Lets start our own CRH credit union up. Im 100% serious

[50cent]

Let's start our own CRH credit union up. I'm 100% serious

Citizens of T-net, readers, posters, mods, admins, and homies,

In light of recent events, I propose a new idea. But first, these recent events must be described. People are seeing organizations like Bank of America denying them service, refusing to exchange cash for bagged coins, refusing to order it. And we as coin roll hunters are starting to be nickeled and dimed by banks the world over, just for ordering and exchanging cash.

So, what is to be done? Well, we in theory could open our own credit union. We have 1000s of members on this site, 10x this amount in readers. I think it's doable. We will setup contracts with garda, loomis, dunbar, and every darn carrier out there. Install coin counting machines in every location. Late hours. Weekend hours. Cherry pickers will be fired. Rude people will not be considered for employment. Fair wages to good tellers. Silver safety deposit boxes. Services to dump and pickup at the same location using different carriers. Keurig Machines and Free coffee. I can see it now.

Treasure and Coin Hunters Federal Credit Union will be the name. I will a make motion, right now, to appoint Jeff-of-PA president of the CU if it ever comes to fruition.

Please post if you are interested. If we get the ball rolling, we can do this. Below are the steps. Let's do this.

How to start a credit union

1. Find something in common. Credit union members are a collective group having a common bond:

Occupation -- Employees of the same company.
Association -- Members of a professional and trade association, fraternal order, labor or church group.
Community -- Residents of the same well-defined neighborhood, community or rural district.
Income -- Low-income members can contact the National Federation of Community Development Credit Unions. Click here for more information.

2. Get together. As a rule, a "yes" vote by 500 potential members warrants continuation of the process to form a credit union. The National Credit Union Administration requires that a credit union with fewer than 3,000 potential members provide more evidence of support, since only about one-third of potential members will join and credit unions with less than 3,000 members may not be economically justified. Survey your potential members to determine whether they have an interest in supporting a credit union.

3. Do the paperwork. You should order the Interpretive Ruling and Policy Statement 98-03, which redrafts the NCUA's Chartering and Field of Membership Manual. The NCUA also has material on how to start a credit union. You may obtain this document from the NCUA's Web site.

4. Meet the membership requirement. If you want to discuss your potential field of membership, you should contact state or federal regulators. You must ensure that your survey covers a defined membership group and meets the definitions as required by state and federal regulations. It is suggested that you get your proposed FOM in writing.

5. Find a financial expert. A CPA or a person with a strong financial background needs to be on your organizing committee. This person will be responsible for developing realistic pro forma financial statements based upon your survey responses and the degree of sponsor assistance you will receive.

6. Form a committee. Your organizing committee should be comprised of individuals with very good credit. Both the state and federal regulators will obtain a current credit bureau report on each organizer and will take a dim view of a bad credit bureau report. Furthermore, the state will not allow someone who has had a bankruptcy within the past seven years to participate on the organizing committee or in the future operation of the credit union.

7. Set up a board of directors. The board is responsible for the general direction of the entire credit union, and its members should be able to understand the general and social environment in which it operates.

8. Collect some money. To help the credit union offset the cost of enrollment forms, a membership fee (typically $5) is charged. Additionally, each member is required to purchase at least one share (usually at a cost of $5 to $25) to help provide a base from which loans can be made.

9. Get by with a little help from your friends. It is recommended you obtain assistance from a credit union consultant in your area. This service is provided free of charge and, by utilizing this service, it will make the chartering process simpler and less time-consuming, since the consultant will be familiar with the necessary paperwork that must be completed.

10. Apply for status. Petition your state's Comptroller's Office or the National Credit Union Administration for official status.

Credit Unions: Ten steps to starting your own credit union

 

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[Darth Walker]

For them selfs

 

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[LooseChange]

According to National Credit Union Administration document Estimated Start-Up and Operating Costs in Chartering a Credit Union (http://www.ncua.gov/Resources/Documents/CUDev/AcrobatDocument6-26-09.pdf), cost to start with basic services (loans and savings/CD only - no checking accounts, no coin/cash services) is $50k and first year operating cost is $76k. Cost to start full service (ATM, Checking, Mortgage, Cash/Coin) is $150k and first year operating cost is $330k.

