The Lower East Side People's Federal Credit Union's plans to celebrate its 25th anniversary took an odd twist when it decided to honor the Occupy Wall Street protests.

The credit union, which serves low-income families, made the decision knowing that one of its financial sponsors was none other than Goldman Sachs, which epitomizes the enemy in the eyes of many protestors. Unsurprisingly, the gilded bank did not look kindly on the surprise development. According to media reports, it pulled its $5,000 donation and pulled out of the event all together. You certainly cannot blame them.

Other banks similarly decided not to participate. Capital One perhaps had the most interesting response. It withdrew its name as a participant at the actual event but it did not cancel its $5,000 contribution. It made the decision because it continues to support the work and goals of the credit union in terms of expanding access to banking services. That strikes us as a reasonable compromise. Goldman Sachs might have been wise to follow suit. But then again, Capital One hasn't been in the cross-hairs of the protesters the way Goldman Sachs has been. Goldman Sachs has also contributed to a financial education program run by the credit union. Let's hope that contribution will survive.

For more:
- here's an article from the NYDN

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