Whether it is attending school, working, recreation, or belonging to an organization, the daily routine of has, and continues to change.
One thing that we take for granted is access to the money we keep in our savings accounts. On January 1, 1990 all of this changed when, as a result of the embezzlement of thirteen millions dollars, the Rhode Island Share and Deposit Indemnity Corporation (RISDIC), a private insurer which backed 45 of the state’s credit unions and banks, was forced to close these facilities. Most of them were credit unions.
By State law they could not operate without insurance, so, in order to reopen, they had to obtain Federal Insurance (FDIC). Many people lost much of their savings, or were unable to access their accounts for an extended period of time. This was the case of Harold and Gloria Russell, owners of a local liquor store, who represent the plight of many small business owners, and families, in the area:
*See What is Richmond/Town of Many Villages/Wyoming