Initial funding of $50k could be 2,000 members holding a minimum $25 balance to remain a member or 500 members and $100 minimum. But, to satisfy minimum liquidity and asset ratios, initial deposits would need to be significantly more.

It is not at all a far fetched idea, but it would require full time effort and significant financial investment for someone to kick it off.

 

[AgeofDiscovery]

We in theory should be regulated by the NCUA, and in effect be federally chartered, meaning we can open up a branch wherever we please. Even Skunksesota.

Haha, well that makes me more inclined to be on board.

 

[50cent]

I'm willing to front $20,000 if more than 1000 people express interest in being a potential member.

1000 people @ $5 membership fee ($5000)

Each each member is required to purchase at least one share. Say $15 a share. ($15,000)

I think we would have more than enough to cover the start up fees. I'm sure we could get funding elsewhere and from other people on this site wanting to buy either more shares or making an initial contribution. I have a friend who knows a few people staffed on the CBS Sunday Morning News crew, and this would be just the kind of story they would take, assuming the ball gets rolling.

 

[LooseChange]

I'm willing to front $20,000 if more than 1000 people express interest in being a potential member.

1000 people @ $5 membership fee ($5000)

Each each member is required to purchase at least one share. Say $15 a share. ($15,000)

I think we would have more than enough to cover the start up fees. I'm sure we could get funding elsewhere and from other people on this site wanting to buy either more shares or making an initial contribution. I have a friend who knows a few people staffed on the CBS Sunday Morning News crew, and this would be just the kind of story they would take, assuming the ball gets rolling.

I'm in for 500 shares at $15.

 

[starkizzle]

Count me in for a 100 shares

 

[el padron]

It's really hard to do from scratch

I worked for others for ten years before I even knew what the actual yields were on the products that I originated for my employers.
I sacrificed and saved, gained 30 pounds and worked 14 hour days for the first two years after I opened my company.

I didn't have sex for the last half of 1993, all of 1994, and the first quarter or so of 1995.

I tailored the boiler room experience that retail loan originators were universally trained for into a more personalized service that catered to very working class people who were smart enough to pursuit buying their first home.

I benefited from the absolute golden age for retail loan originators that spanned from about 2003 to the first quarter of 2008.
We made good loans. Our borrowers typically always could afford and made their payments so I never had to pay penalties or fees to our investors after or during the meltdown.
We used our discretion to make loans that we were ultimately responsible for and that we knew our clients could and would repay.

We had no choice, many of them lived in the subdivisions that surrounded my office which I bought parcel by parcel starting with a dilapidated store front over a 16 year period.
Needless to say business boomed.

Our hard work paid off, I lost the weight and made up for lost time by dating party girls and strippers. We traveled to Europe, the Caribbean, and partied on weekends in Miami.
I Bought a 30 foot center console and fished for tuna in the shadows of Catalina Island every two weeks.
It was a glorious time.

The Countrywide's and WAMU'S stopped readily buying our loans about late 2006 and started primarily originating them directly themselves.
They could only accomplish this by institutionally legalizing across the board the absolute absence of the qualifying requirements that we painstakingly lost sleep over when considering our borderline clients, and what they would do to the windows of our storefronts if we acted in our own interest over theirs.

Shortly thereafter everything changed overnight.
It was like turning on a faucet and watching water run sideways horizontally out of the spicket.
The fees on our warehouse lines of credit quadrupled overnight, and suddenly many of the traditional investors for our loans actually closed their doors. One for the first time in 134 years.


I had the opportunity to sell my company and later the working class commercial strip center that it was located in very close to the top of the market.
That was luck, but I knew it was time to get out, It was a huge demotion, I really had no choice.

Today there is a national mortgage licensing system in additional to the requirements we were already closely held to, and unsupervised lender status as we knew it is reserved for only the largest of institutional mortgage banks.

To quote one of my favorite movies, "It was the last time guys like us were trusted with that kind of money and responsibility"., (LOL)

 

[TheMastermind]

Great post, el padron!

 

[el padron]

Great post, el padron!

I appreciate that, thank you