015, 826). It recognized collective financial institu- 404 354 financial institutions. The empirical picture, includ- tions as solutions to poverty and through active 405 355 ing the one presented in this article, is more compli- chartering transformed them into a societal system 406 356 cated and credit unions and banks can act in similar that exists today. 407 357 ways in certain contexts. Nevertheless, by position- Whereas banks maximize profits for shareholders 408 358 ing credit unions as noncapitalist institutions, we and govern without giving voice to customers from 409 359 can open up critical inquiry into their relationship whom they actually profit by increasing fees and 410 Q1 The Place of Common Bond 5

411 decreasing services (Reckard 2011; Kear 2013; broad ontology of noncapitalist economic institu- 462 412 Kasperkevic 2014), credit unions give each member tions and community economies. Despite their 463 413 the same one vote and a right to be elected to the ambiguous politics, the emphasis on collective well- 464 414 board regardless the size of their deposit. This assures being, livelihoods, and place in most cases remains 465 415 that services to member-owners remain affordable strong, aligning them with solidarity economy and 466 416 and safe (Tockle et al. 2015). The “not-for-profit” necessitating critical inquiry into their resistances to 467 417 and tax-exempt status also requires them to be eco- and influences of racial capitalism as well as how 468 418 nomically viable2 and fully transparent to the regula- they make place differently from capitalist finance. 469 419 tory body called the NCUA (NCUA 2014; 470 420 University of Wisconsin Center for Cooperatives 471 How Credit Unions Make Place 421 2017; Public Service Credit Union [PSCU] 2017). 472 422 For these reasons, credit unions showed greater sta- It is the common bond principle that ties credit 473 423 474 bility compared to banks during the Great unions to place. In practice it means that people 424 475 Depression as well as after the 2008 financial crisis who share certain social experience can legally form 425 476 when they suffered three times fewer failures a financial cooperative. Modern types of common 426 477 (Colwell 2017). Above all, as already noted, credit bond include an organization (like a church, advo- 427 478 unions offer a different way to organize finance, cacy group, or ethnic association), occupation (e.g., 428 479 potentially for everyone, even those with access to profession or industry), residential area, workplace 429 480 mainstream banking. Precisely because they are col- (for details, see Fuller 1998, 150), and their combi- 430 481 lectively owned by those they serve, the surplus nations. Even if not chartered for residential area, 431 482 comes back to members in the form of lower fees or geographic belonging is always present because the 432 483 loan interest and increased dividends (Yi 2009; 433 so-called fields of membership of a particular credit 484 434 Tockle et al. 2015, 366). union specify what organizations and territories are 485 435 Yet, although credit unions emphasize their differ- eligible for membership in each credit union. That 486 436 ences with banks (PSCU 2017), they do not neces- is, the common bond simultaneously draws social 487 437 sarily describe themselves as anticapitalist and and geographic boundaries that create place-bound 488 438 commit to fighting poverty without opposing capital- and homogeneous financial communities. In this 489 439 ism as its root cause (Pavlovskaya and Eletto 2018). way, shared social experience and location create a 490 440 Moreover, certain large cooperatives resent the connection to place that does not exist for capital- 491 441 image of banks for the poor (Dougherty 2016); they ist banks. 492 442 want to be seen as successful institutions within the In geography, the term place refers to the meaning 493 443 market economy (Pavlovskaya and Eletto 2018) and that a location has for people as well as to its pro- 494 444 seek to reverse limits on investing (Lune and duction through material, cultural, and political pro- 495 445 Martinez 1999; Colwell 2017). This points to their cesses that can act both inside and outside the 496 446 ambiguous political subjectivity with regard to both place, in contradiction to each other, and at multi- 497 447 capitalism and solidarity economy. ple scales (Massey 1994). Place is being made 498 448 Finally, difference from capitalism does not mean according to collectively held imaginations that can 499 449 isolation. Certainly capable of resisting economic mar- result in progressive or conservative sense of place 500 450 ginalization through collective solidarities, credit and place making (McKittrick 2011; Lawson and 501 451 unions also face discursive and political marginaliza- Elwood 2014). We suggest that financial institutions, 502 452 tion, competition and attacks for their tax-exempt sta- too, make place according to their imaginaries of 503 453 tus from banks, and pressures to reconcile social ethics finance, community, and place. 504 454 with market rationalities (Deller and Sundaram-Stukel That place-making practices of financial institu- 505 455 2012; Mook, Maiorano, and Quarter 2015). Some tions are not uniform is evident in their distinct 506 456 struggle economically and others fail to fully imple- geographies. For example, there are consistently 507 457 ment democratic principles and are sometimes fewer banks and more AFSPs in poor minority areas 508 458 destroyed by their capitalist surroundings (DeFilippis than in areas with middle income (Graves 2003; 509 459 2001; NCUA 2016b). Barr 2004), whereas credit unions provide services in 510 460 For all these reasons, we do not characterize credit various neighborhoods including those avoided by 511 461 unions as anticapitalist but include them within the banks and dominated by AFSPs (Deller and 512 6 Pavlovskaya et al.

513 Sundaram-Stukel 2012; Mook, Maiorano, and predatory services as new opportunities. Such 564 514 Quarter 2015). They, however, do not simply com- “exploitative inclusion” has devastated these commu- 565 515 plement or compete with capitalist financial services nities through the foreclosure crisis or expensive 566 516 but make place as noncapitalist institutions with spe- long-term debt (Kear 2013; Schram 2015; Loomis 567 517 cial ties to place, even within a society dominated 2018). In contrast, the social mission of credit 568 518 by racial capitalism. In particular, they enable non- unions obliges them to provide safe and affordable 569 519 exploitative financial inclusion, support social repro- services to their members that expands life opportu- 570 520 duction, and divert assets from capitalist investment nities and secures livelihoods of the most marginal- 571 521 into communities and livelihoods. ized groups (Lune and Martinez 1999; Kasperkevic 572 522 The literature shows that conventional banks see 2014). Thus, credit unions can strengthen place pre- 573 523 customers as a source of profit and desert neighbor- cisely where exclusion, disinvestment, and displace- 574 524 hoods once services are no longer profitable ment constitute major challenges. 575 525 (Kasperkevic 2014). They direct profit to outside Furthermore, the memberships in U.S. credit 576 526 shareholders or invest in global markets, which unions have doubled since the 1980s to 103 million 577 527 weakens local communities and might even destroy today (NCUA 2016a) because of remarkable partici- 578 528 579 the place in which their customers live by financing pation by the middle class (Isbister 1992). Credit 529 580 gentrification (Weber 2010). By contrast, credit union membership represents half of the U.S. eco- 530 581 unions exist to protect the economic interests of nomically active population and two thirds of its 531 4 582 their members, which commits them to livelihoods labor force. It also constitutes half of the world 532 583 and neighborhoods. With investment limited by law membership, which makes the nation a global leader 533 584 (Colwell 2017),3 they generally invest locally and in in the credit union movement (World Council of 534 585 the interests of their communities, to which they Credit Unions 2012). Having occurred without the 535 586 also return the surplus (Lune and Martinez 1999). aggressive advertising typical of capitalist banks, this 536 587 In addition, credit unions have historically made growth indicates genuine attractiveness and prag- 537 matic usefulness of solidarity finance. Another 588 538 place through financial inclusion of those marginal- 589 important but unrecognized effect is that credit 539 ized by racial capitalism and global capital. Financial 590 unions prevent considerable assets (over $1 trillion 540 exclusion remains a major problem in the United 591 today, or one fourteenth of the total U.S. bank 541 States because banks consistently abandon low- 592 assets) from being used for direct capitalist invest- 542 income areas (Kasperkevic 2014). In fact, 8.2 per- 593 “ ” ment, instead allowing them to be used to support 543 cent of households are unbanked (have no bank 594 livelihoods and social reproduction. 544 account), but among low-income and minority popu- 595 To conclude, in lieu of the profit motive, the very 545 lations this share ranges from one fifth to one third 596 structure of credit unions makes them open to social 546 (Touryalai 2012). Another 20 percent of 597 justice (Pavlovskaya and Eletto 2018), distribution 547 “underbanked” households with 24.8 million people 598 of income back to the community, and inclusion 548 in them do not qualify for conventional credit 599 concerns that are rarely seen among for-profit banks. 549 despite having a bank account (Miller 2015). 600 Being dependent on the well-being of their member- 550 Financial lives of these populations involve paying 601 ship presupposes them to make place in the ways 551 large fees for cashing checks and keeping savings at 602 that assure its long-term stability. The case of coop- 552 home or with friends, which precludes them from 603 erative finance in New York City illustrates these 553 building credit history, taking fairly priced loans, 604 considerations. 554 using Internet-based services (a norm for the middle 605 555 class), and even accessing certain government bene- 606 556 fits (Barr 2004; Federal Deposit Insurance Study Area, Data, and Methods 607 557 Corporation [FDIC] 2016). Financial exclusion can 608 558 disconnect entire communities from life Despite that New York City has large membership 609 559 opportunities. and its cooperative assets have doubled since 2008 610 560 Critical financial geography, however, complicates (Figure 1), only a handful of studies have so far 611 561 the notion of financial inclusion and takes banks to examined individual credit unions there (Lune and 612 562 task for reaching into marginalized communities in Martinez 1999; DeFilippis 2001). Limited research 613 563 search of new profit frontiers while framing exists on spatial patterns of credit unions elsewhere, 614 Q1 The Place of Common Bond 7

