SMITHFIELD – A new documentary about the Rhode Island credit union crisis in 1991 is slated to premier Nov. 13 at Bryant University.
The film, titled “Crisis of Confidence: The Rhode Island Credit Union Collapse,” looks back to Jan. 1, 1991, when then-Gov. Bruce Sundlun marked his first day in office by shutting down 45 financial institutions to prevent a complete collapse of the state’s credit union system. The film points out how the financial meltdown affected citizens across Rhode Island, as $1.7 billion in assets were frozen in more than 350,000 accounts.
“The human impact was just terrible,” said former R.I. Attorney General Arlene Violet, one of the public leaders featured in the film. “People had all their livings savings frozen. Perhaps the hardest-hit group of all were the so-called ‘little guys’ and ‘little gals’ who had businesses.”
The event, which is free of charge and open to the public, also features a presentation of a case study on the crisis by Melissa Prosky. There will also be a response panel with John Marion, executive director of Common Cause Rhode Island; Ross Cheit, professor of political science at Brown University and chairman of the R.I. Ethics Commission; and John Kostrzewa, adjunct professor of writing at Bryant University and former business editor of the Providence Journal.
Advance registration to attend is required. The event will be in the Stepan Grand Hall in the Bello Center at Bryant University, 1150 Douglas Pike in Smithfield. The event starts at 7 p.m. It is being held in partnership with Common Cause Rhode Island.
Bryant’s Hassenfeld Institute for Public Leadership welcomes the public to email personal stories about their experiences during the Rhode Island credit union crisis at celder1@bryant.edu. Some of these reflections may be published in an online forum devoted to the crisis. For more information, send inquires to the same email address, call (401) 232-6193 or visit Hassenfeld.bryant.edu.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
