Michael Lubker’s Post

So, my poll from last week closed. That being said, I am looking at how we can figure out the credit union. We would need: -A Board of Directors: As a not-for-profit (different from Non-Profit charities) the board of directors helps oversee funds and decisions get made and used as part of the community/memberbase. -A common bond: Usually these are “live, work, worship, or otherwise participate in the communities your chartered in.” However there’s a chance this could be international in the far future (legal, but hella work.) I am brainstorming things like a membership to the IGDA, or founding a Game Developera co-Op with benefits throughout the states. That would take a significant amount of work to get off the ground, in that capacity however. Any ideas someone may have on a registered membership area, I’m interested. -A series of members. This is probably the most important. Being a “co-op” funded organization, those with higher balances on deposit essentially “provide” the funds necessary. Unlike a bank, this is not “profit” for the CU, but rather the “reserve”. All “profit” pays CU invoices/bills/employees, and any additional profits from there are used to further benefit the community/grow the credit unions size. This is not a small venture, and requires several regulatory standards and approvals, including the NCUA. Some plus sides to Credit Unions: -Lower rates on Loans -Higher Rates on CDs/Savings -Credit Union discounts (I would look for these to be in software programs we use as studios.) -Not-for-Profit means that no one can take the money off the top and screw those on the bottom. -There are no shareholders in the traditional sense. -CUs require a minimum savings balance (usually $5) this is what keeps your account open and makes YOU a shareholder. A lot of people were unsure what that meant, and a few people were interested in potentially taking this to next level. Michael Lubker Ayla Derrick Jonathan Medina Reyes I know there were others, but you 3 have been the most active in this pursuit. If anyone has questions (even outside my network) I am: 1: #OpenToNetwork 2: Always open for questions. By no means am I an end all, be all solution to your questions here, but I’ve been in CUs for a while now, and have a fairly good understanding of things, though not quite an executive level.