615 666 616 667 617 668 618 669 619 670 620 671 621 672 622 673 623 674 624 675 625 676 626 677 627 678 628 679 629 680 630 681 631 682 632 683 633 684 634 685 635 686 636 687 637 688 638 Figure 1. Dynamics of credit unions based in New York City, 2005–2014. 689 639 690 640 too. The three locational studies available at the Credit Unions, and other organizations. We con- 691 641 time of writing found that credit unions fill spatial tacted select credit unions over the phone to clarify 692 642 gaps left by mainstream banks but could not conclu- the process of membership formation. 693 643 sively explain their geographic location by sociode- It is important to note that the NCUA data set 694 644 mographic variables (Deller and Sundaram-Stukel includes main and branch office locations for each 695 645 2012; Miller 2015; Mook, Maiorano, and Quarter credit union but the data apply to an institution as a 696 646 2015). The reason is that they looked for a single whole without disaggregating by branch locations. 697 647 spatial pattern and modeled access based on proxim- The fact that certain branch networks intersect city 698 648 ity, which assumes open membership, something borders matters because assets and membership only 699 649 that most credit unions do not have. partially belong to New York City in unknown pro- 700 650 Following diverse economies and feminist GIS portions. After considering each such case, we 701 651 perspectives, we did not presume a single geography included those institutions into city-wide totals in 702 652 and examined spatial patterns of credit unions accord- which most members work or live in the city. 703 653 ing to their common bond type. We used NCUA Institutions with a majority of branches and mem- 704 654 data for the last quarter of 2014 (NCUA 2014), the bership outside New York City were excluded. The 705 655 latest available at the time the research began. It final data set included eighty-five credit unions, but 706 656 included such variables as common bond type, low- for geographic analysis we used all 156 main and 707 657 income or minority institution designation, member- branch office locations within the city borders that 708 658 ship size, total assets, deposits, and loans. We allowed for accounting for the full spatial extent of 709 659 compared the common bond categories to each other cooperative finance (Figure 2). 710 660 and mapped their spatial patterns in relation to geog- Effects of urban space were incorporated by com- 711 661 raphies of class and race. The empirical insights were puting spatial income and race clusters using a bivar- 712 662 thoroughly contextualized with relevant policy docu- iate algorithm in GeoDA software for spatial 713 663 ments, reports, and academic publications as well as autocorrelation with two census block group level 714 664 communications with experts from the NCUA, the variables from the 2014 American Community 715 665 National Federation of Community Development Survey: median household income (class) and 716 8 Pavlovskaya et al.

717 768 718 769 719 770 720 771 721 772 722 773 723 774 724 775 725 776 726 777 727 778 728 779 729 780 730 781 731 782 732 783 733 784 734 785 735 786 736 787 737 788 738 789 739 790 740 791 741 792 742 Figure 2. Spatial distribution of New York City credit unions, 2014. 793 743 794 744 percent of nonwhite population (race). In the pro- only twenty-four members and under $50,000 in 795 745 cess, a combination of low and high values in these assets) to very large institutions with about 400,000 796 746 variables was used to sort neighboring block groups members (like Municipal Credit Union) and over $4 797 747 into four spatial groupings: low income/low percent billion in assets (like the UN credit union). 798 748 nonwhite, low income/high percent nonwhite, high 799 749 income/low percent nonwhite, and high income/ 800 Common Bond and Community Boundaries 750 high percent nonwhite. Called cluster cores, these 801 751 groupings included census block groups surrounded They also represent many of the communities 802 752 by similar values; block groups on the edges were characterized by more than thirty codes that NCUA 803 753 often excluded, resulting in fragmented patterns. To uses today to designate finer gradations within the 804 754 make clusters more spatially cohesive and analyti- original common bond types. Based on these codes, 805 755 cally useful, we added bordering block groups with we created five broad common bond categories prom- 806 756 similar values even if they were not surrounded by inent in New York City. Their shares in the total 807 757 such values. Through this process, we arrived at the number of credit unions are shown in parentheses. 808 758 map of four broad zones (Figure 3) that we called 809 759 affluent minority, poor minority, poor white, and 1. Associational bond of religious and advocacy 810 organizations (42 percent), mainly faith-based. 760 affluent white income and race clusters. Areas out- 811 2. Employment common bond (32 percent), including 761 812 side these clusters include mixed neighborhoods and occupation (e.g., health workers), workplace (e.g., 762 nonresidential areas. New York University), or labor union. 813 763 3. Area common bond (8 percent) such as a 814 764 Geographies of Common Bond neighborhood, housing association, or housing 815 765 cooperative. 816 766 The data show that credit unions are a highly 4. Associational bond of ethnic organizations (4 817 767 heterogeneous group ranging from very small (e.g., percent), all European-based. 818 Q1 The Place of Common Bond 9

819 870 820 871 821 872 822 873 823 874 824 875 825 876 826 877 827 878 828 879 829 880 830 881 831 882 832 883 833 884 834 885 835 886 836 887 837 888 838 889 839 890 840 891 841 892 842 893 843 894 844 Figure 3. Selected common bond categories and race and income clusters, 2014. 895 845 896 846 5. Mixed common bond (8 percent), combines multiple Yet, differences in scale transpire when comparing 897 847 occupations, workplaces, associations, and territories. common bond categories in terms of ratios between 898 848 899 The associational and employment categories form the number of office locations and institutions 849 900 the two largest and practically equal shares in New (Table 3). The low ratio of 1.2 for faith-based credit 850 901 York City, whereas nationally they comprise 14 and unions, for example, means that they are highly 851 902 80 percent, respectively (Deller and Sundaram- localized, mainly single-office institutions often 852 housed in the church itself. Employment credit 903 853 Stukel 2012, 425). As we detail later, this reflects 904 unions, in contrast, have a large ratio of 2.5 because 854 the role of black churches in the formation of finan- 905 they operate spatial networks consisting of many 855 cial cooperatives in response to racial discrimination 906 branch offices and can stretch their membership 856 by banks. Moreover, common bond categories form 907 communities and join resources across urban scale. 857 distinct spatial patterns (Figure 4), suggesting that 908 858 credit unions can have different relationships 909 859 with place. Common Bond and Urban Geographies of Class 910 860 and Race 911 861 Being Place-Bound 912 862 One of our major conclusions is that credit unions 913 863 Geographic belonging remains important even in both protect communities from racial capitalism and 914 864 global New York, where credit unions primarily are themselves shaped by its social hierarchies. We 915 865 operate at local and urban scales (Table 2), meaning can roughly assess their influences using the so- 916 866 that they draw assets from and distribute income to called low-income and minority designations that 917 867 communities within the city. It also means that NCUA grants to institutions with at least 50 per- 918 868 credit unions and place mutually constitute cent low-income or minority membership 919 869 each other. (Pavlovskaya and Eletto 2018). Meant to measure 920 10 Pavlovskaya et al.

