They had an Obra Social (social works) that financed welfare and arts projects. I remember frequently visiting the exhibitions of one of the cajas near my high school. After Franco, party politicians and trade union leaders were appointed to their governing boards, with disastrous consequences. From the same article:
The reasons why the cajas imploded can be traced back to a 1985 act which altered the composition of the governing bodies by trusting the boards of directors to political parties and trade unions. Over time, the financial crisis unveiled what has been defined as “a culture of greed, cronyism and political meddling” within the cajas, including boards stuffed with political placements generally incapable of analysing the banks’ books, often limiting themselves to rubber-stamp decisions. Board members typically rewarded themselves with well-paid positions, luxury foreign trips and soft loans.