921 972 922 973 923 974 924 975 925 976 926 977 927 978 928 979 929 980 930 981 931 982 932 983 933 984 934 985 935 986 936 987 937 988 938 989 939 990 940 991 941 992 942 993 943 994 944 995 945 996 946 Figure 4. Spatial distribution of common bond categories, 2014. 997 947 998 948 Table 2. New York City credit unions by geographic cooperatives are the most inclusive in terms of 999 949 scale, percent both class and race: 91 percent are low income and 1000 77 percent are minority designated. Employment 950 Geographic scale of operation % 1001 951 credit unions, however, have predominantly 1002 952 National 4 middle-class membership (only 24 percent are low 1003 953 New York State/regional 9 income). The share of minority-designated institu- 1004 954 New York City 16 tions is 39 percent but, as large institutions, they 1005 Local (neighborhood, housing, parish, or workplace) 71 955 Total 100 include 70 percent of members in employment 1006 956 credit unions, many of whom are nonwhite, middle- 1007 Note: N ¼ 85. 957 Source: Based on NCUA (2014) and description of fields of membership class workers who historically constitute a large 1008 958 by individual credit unions. component of the city’s labor force. In other words, 1009 959 these credit unions show greater inclusion by race 1010 960 than by class. Ethnic European and residential area 1011 961 financial inclusion, designations also reflect class and cooperatives mainly have white and low-income 1012 962 racial composition of membership communities. membership, and the mixed common bond category 1013 963 Nationally, only 44 percent of credit unions are low is the most exclusive with its white and income- 1014 5 964 income and just 10 percent are minority designated, rich base. 1015 965 which indicates that the membership is largely mid- Class and racial composition of membership 1016 966 dle-class and white (NCUA 2016b, 5–6). reflects the ways in which common bond interacts 1017 967 Being 59 percent low income and 52 percent with geographies of racial capitalism. Famously 1018 968 minority designated, New York City credit unions diverse, New York is also one of the most racially 1019 969 show higher financial inclusion than nationally, but segregated cities in the nation, with vast inequal- 1020 970 its degree varies considerably among the common ities in wealth. Accordingly, the map in Figure 3 is 1021 971 bond categories (Figures 5 and 6). Faith-based dominated by affluent white and poor minority 1022 Q1 The Place of Common Bond 11

1023 Table 3. New York City credit unions and their locations by type of common bond, 2014 1074 1024 1075 1025 Institutions Office locations Ratio of locations/institutions 1076 1026 Employment 33 79 2.4 1077 1027 Ethnic 3 9 3.00 1078 1028 Mixed 7 16 2.3 1079 1029 Area-based 7 9 1.3 1080 1030 Religious 35 43 1.2 1081 Total 85 156 1.8 1031 1082 1032 Source: Based on NCUA (2014). 1083 1033 1084 1034 1085 1035 1086 1036 1087 1037 1088 1038 1089 1039 1090 1040 1091 1041 1092 1042 1093 1043 1094 1044 1095 1045 1096 1046 1097 1047 1098 1048 1099 1049 1100 1050 1101 1051 1102 1052 1103 1053 1104 1054 1105 1055 1106 1056 Figure 5. Low-income status by common bond category, 2014. 1107 1057 1108 1058 clusters. Although 42 percent of credit union loca- Uneven Footing and Approaches to Place 1109 1059 tions are found outside the clusters within mixed 1110 1060 neighborhoods (cf. Borowiak et al. 2017), the As we argued earlier, credit unions make place by 1111 1061 remaining sites congregate in poor minority and supporting membership communities, which, among 1112 1062 affluent white clusters (23 and 22 percent, respec- other things, includes the ability to provide afford- 1113 1063 tively; see Table 4, Figure 3). Specific common able loans. Wealthier or larger communities that are 1114 1064 bond categories, furthermore, are noticeably con- able to build greater assets can support wider arrays 1115 1065 centrated within certain clusters, pointing to con- of services and give out more loans. Once again, the 1116 1066 nections between cooperative finance and common bond categories display salient differences 1117 1067 racialized spaces. in this regard (see Tables 5–7). 1118 1068 Thus, employment credit unions gravitate to afflu- As a group, employment credit unions constitute 1119 1069 ent white clusters and mixed areas (29 and 49 per- 39 percent of the city’s financial cooperatives but 1120 1070 cent of locations, respectively), whereas faith-based account for 76 percent of members, 53 percent of 1121 1071 institutions are found within poor minority zones total assets, and 43 percent of the city’s total loans 1122 1072 (42 percent of locations). Affluent minority clusters (Tables 5 and 7). Although not particularly wealthy, 1123 1073 have practically no credit unions of any kind. this very large and somewhat financially secure 1124 12 Pavlovskaya et al.

1125 1176 1126 1177 1127 1178 1128 1179 1129 1180 1130 1181 1131 1182 1132 1183 1133 1184 1134 1185 1135 1186 1136 1187 1137 1188 1138 1189 1139 1190 1140 1191 1141 1192 1142 1193 1143 1194 1144 1195 1145 1196 1146 1197 1147 1198 1148 1199 Figure 6. Minority status by common bond category, 2014. 1149 1200 1150 1201 Table 4. Credit union locations by common bond and race/income spatial cluster, percent 1151 1202 1152 Alla Employmentb Ethnicc Mixedd Areac Religiouse 1203 1153 1204 1154 Affluent minority 3 4 0 6 0 2 1205 Poor minority 23 13 0 31 33 42 1155 Poor white 9 5 44 6 22 7 1206 1156 Affluent white 22 29 22 31 0 12 1207 1157 Not in cluster 42 49 33 25 44 37 1208 1158 Total percent 100 100 100 100 100 100 1209 1159 aN ¼ 156. 1210 b 1160 n ¼ 79. 1211 cn ¼ 9. 1161 dn ¼ 16. 1212 1162 en ¼ 43. 1213 1163 1214 1164 Table 5. Market share of New York City common bond categories, 2014 1215 1165 1216 Common bond type Number of institutions Membership (persons) Assets ($) Full-time employees (persons) 1166 1217 1167 All credit unions 85 802,727 $13,750,446,023 1,823 1218 1168 In percent of total by common bond 1219 1169 Employment 39 (33)a 76 53 69 1220 1170 Ethnic 4 (3) 12 20 16 1221 Mixed 8 (7) 6 23 9 1171 Area 8 (7) 3 2 3 1222 1172 Religious 41 (35) 3 2 3 1223 1173 Total percent 100 100 100 100 1224 1174 Source: Based on NCUA (2014). 1225 1175 aParentheses include the institution counts in each group totaling 85. 1226 Q1 The Place of Common Bond 13

1227 Table 6. Average characteristics of New York City common bond categories, 2014 1278 1228 1279 1229 Mean community size Mean community assets Mean community wealth Mean staff size (Full- 1280 (Membership per (Total assets per (Total deposits time employees per 1230 institution) institution)a per member)a institution) 1281 1231 1282 1232 All credit unions 9,444 $161,769,953 $14,496 21 1283 1233 Average by common bond category 1284 1234 Employment 18,409 $222,872,491 $10,898 38 1285 Ethnic 32,377 $905,189,917 $23,997 98 1235 Mixed 7,123 $449,496,377 $44,370 23 1286 1236 Area 3,138 $45,097,708 $12,733 9 1287 1237 Religious 750 $6,226,443 $7,347 2 1288 1238 Source: Based on NCUA (2014). 1289 1239 aVariable designed by authors. 1290 1240 1291 1241 Table 7. Total loans of New York City common bond categories, 2014 1292 1242 1293 Total loans Average total loans per institutiona Total loans per membera 1243 1294 1244 All credit unions $8,314,750,531 $97,820,594 $10,358 1295 1245 By common bond Percent of the total Average per category 1296 1246 Employment 43 $108,129,776 $5,874 1297 1247 Ethnic 19 $528,553,503 $16,325 1298 Mixed 34 $406,761,972 $57,109 1248 Area 3 $29,882,293 $9,521 1299 1249 Religious 1 $2,979,931 $3,972 1300 1250 Total percent 100 1301 1251 Source: Based on NCUA (2014). 1302 1252 aVariable designed by authors. 1303 1253 1304 1254 membership pools significant assets (Table 6: mem- and are generally asset-poor, whereas ethnic 1305 1255 bership per institution, total assets per institution, European cooperatives generate the most sizable 1306 6 1256 and mean community wealth ) that generate a good assets from their large membership despite its rela- 1307 1257 number of modest yet substantial loans ($6,000 per tively low wealth. In contrast, mixed bond credit 1308 1258 member). Providing services at this scale necessitates unions pool large assets from a small and well-off 1309 1259 hiring financial professionals, which practically all membership that also consumes as much as one third 1310 1260 employment credit unions do. Their office locations of city’s cooperative loan amount. 1311 1261 are mainly associated within affluent white and In conclusion, because deposits from members 1312 1262 mixed areas that are proximate to employees’ work- constitute a major source of collective assets, in the 1313 1263 places and residences, suggesting that these coopera- end, credit unions are only as wealthy as their 1314 1264 tives support social reproduction and livelihoods in membership. As a result, they find themselves on 1315 1265 these better-off urban neighborhoods. strikingly uneven financial footing that reflects pro- 1316 1266 Meanwhile, faith-based credit unions are equally found racialized class differences that stem from the 1317 1267 numerous (41 percent of institutions) but have virtu- origins of credit unions, through the common bond, 1318 1268 ally opposite characteristics. Their small membership in relatively homogeneous geographic communities 1319 1269 communities have low wealth that limits collective constituted by racial capitalism. Like these commu- 1320 1270 assets and the amounts that can be loaned. They nities, credit unions are both united by economic 1321 1271 account for just a fraction of the city’s membership, solidarity and separated by wealth differentials repro- 1322 1272 assets, and loans (3, 2, and 1 percent, respectively). duced through urban space. Subsequently, they 1323 1273 Moreover, all faith-based credit unions are located make place according to aspirations of their member- 1324 1274 in poor minority areas from which they draw mem- ship groups and with collective resources they 1325 1275 bership and to which they provide financial services. have. In the process, they both advance solidarity 1326 1276 Residential area credit unions include small economy and create exclusions that we discuss in 1327 1277 groups of residents of cooperative and public housing the next sections. 1328 14 Pavlovskaya et al.

1329 Table 8. Summary of differences between New York City common bond categories 1380 1330 1381 1331 Religious Employment Area-based Ethnic Mixed 1382 1332 Number of Large Large Small Small Small 1383 1333 institutions 1384 1334 Total assets Small Large Small Large Large 1385 1335 Total membership Small Large Small Medium Small 1386 1336 Community size Small Large Small Large Medium 1387 Average wealth size Small Medium Medium Large Large 1337 Membership Low income Middle class Low income and white Low-income and white Middle class 1388 1338 and minority and minority and white 1389 1339 Scale Local Urban Local National Urban 1390 1340 Race/ Poor minority Affluent white Poor minority/ Poor white/ Poor minority/ 1391 1341 income clusters poor white affluent white affluent white 1392 1342 Major place- Financial inclusion Noncapitalist Financial inclusion by Noncapitalist finance, Financial inclusion/ 1393 making impact by class and race finance, financial class and race financial inclusion noncapitalist 1343 inclusion by race by class finance 1394 1344 1395 1345 1396 1346 Place-Making Strategies for 2014) and used credit unions to meet their financial 1397 1347 Solidarity Economy needs in the context of redlining and financial 1398 1348 exclusion. During the decades of the Great 1399 1349 Not only membership communities but geographic Migration, Jim Crow, the Great Depression, and the 1400 1350 practices of credit unions and potential contributions civil rights movement, black churches, in particular, 1401 1351 to solidarity economy are also differentiated by com- created these safe financial spaces for rapidly growing 1402 1352 mon bond type (Table 8). Following their historic urban parishes. In New York City, some of these 1403 1353 mission, faith-based (and residential area) credit churches, with a founding date of a credit union, 1404 ’ 1354 unions provide financial inclusion that strengthens include St. Martin s (1937), Abyssinian Baptist 1405 ’ ’ 1355 social reproduction and livelihoods in low-income church (1940), St. Mark s (1943), and St. Philip s 1406 1356 communities of color and enables them to resist (1951) in Harlem; St. Augustine Presbyterian (1946) 1407 1357 marginalization by racial capitalism. Credit unions in the Bronx; and Concord Baptist Church (1951) 1408 1358 for more affluent middle-class and professional work- and Cornerstone Baptist Church (1957) in 1409 1359 ers, however, spatialize benefits of solidarity finance Brooklyn. Like churches themselves, their credit 1410 1360 into better off neighborhoods of their residence but unions directly link their service to membership to 1411 1361 in the process, they scale up cooperative finance social justice struggles (Pavlovskaya and Eletto 2018; 1412 1362 into a significant societal practice and repurpose The Concord Baptist Church n.d.). 1413 1363 considerable collective assets, using them for social During the New Deal, credit unions received gov- 1414 1364 reproduction and livelihoods instead of corporate ernment support as a means to fight poverty and 1415 1365 investment. We discuss these strategies in greater advance community development in low-income, 1416 1366 detail next and point to the exclusions they minority, and immigrant populations. As the move- 1417 1367 can create. ment expanded, rights advocacy groups created 1418 1368 financial cooperatives for their constituencies (e.g., 1419 University Settlement Society in 1940, and the 1369 Financial Inclusion: Black Churches and 1420 1370 Residential Area Credit Unions National Urban League in 1970), white working- 1421 1371 class unions—for residents of housing coops (e.g., 1422 1372 It is not by accident that poor minority clusters the Penn South Cooperative founded a credit union 1423 1373 have a large number of credit unions because in 1963), and, most recently, some black public 1424 1374 throughout the twentieth century banks denied serv- housing projects did so for their residents, too (e.g., 1425 1375 ices to these neighborhoods, only to turn to sub- Urban Upbound credit union was founded in 1426 1376 prime lending in the twenty-first century (Miller Queens in 2010; Urban Upbound FCU n.d.). Q25Q261427 1377 2015). In general, black communities survived cen- As part of highly localized and often marginalized 1428 1378 turies of violence through various forms of economic communities (e.g., a housing project or church par- 1429 1379 cooperation and solidarity (Isbister 1994; Nembhard ish), these grassroots cooperatives typically have 1430 Q1 The Place of Common Bond 15

1431 small membership and limited assets, and members geographically proximate to places of work and resi- 1482 1432 volunteer as financial officers. Restricted business dences of membership groups involved. 1483 1433 hours are scheduled, for example, around church In employment credit unions, members can share 1484 1434 worship times, which also accommodates those occupation (e.g., Local 804 credit union for delivery 1485 1435 members who move away but travel to worship and and warehouse employees), workplace (e.g., Grand 1486 1436 use church credit unions for savings in addition to Central Terminal Employees), or labor unions (e.g., 1487 1437 local financial services elsewhere. 65 Family Credit Union of Legal Services Staff 1488 1438 Financial institutions today considerably expand Association and 1199 SEIU of New York’s Health 1489 1439 their geographic coverage through automated teller and Human Service Employees Union). The already 1490 1440 machine (ATM) networks and Internet-based bank- mentioned United Nations and Municipal credit 1491 1441 ing, but small credit unions cannot afford these tech- unions have particularly huge membership and 1492 1442 nologies and many operate without even Web pages. assets; other large cooperatives include The League 1493 1443 Some even close because they fail to provide remote of Mutual Taxi Owners, Actors, Triboro Postal, and 1494 1444 1495 access to their membership. Availability of high- New York Times Employees. 1445 1496 speed Internet in poor neighborhoods is restricted, Another group of large credit unions (Italo- 1446 1497 too, and low-income populations, especially the American, Ukrainian Self-Reliance, and Polish & 1447 1498 elderly, likely lack Internet skills (Gilbert and Slavic) includes members of ethnic associations rep- 1448 1499 Masucci 2011). In these situations, practically all resenting Eastern and Southern European immi- 1449 1500 transactions require face-to-face interaction (Damar grants. Well-assimilated today, they once also had to 1450 1501 and Hunnicutt 2010; FDIC 2016; NCUA 2016b, resist financial exclusion by forming credit unions 1451 1502 56–57), making the location of a credit union within that are still located in historically white working- 1452 1503 class neighborhoods of Queens and Brooklyn and 1453 a community a crucial condition for access to basic 1504 actively used to this day. 1454 financial services. Finally, compared to larger institu- 1505 The final group of mixed bond credit unions is 1455 tions, they loan much less: A group of fourteen 1506 1456 faith-based cooperatives loaned less in 2014 than eclectic and generally asset-rich, with locations in 1507 1457 one employment credit union that loaned the least contrasting poor minority and affluent white areas 1508 1458 in this common bond category that year ($35,000 (e.g., Harlem and Midtown). Specific class interests 1509 1459 and $45,000, respectively). transpire in the structure of fields of membership of 1510 1460 Operating under pressures of racial capitalism, individual cooperatives. Greater Metro Federal 1511 1461 these credit unions continue to make place in histor- Credit Union, for example, includes the presumably 1512 1462 ically “underserved” low-income and minority urban well-to-do employees of the IBM Corporation, the 1513 ’ 1463 communities by providing access to basic financial Veterans Administration Hospital in Manhattan, 1514 1464 services. Financial inclusion enables collective resis- the Interchurch Center, Visiting Nurse Service, 1515 1465 tances to economic marginalization and makes liveli- Fedcap Rehabilitation Services, the Population 1516 1466 hoods and social reproduction more sustainable. Council, and General Theological Seminary 1517 1467 (Greater Metro n.d.). In contrast, Lower East Side 1518 People’s Federal Credit Union (LESPFCU) includes 1468 Mainstreaming Cooperative Finance and Narrowing 1519 residents and businesses from working-class neighbor- 1469 Capitalist Circulation: Employment, Ethnic 1520 1470 European, and Mixed Common Bond hoods of the Lower East Side, Central and East 1521 1471 Harlem, and the North Shore of Staten Island. 1522 1472 On the other end of the spectrum, large and Moreover, LESPFCU extends membership to all 1523 1473 asset-rich credit unions with employment, ethnic low-income New Yorkers and residents of limited- 1524 1474 European associational, and mixed common bond equity housing co-ops (LESPFCU 2016) that allowed 1525 1475 provide services to middle-class and professional for accumulating considerable assets from this broad 1526 1476 workers who, despite varying degrees of affluence, do base and qualifying for government grants that 1527 1477 not face extreme financial exclusion and collectivize increased significantly its loaning capacity. 1528 1478 assets by choice. Through mobile banking and net- The groups of employment, ethnic European, and 1529 1479 works of branch offices, their services are available mixed bond credit unions that provide services to 1530 1480 city-wide, but locations still gravitate to centrally large and relatively well-off urban communities 1531 1481 accessible Midtown Manhattan, which is also together account for a remarkable 94 percent of the 1532 16 Pavlovskaya et al.

1533 1584 1534 1585 1535 1586 1536 1587 1537 1588 1538 1589 1539 1590 1540 1591 1541 1592 1542 1593 1543 1594 1544 1595 1545 1596 1546 1597 1547 1598 1548 1599 1549 1600 1550 1601 1551 1602 1552 1603 1553 Figure 7. Credit unions in Jamaica, Queens and surrounding areas. 1604 1554 1605 city’s credit union membership and 96 percent of Exclusions of the Common Bond: Jamaica, Queens 1555 7 1606 1556 assets (Table 5). In other words, cooperative and Areas Without Credit Unions 1607 finance today is largely a noncapitalist economy for 1557 Despite their general alignment with solidarity 1608 middle classes that does not directly advance the 1558 economy, the fact that social and spatial boundaries 1609 well-being of the most marginalized. An optimistic 1559 drawn through the common bond both include and 1610 1560 reading of this situation, however, is that it shows 1611 that credit unions have very broadly applicable use- exclude should not be overlooked. These exclusions 1561 are well illustrated by the predominantly black and 1612 1562 fulness and genuine appeal. Moreover, the embrace 1613 Hispanic neighborhood of Jamaica located to the 1563 by middle class has turned solidarity finance into a 1614 north of Kennedy Airport in the borough of Queens. 1564 mainstream economic practice with potentially far- 1615 It contains several employment credit unions, 1565 reaching implications for social transformation 1616 making it tempting to assume that its low-income 1566 because this politically ambiguous but culturally 1617 residents have good access to solidarity finance 1567 powerful group has the capacity to define the direc- 1618 1568 tion of change (Lawson and Elwood 2014). (Figure 7). The employment common bond, how- 1619 1569 Finally, by virtue of banking with credit unions, ever, requires a connection to participating employ- 1620 1570 middle classes collectively remove from direct capi- ers; it does not include those who simply live 1621 1571 talist investment and funnel into social reproduc- nearby, and eligible employees most likely live in 1622 1572 tion and livelihoods large financial assets. Although better off neighborhoods elsewhere. 1623 1573 they most certainly remain connected to capitalist In theory, local residents still could join if fields 1624 1574 forms of employment and consumption through of membership of these credit unions included their 1625 1575 their members, it is possible to argue that by put- neighborhood, but they do not. Thus, many of the 1626 1576 ting collective assets at the service of social mis- 15 offices of Municipal Credit Union are located in 1627 1577 sion, credit unions reduce the power of financial minority clusters throughout the city (including two 1628 1578 capital, the very engine of modern capitalism, and in Queens, east of Jamaica and in Corona/Elmhurst), 1629 1579 narrow capitalist circulation. Once made visible but its fields of membership include only govern- 1630 1580 and politically potent, large-scale repurposing of ment employees, college students, and certain health 1631 1581 collectively held financial assets could constitute an workers and do not specify any geographic territories, 1632 1582 important force in transformation toward solidar- which effectively excludes local residents (Municipal 1633 1583 ity economy. Credit Union 2016). The same is true for NY Team, 1634 Q1 The Place of Common Bond 17

1635 1686 1636 1687 1637 1688 1638 1689 1639 1690 1640 1691 1641 1692 1642 1693 1643 1694 1644 1695 1645 1696 1646 1697 1647 1698 1648 1699 1649 1700 1650 1701 1651 1702 1652 1703 1653 1704 1654 1705 1655 1706 1656 1707 1657 Figure 8. Fields of membership of Qside (Queens NYC) Federal Credit Union. 1708 1658 1709 1659 1710 1660 a credit union for transportation workers of the Long either near the edge of this area or far beyond, 1711 1661 Island Rail Road Company, Metropolitan which precludes their use by eligible residents of 1712 1662 Transportation Authority, Staten Island Rapid Jamaica and, particularly, of Corona/Elmhurst and 1713 1663 Transit, Amtrak, Conrail, NJ Transit, and Metro Flushing/Murray Hill further north because distances 1714 1664 North. Its location near the transportation hub in are too far to travel on a regular basis. 1715 1665 Jamaica is convenient for these workers, but nearby What we observe in these cases is that, even if 1716 1666 residents cannot participate (NY Team 2016). located in poor minority areas, employment credit 1717 1667 People’s Alliance (PAFCU), too, has offices in unions can exclude their residents through the com- 1718 1668 Jamaica as well as the nearby Kennedy Airport and mon bond, fields of membership, or distance. That 1719 1669 Brooklyn. In addition to specific employees, its fields is, they might be geographically present but not 1720 1670 of membership curiously include territories in upstate involved with place and instead strengthen the mid- 1721 1671 New York, church parishes and three community dle-class neighborhoods in which their mem- 1722 1672 board districts in Brooklyn, and even two places in bers live. 1723 1673 Florida, but not the neighborhoods near its offices in Finally, there are areas where credit unions do not 1724 1674 Jamaica and Brooklyn, and their residents cannot exist or are few (Figure 3). Residents of affluent 1725 1675 join (PAFCU 2016). white clusters of Staten Island, the Upper East Side 1726 1676 That said, some such credit unions specifically and the Upper West Side in Manhattan, and 1727 1677 invite marginalized communities to join such as Riverdale in the Bronx obviously can use a nearby 1728 1678 Qside (or Queens NYC), a cooperative for utility bank or join credit unions through their employers. 1729 1679 companies including ConEdison and New York Other areas without credit unions overlap with poor 1730 1680 Power Authority, which operates the Indian Point minority clusters in Brooklyn (East New York, 1731 1681 nuclear power plant. It offers membership to those Bushwick, Brownsville, East Flatbush), the Bronx, 1732 1682 who live, work, study, or worship in the area of and Queens, as well as in poor white clusters of 1733 1683 Queens delineated by a special map (Figure 8) that Brooklyn’s Coney Island and Bensonhurst. These 1734 1684 partially overlaps with minority clusters from Figure neighborhoods likely suffer from financial exclusion 1735 1685 Q4 3 (Qside 2016). Its offices, however, are located and predation by AFSPs and would benefit the most 1736 18 Pavlovskaya et al.

1737 from creation of credit unions with a locally inclu- geography, scholarship on racial capitalism, and geo- 1788 1738 sive common bond. graphic scholarship on diverse and solidarity econ- 1789 1739 omy, urban space, and place making. 1790 1740 One of the most important takeaways from our 1791 1741 Lessons and Conclusions study is that the common bond defines social and 1792 1742 1793 Dating back to their founding, credit unions have spatial boundaries of membership groups in relation 1743 to geographies of white privilege and minority mar- 1794 1744 been lifelines to communities through times of eco- 1795 nomic adversity and in the face of racial exclusion ginalization. Because they originate in communities 1745 shaped by these geographies in the first place, credit 1796 1746 and predatory lending. The New Deal policies have 1797 transformed them into a national network of collec- unions express their racialized wealth and diverging 1747 aspirations and, being only as rich as their member- 1798 1748 tive financial services for diverse social groups. With 1799 time, the grassroots movement has evolved into ship, have uneven capacity to shoulder its economic 1749 needs. Marginalized communities that would benefit 1800 1750 modern cooperatives that to this day function as 1801 noncapitalist economic institutions, despite all the the most from solidarity finance have the least in 1751 terms of assets and resources, whereas middle and 1802 1752 challenges they face operating within the capitalist 1803 professional classes whose needs are met by large and 1753 system. Bound to place, they foreground solidarity 1804 asset-rich institutions are the main beneficiaries of 1754 instead of profit maximization, have a democratic 1805 solidarity finance today. 1755 governance structure, and distribute income back to 1806 Instead of adding another pessimistic account 1756 communities that collectively own them. Despite 1807 about co-optation of credit unions by capitalism, we 1757 being widely used, the U.S. credit unions lack prom- 1808 have offered a nuanced reading of their horizons and 1758 inence in social imaginaries and public discourses. 1809 limitations. We conclude that numerous credit 1759 Realizing their potential through policy and popular 1810 unions of historic black churches make place in the 1760 involvement requires that we understand both their 1811 most marginalized areas through financial inclusion 1761 larger footprint and their internal differentiations as 1812 1762 place-making organizations within contexts shaped in the traditions of social justice and solidarity. In 1813 1763 by racial capitalism. stark contrast to capitalist banks that desert these 1814 1764 This article examined how credit unions make neighborhoods and predatory financial services that 1815 1765 place through the lens of diverse and solidarity econ- profit from them, they enable local communities to 1816 1766 omies, feminist and critical GIS scholarship, critical collectively resist economic marginalization and sus- 1817 1767 financial geography, and geographic scholarship tain social reproduction. Meanwhile, large credit 1818 1768 about place. Whereas they are typically seen as parts unions linked to employment, ethnic European asso- 1819 1769 of the capitalist system inferior to banks, we interro- ciations, and mixed common bond provide services 1820 1770 gated them as noncapitalist institutions with a role to the relatively prosperous middle and professional 1821 1771 to play in the transformation toward the solidarity classes who no longer have to fight poverty and col- 1822 1772 economy. In the process, we “mapped for difference” lectivize assets by choice. In this case, benefits of sol- 1823 1773 credit unions based on their common bond type, a idarity finance are being sedimented in wealthier 1824 1774 legal principle that defines their social and spatial communities, which at times is amplified by exclud- 1825 1775 nature, which became a key for understanding how ing poor communities from membership even if the 1826 1776 geographies of racial capitalism affect their place- institutions themselves are located within their bor- 1827 1777 making strategies. We developed these insights by ders. Credit unions, therefore, can reproduce class 1828 1778 investigating the case of cooperative finance in New and racial lines of separation right in the heart of 1829 1779 York City using a combination of geospatial and the neighborhoods that are constituted by the other. 1830 1780 qualitative methods. The largest urban center in the These circumstances point to the challenges 1831 1781 United States, it provides a rich context for under- inherent to the idea of common bond that forms 1832 1782 standing how contemporary credit unions make around dimensions of spatial and social difference 1833 1783 place and constitute their membership through social instead of across those dimensions. Depending on a 1834 1784 and spatial inclusion and exclusion. These findings situation, it can act as a source of collective resis- 1835 1785 are applicable to all credit unions and relevant to tance and solidarity or lead to concentration of 1836 1786 examining their potential in other locations. Our advantages among more privileged members and 1837 1787 research makes a contribution to critical financial neighborhoods. The lesson for credit unions is to 1838 Q1 The Place of Common Bond 19

1839 find ways to share the benefits across class and race Notes 1890 1840 that in the end would empower all participating 1891 1841 1. Calculated by authors using 2014 NCUA and census 1892 social actors. For example, fields of membership data for the population fifteen to sixty-four 1842 should include nearby communities, disregarding the years old. 1893 1843 common bond type. The possibilities of area-based 2. Nonprofit enterprises survive through philanthropy. 1894 1844 credit unions should be examined further to assure 3. Local businesses often cannot take loans from credit 1895 1845 the inclusion of those who need them the most. unions because of these restrictions. Low-income or 1896 1846 CDFI status provides more opportunities for Q301897 At the same time, participation of the racially investment and using additional capital 1847 diverse middle and professional classes demonstrates (Pavlovskaya and Eletto 2018). 1898 1848 practical usefulness of economic solidarity beyond 4. For 2015, we calculated the share of credit union 1899 1849 the poor and diverts significant financial resources members in the economically active population aged 1900 1850 fifteen to sixty-four years at 50.3 percent and their 1901 from capitalist corporate investment into livelihoods share in the labor force at 65.4 percent counting 1851 and social reproduction. In the long term, such 1902 1852 those over sixteen years of age and employed or 1903 large-scale repurposing of assets will continue to nar- seeking employment (World Council of Credit 1853 row capitalist circulation by diminishing capacities Unions 2012; Bureau of Labor Statistics 2014). 1904 1854 1905 of financial capital, the very engine of modern capi- 5. Calculated using NCUA data (see https://www.ncua. 1855 gov/newsroom/Pages/news-2017-june-ncua-releases-q1- 1906 talism. The ability to resist economic marginalization 1856 credit-union-system-performance-data.aspx). 1907 and strengthen place through collective solidarities 1857 6. Community wealth is measured by dividing total 1908 together with large-scale participation of the middle deposits by membership. 1858 1909 class holds a radical promise that credit unions could 7. Although people might also have accounts in major 1859 1910 be, and have already become to a certain degree, a banks, the point is that they chose cooperative 1860 finance nevertheless. 1911 financial model for solidarity economy practiced at 1861 1912 the societal scale. Being a product of grassroots 1862 1913 activism and government support that waned under 1863 Acknowledgments 1914 1864 neoliberalism, credit unions need to renew politics 1915 1865 around financial solidarities. Middle classes, their The authors would like to thank students who 1916 1866 major beneficiaries today, should exercise their cul- participated in Dr. Pavlovskaya’s GIS for Social 1917 1867 tural power for creating explicit popular support for Justice class in Fall 2011, Fall 2015, and Fall 2017 1918 1868 collective financial institutions. for their enthusiasm about the solidarity economy 1919 1869 As more people and governments join assets for and stimulating intellectual environment. We partic- 1920 1870 achieving shared social goals, the power of capitalist ularly appreciate the research assistance of Hunter 1921 1871 finance would be drastically reduced while ever Geography MA students Robert Eletto, Jordan Leff, 1922 greater financial resources would be collectivized and 1872 and Gabriel Schuster, and the editorial help of 1923 mobilized for social purposes and sustainable devel- 1873 Chelsea Richardson from Haverford College. We are 1924 opment—all while the use of these resources would 1874 grateful to Matt Herman, Hunter Sociology MA 1925 be accountable to democratic governance. As society 1875 graduate student, for research assistance and com- 1926 changes, so do its institutions, making it appropriate, 1876 ments on the earlier version of the article. Many 1927 as we have already urged, to rethink creatively the 1877 thanks to Dr. Emily Kawano from the U.S. 1928 common bond so that it consistently strengthens 1878 Solidarity Network. We are grateful to three anony- 1929 1879 place across class and race lines. To this end, credit 1930 mous reviewers whose comments have helped us to 1880 unions themselves need to deepen cooperation and 1931 sharpen our arguments and made the paper consider- 1881 share resources across common bond categories that 1932 ably stronger. All mistakes are those of the authors. 1882 will strengthen the movement as a whole. 1933 1883 These considerations only elevate the necessity of 1934 1884 further study, because the solidarity economy does Funding 1935 1885 not develop in a vacuum, and numerous cooperative 1936 1886 arrangements that stubbornly originate even within This work was supported by research awards from 1937 1887 racial capitalism will likely contend with comparable the National Science Foundation (#BCS-1340030, 1938 1888 contradictions working through which requires a “Mapping the Solidarity Economy in the United 1939 1889 combined grassroots and policy effort. States”) and PSC-CUNY (#67762-00 45 “Mapping 1940 20 Pavlovskaya et al.

1941 the Invisible Solidarity Economy of New Dore, R. 2008. Financialization of the global economy. 1992 1942 York City”). Industrial and Corporate Change 17 (6):1097–1112. 1993 1943 doi: 10.1093/icc/dtn041. 1994 1944 Dougherty, D. 2016. TruMark financial credit union: A 1995 case study. In Exploring cooperatives: Economic democ- 1945 ORCID racy and community development in Pennsylvania and 1996 1946 Wisconsin, ed. C. Borowiak, R. Dilworth, and A. 1997 1947 Stephen Healy http://orcid.org/0000-0002- Reynolds, 159–62. Madison: University of Wisconsin- 1998 1948 2394-3488 Extension. 1999 Federal Deposit Insurance Corporation (FDIC). 2013. 1949 Statistics at a glance. Report by Federal Deposit 2000 1950 References Insurance Corporation. Q72001 1951 Federal Deposit Insurance Corporation (FDIC). 2016. 2002 1952 Avery, R., R. Bostic, P. Calem, and G. Canner. 1997. 2015 FDIC national survey of unbanked and under- 2003 1953 Changes in the distribution of banking offices. Federal banked households. Report by Federal Deposit 2004 – Insurance Corporation. Q8 1954Q5 Reserve Bulletin 707 25. 2005 Barr, M. 2004. Banking the poor. Yale Journal on Fuller, D. 1998. Credit union development: Financial 1955 Regulation 21:121–41. inclusion and exclusion. Geoforum 29 (2):145–57. 2006 1956 Borowiak, C. 2015. Mapping social and solidarity econ- doi: 10.1016/S0016-7185(98)00009-8. 2007 1957 omy: The local and translocal evolution of a concept. Fuller, D., and M. Mellor. 2008. Banking for the poor: 2008 Addressing the needs of financially excluded commu- 1958 In Social economy in China and the world, ed. N. Pun, 2009 B. Hok-Bun Ku, H. Yan, and A. Koo, 17–40. London nities in Newcastle upon Tyne. Urban Studies 45 1959 and New York: Routledge. (7):1505–24. doi: 10.1177/0042098008090686. 2010 1960 Borowiak, C., M. Safri, S. Healy, and M. Pavlovskaya. Gibson-Graham, J. K. 2006. A postcapitalist politics. 2011 1961 2017. Navigating the fault lines: Race and class in Minneapolis: University of Minnesota Press. 2012 1962 Philadelphia’s solidarity economy. Antipode 50 Gilbert, M., and M. Masucci. 2011. Information and com- 2013 (3):577–603. doi: 10.1111/anti.12368. munication technology geographies: Strategies for bridging 1963 Bureau of Labor Statistics. 2014. Labor force statistics the digital divide. Critical Topographies Series. Praxis 2014 1964 from the current population survey. Accessed March 31, (e) Press. Q102015 1965 2014. http://data.bls.gov/pdq/SurveyOutputServlet?request_ Goddard, J., D. McKillop, and J. Wilson. 2002. The 2016 1966 action=wh&graph_name=LN_cpsbref1. growth of US credit unions. Journal of Banking & 2017 Finance 26 (12):2327–56. doi: 10.1016/S0378- 1967 Colwell, T. 2017. Making sense of alternative and second- 2018 ary capital. Credit Union Journal, July 14. https://www. 4266(01)00203-5. 1968 cujournal.com/opinion/making-sense-of-alternative-and- Graham, J., and S. Healy. 2008. Building community 2019 1969Q28 secondary-capital. economies: A postcapitalist project of sustainable 2020 1970 Concord Federal Credit Union. n.d. Accessed April 24, development. In Economic representations: Academic 2021 – 1971 2018. http://www.concordcares.org/social-justice car- and everyday, ed. D. Ruccio. Psychology Press. Q112022 Q24 ing/concord-federal-credit-union. Graves, S. M. 2003. Landscapes of neglect: A location 1972 Cornwell, J. 2012. Worker co-operatives and spaces of analysis of payday lenders and banks. The Professional 2023 1973 possibility: An investigation of subject space at col- Geographer 55:303–17. 2024 1974 lective copies. Antipode 44 (3):725–44. doi: 10.1111/j. Greater Metro. n.d. Membership. Accessed May 1, 2018. 2025 1975Q6 1467-8330.2011.00939.x. https://www.greatermetrofcu.org/services/membership/ 2026 Crampton, J. 2009. Cartography: Performative, participa- #Membership%20Eligibility. Q12 1976 tory, political. Progress in Human Geography 33 Hall, S. 2012. Geographies of money and finance II: 2027 1977 (6):840–48. doi: 10.1177/0309132508105000. Financialization and financial subjects. Progress in 2028 1978 Crump, J., K. Newman, E. Belsky, P. Ashton, D. Kaplan, Human Geography 36 (3):403–11. doi: 10.1177/ 2029 1979 D. Hammel, and E. Wyly. 2008. Excerpts from cities 0309132511403889. 2030 1980 destroyed (again) for cash: Forum on the U.S. fore- Harvey, D. 2015. Seventeen contradictions and the end of 2031 closure crisis. Urban Geography 29 (8):745–84. doi: capitalism. Oxford, UK: Oxford University Press. 1981 10.2747/0272-3638.29.8.745. Healy, S. 2009. Alternative economies. In The interna- 2032 1982 Damar, E., and L. Hunnicutt. 2010. Credit union mem- tional encyclopedia of human geography, ed. N. Thrift 2033 1983 bership and use of internet banking technology. BE and R. Kitchin. Oxford, UK: Elsevier. Q132034 1984 Journal of Economic Analysis & Policy 10 (1):38. Healy, S., C. Borowiak, M. Pavlovskaya, and M. Safri. 2035 DeFilippis, J. 2001. On community, economic develop- 2018. Commoning and the politics of solidarity: 1985 ment and credit unions: The case of Bethex FCU and Transformational responses to poverty. Geoforum 28. 2036 1986 the South Bronx. On-Line Conference on doi: 10.1016/j.geoforum.2018.03.015. Q142037 1987 Community Organizing and Development. Accessed Hudson, L. 2018. New York City: Struggles over the nar- 2038 1988 July 27, 2017. http://comm-org.wisc.edu/papers.htm. rative of the solidarity economy. Geoforum. doi: 10. 2039 Deller, S., and R. Sundaram-Stukel. 2012. Spatial patterns 1016/j.geoforum.2018.04.003. Q15 1989 in the location decisions of US credit unions. The Huron, A. 2018. Carving out the commons: Tenant organiz- 2040 1990 Annals of Regional Science 49 (2):417–45. doi: 10. ing and housing cooperatives in Washington, D.C. 2041 1991 1007/s00168-011-0457-1. Minneapolis: University of Minnesota Press. 2042 Q1 The Place of Common Bond 21

2043 Kasperkevic, J. 2014. Credit unions prosper as banks turn Pavlovskaya, M. 2015. Post-Soviet welfare and multiple 2094 2044 their backs on more Americans. The Guardian, economies of households in Moscow. In Making other 2095 2045 August 8.Kear, M. 2013. Governing homo subprimi- worlds possible: Performing diverse economies, ed. G. 2096 2046 cus: Beyond financial citizenship, exclusion, and Roelvink, K. St. Martin, and J. K. Gibson-Graham, 2097 rights. Antipode 45 (4):926–46. doi: 10.1111/j.1467- 269–95. Minneapolis: University of Minnesota Press. 2047 8330.2012.01045.x. Pavlovskaya, M., and J. Bier. 2012. Mapping census data 2098 2048 Loomis, J. 2018. Rescaling and reframing poverty: for difference: Towards the heterogeneous geographies 2099 2049 Financial coaching and the pedagogical spaces of of Arab American communities of the New York 2100 2050 financial inclusion in Boston, Massachusetts. metropolitan area. Geoforum 43 (3):483–96. doi: 10. 2101 – 2051 Geoforum 95:143 52. doi: 10.1016/j.geoforum.2018. 1016/j.geoforum.2011.10.007. 2102 06.014. Pavlovskaya, M., and R. Eletto. 2018. Credit unions, class, 2052 Lower East Side People’s Credit Union (LESPFCU). race, and place in New York City. Geoforum. doi: 10. 2103 2053 2016. Who can join? How do I join? Lower East Side 1016/j.geoforum.2018.05.020. Q212104 2054 People’s Federal Credit Union. Accessed August 3, People’s Alliance Federal Credit Union (PAFCU). 2016. 2105 2055 2016. https://lespeoples.org/aboutus/howdoijoin/. People’s Alliance Federal Credit Union membership. 2106 2056 Lune, H., and M. Martinez. 1999. Old structures, new Accessed August 3, 2016. http://www.pafcu.org/ 2107 relations: How community development credit unions membership/. 2057 define organizational boundaries. Sociological Forum 14 Pollard, J., and M. Samers. 2007. Islamic banking and 2108 2058 (4):609–34. finance: Postcolonial political economy and the 2109 2059 Massey, D. 1994. A global sense of place. In Space, place, decentring of economic geography. Transactions of the 2110 2060 and gender, 146–56. Minneapolis: University of Institute of British Geographers 32 (3):313–30. doi: 10. 2111 2061 Q16 Minnesota Press. 1111/j.1475-5661.2007.00255.x. 2112 McKittrick, K. 2011. On plantations, prisons, and a black Public Service Credit Union (PSCU). 2017. The differ- 2062 sense of place. Social & Cultural Geography 12 ence between credit unions and banks. Public Service 2113 2063 (8):947–63. doi: 10.1080/14649365.2011.624280. Credit Union. Accessed September 11, 2017. https:// 2114 2064 Miller, M. 2015. Social finance in black geographies: A www.pscu.org/membership/credit-union-difference/. 2115 2065 statistical analysis of locations in Los Angeles Qside. 2016. Queens NYC credit union: Qside federal 2116 2066 County. Harvard Journal of African American Public credit union how to join. Accessed August 3, 2016. 2117 Q17 Policy 78–91. http://www.qsidefcu.org/aboutmembership.aspx. 2067 Mitchell, T. 2005. The work of economics: How a disci- Reckard, E. S. 2011. Saying goodbye to your bank. Los 2118 2068 pline makes its world. European Journal of Sociology 46 Angeles Times, October 30. 2119 2069 (2):297–320. doi: 10.1017/S000397560500010X. Robinson, C. J. [1983] 2000. Black Marxism: The making 2120 2070 Mook, L., J. Maiorano, and J. Quarter. 2015. Credit of the black radical tradition. Chapel Hill: University of 2121 2071 unions: Market niche or market accommodation? North Carolina Press. 2122 Nonprofit and Voluntary Sector Quarterly 44 Roelvink, G., K. St. Martin, and J. K. Gibson-Graham, 2072 (4):814–31. doi: 10.1177/0899764014538121. eds. 2015. Making other worlds possible: Performing 2123 2073 Municipal Credit Union. 2016. MCU: Join MCU become diverse economies. Minneapolis: University of 2124 2074 a member. Accessed August 3, 2016. http://www. Minnesota Press. 2125 2075 nymcu.org/joinmcu/whocanjoin.aspx. Rose, J. M. 1971. Low income credit unions and con- 2126 2076 National Credit Union Association (NCUA). 2014. sumer utility deposits: Making credit available with 2127 National Credit Union Association 2014 directory of community resources. Journal of Urban Law 48. Q22 2077 federally insured credit unions. https://www.ncua.gov/ Safri, M., and J. Graham. 2010. The global household: 2128 2078 Q18 analysis/Pages/call-report-data/quarterly-data.aspx. Toward a feminist postcapitalist international politi- 2129 2079 National Credit Union Association (NCUA). 2016a. cal economy. Signs: Journal of Women in Culture and 2130 2080 Credit union deposits surpass $1 trillion. Accessed Society 36 (1):99–126. doi: 10.1086/652913. 2131 2081 March 31, 2017. https://www.ncua.gov/newsroom/ Safri, M., S. Healy, C. Borowiak, and M. Pavlovskaya. 2132 Pages/news-2016-march-call-report-data.aspx. 2017. Putting the solidarity economy on the map. 2082 National Credit Union Association (NCUA). 2016b. The Journal of Design Strategies 9 (1):71–83. 2133 2083 Minority depository institutions annual report 2016. Schram, S. 2015. The return of ordinary capitalism: 2134 2084 Q19 National Credit Union Association. Neoliberalism, precarity, occupy. New York: Oxford 2135 2085 Nembhard, J. G. 2014. Collective courage: A history of University Press. 2136 African American cooperative economic thought and prac- Sibbald, S., and A. Sibbald. 2003. Examination of econo- 2086 tice. University Park, PA: Penn State University mies of scale in credit unions: A New Zealand study. 2137 2087 Press. Applied Economics 35 (11):1255–64. doi: 10.1080/ 2138 2088 New America. n.d. Where are financial services located? 00036840210148012. 2139 2089 Accessed March 15, 2018. http://in-depth/mapping- Smyth, A. 2017. Re-reading remittances through solidar- 2140 2090 financial-opportunity/where-are-financial-services- ity: Mexican hometown associations in New York 2141 located/. City. Geoforum 85:12–19. doi: 10.1016/j.geoforum. 2091 NY Team. 2016. NY Team FCU membership page. 2017.06.025. 2142 2092 Accessed September 2, 2016. http://www.nyteamfcu. SolidarityNYC. n.d. Accessed April 3, 2018. http://solidar- 2143 2093 org/membership.htm. itynyc.org/. Q232144 22 Pavlovskaya et al.

2145 Stango, V. 2012. Are payday lending markets competi- E-mail: [email protected] 2196 2146 tive? Despite their claims, credit unions seem unable interests include urban and feminist geography, criti- 2197 2147 to offer competitive payday loans. Regulation 35 cal cartography and GIS, postsocialism, diverse econ- 2198 2148 (3):26. 2199 St. Martin, K., G. Roelvink, and J. K. Gibson-Graham. omies, and solidarity economy. 2149 2200 2015. Introduction: An economic politics for our CRAIG BOROWIAK is an Associate Professor in the 2150 times. In Making other worlds possible: Performing 2201 2151 diverse economies, ed. G. Roelvink, K. St. Martin, and Department of Political Science at Haverford College, 2202 2152 J. K. Gibson-Graham, 1–25. Minneapolis: University Haverford, PA 19041. E-mail: [email protected]. 2203 of Minnesota Press. 2153 His research interests include postcapitalist politics, 2204 University of Wisconsin Center for Cooperatives. 2017. the transnational solidarity economy movement, and 2154 Credit unions: Research on the economic impact of 2205 2155 cooperatives. Accessed September 11, 2017. http:// the effects of platform technologies on labor condi- 2206 2156 www.reic.uwcc.wisc.edu/CU/. tions and labor organizing. 2207 j 2157 Urban Upbound FCU. n.d. Federal Credit Union Urban 2208 Upbound. Accessed April 23, 2018. http://urbanup- MALIHA SAFRI is Associate Professor and Chair of 2158 bound.org/what_we_do/federal-credit-union/. the Economics and Business Department at Drew 2209 2159 U.S. Solidarity Economy Network. n.d. U.S. Solidarity University, Madison, NJ. E-mail: [email protected]. 2210 2160 Economy Network. Accessed April 3, 2018. https:// Her research interests include political economy, 2211 2161 ussen.org/. migration, and social and solidarity economies. 2212 Utting, P., ed. 2015. Social and solidarity economy: Beyond Q29 2162 2213 the fringe? London: Zed Books. STEPHEN HEALY is a Senior Research Fellow at 2163 2214 Weber, R. 2010. Selling city futures: The financialization the Institute for Culture and Society, Western 2164 of urban redevelopment policy. Economic Geography 86 2215 Sydney University, Parramatta NSW 2751, Australia. 2165 (3):251–74. doi: 10.1111/j.1944-8287.2010.01077.x. 2216 E-mail: [email protected] 2166 Yi, E. 2009. When a credit union beats a bank. Forbes 2217 Magazine, August 26. research focuses on diverse economic practices, sub- 2167 2218 jectivity, and social transformation. 2168 MARIANNA PAVLOVSKAYA is a Professor in 2219 2169 the Department of Geography and Environmental ROBERT ELETTO completed his master’s degree in 2220 2170 Science at Hunter College and the Earth and Geography at Hunter College in 2012 and has since 2221 2171 Environmental Sciences PhD program at pursued a nonacademic career in film production 2222 2172 CUNY Graduate Center, New York, NY 10065. and other areas. 2223 2173 2224 2174 2225 2175 2226 2176 2227 2177 2228 2178 2229 2179 2230 2180 2231 2181 2232 2182 2233 2183 2234 2184 2235 2185 2236 2186 2237 2187 2238 2188 2239 2189 2240 2190 2241 2191 2242 2192 2243 2193 2244 2194 2245 2195 2246