Help with organizing Credit Union [Archive] - Community Development Banking Listserv Archive

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WMyers at alternatives.or

09-06-2004, 09:56 PM

From: "Susan Hanson" <sthanson922@bellsouth.net>

My name is Susan Hanson and I am involved in the organization of a low
income community development credit union serving the East Nashville
community in Tennessee, the East Nashville Credit Union. We are a group of
volunteers who identified a strong need for a financial alternative to
predatory lenders in our neighborhood. Also, because of our diverse
demographics we have a unique community that is underserved by the financial
community.

During our journey we have conducted a substantial community pledge drive,
collecting over 1000 pledges. We have also received commitments from
financially responsible investors, some of which will have to be turned away
in order to balance our funds. We have completed our business plan and it
is currently being audited by a CPA. So, our next step is to submit the
completed plan and begin the process of hiring a manager and finding a
location. We received a small grant from the Metropolitan Housing and
Develpment Authority for our initial work. We are now trying to secure a
grant for initial operating expenses so that we can be prepared to open our
doors once we receive our charter.

We had a very promising meeting with First Tennessee Bank last week and are
hopeful that they will provide some of the funds we are pursuing. They did
have some questions about whether there had been a similar partnership
between a start up credit union and an established bank and were eager to
speak with someone who might be able to answer their questions from
experience. That is why I am contacting you at this time. I don't know if
you can answer his questions but if not, I am hopeful that you can direct me
to someone I can put him in touch with that may be able to help.

I know this is not much information but hope that I have provided enough to
start you in the right direction. Please let me know your thoughts as soon
as possible. We are eager to begin this partnership.

Thanks so much!

Susan T. Hanson

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WMyers at alternatives.or

09-07-2004, 12:17 PM

Hi Susan,
not sure if my reply will be helpful to you!
Here in the UK, there have been several partnerships with established banks
helping to fund the start up of a credit union, usually out of their
community responsibility budget rather than a commercial decision.
If you want any info, i suggest you contact abcul, the british ass of
credit unions
sally
"sally chicken" <sallychicken@hotmail.com>

From: atlamas@sas.upenn.edu
Dear Susan Hanson,
Greetings.
Regarding your request for information:
The leading organization in the field of community development credit unions is
the National Federation of Community Development Credit Unions in New York.
Its longtime Executive Director is Clifford Rosenthal. Their website is
<<www.natfed.org>>
I have done a great deal of consulting, research, and teaching in this
field for
many years; so, I know that your effort will be difficult but is very
important...and that there are resources out there to support you. Good luck.
Warmly,
Andy

>From: "Susan Hanson" <sthanson922@bellsouth.net>
>My name is Susan Hanson and I am involved in the organization of a low
>income community development credit union serving the East Nashville
>community in Tennessee, the East Nashville Credit Union. We are a group of
>volunteers who identified a strong need for a financial alternative to
>predatory lenders in our neighborhood. Also, because of our diverse
>demographics we have a unique community that is underserved by the financial
>community.
>During our journey we have conducted a substantial community pledge drive,
>collecting over 1000 pledges. We have also received commitments from
>financially responsible investors, some of which will have to be turned away
>in order to balance our funds. We have completed our business plan and it
>is currently being audited by a CPA. So, our next step is to submit the
>completed plan and begin the process of hiring a manager and finding a
>location. We received a small grant from the Metropolitan Housing and
>Develpment Authority for our initial work. We are now trying to secure a
>grant for initial operating expenses so that we can be prepared to open our
>doors once we receive our charter.
>We had a very promising meeting with First Tennessee Bank last week and are
>hopeful that they will provide some of the funds we are pursuing. They did
>have some questions about whether there had been a similar partnership
>between a start up credit union and an established bank and were eager to
>speak with someone who might be able to answer their questions from
>experience. That is why I am contacting you at this time. I don't know if
>you can answer his questions but if not, I am hopeful that you can direct me
>to someone I can put him in touch with that may be able to help.
>I know this is not much information but hope that I have provided enough to
>start you in the right direction. Please let me know your thoughts as soon
>as possible. We are eager to begin this partnership.
>Thanks so much!
>Susan T. Hanson

---
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icetead at bigplanet.com

09-07-2004, 12:43 PM

Hi Susan,

You also will want to contact the National Credit Union Administration (NCUA) at www.ncua.gov they are the regulatory body for Credit Unions. I believe from your email that you are in Tennessee and that is NCUA Region 3. You can get the Region 3 office info from the NCUA website I listed earlier. If you need data processing system for the Credit Union give me a call and I can recommend one to you. Have a great day.

Trevor Hamilton
800-733-3266 x305

----- Original Message -----
From: William Myers <WMyers@alternatives.org>
Date: Tuesday, September 7, 2004 9:58 am
Subject: RE: Help with organizing Credit Union

> Hi Susan,
> not sure if my reply will be helpful to you!
> Here in the UK, there have been several partnerships with
> established banks
> helping to fund the start up of a credit union, usually out of
> their
> community responsibility budget rather than a commercial decision.
> If you want any info, i suggest you contact abcul, the british
> ass of
> credit unions
> sally
> "sally chicken" <sallychicken@hotmail.com>
>
>
> From: atlamas@sas.upenn.edu
> Dear Susan Hanson,
> Greetings.
> Regarding your request for information:
> The leading organization in the field of community development
> credit unions is
> the National Federation of Community Development Credit Unions in
> New York.
> Its longtime Executive Director is Clifford Rosenthal. Their
> website is
> <<www.natfed.org>>
> I have done a great deal of consulting, research, and teaching in
> this
> field for
> many years; so, I know that your effort will be difficult but is very
> important...and that there are resources out there to support you.
> Good luck.
> Warmly,
> Andy
>
> >From: "Susan Hanson" <sthanson922@bellsouth.net>
> >My name is Susan Hanson and I am involved in the organization of
> a low
> >income community development credit union serving the East Nashville
> >community in Tennessee, the East Nashville Credit Union. We are
> a group of
> >volunteers who identified a strong need for a financial
> alternative to
> >predatory lenders in our neighborhood. Also, because of our diverse
> >demographics we have a unique community that is underserved by
> the financial
> >community.
> >During our journey we have conducted a substantial community
> pledge drive,
> >collecting over 1000 pledges. We have also received commitments from
> >financially responsible investors, some of which will have to be
> turned away
> >in order to balance our funds. We have completed our business
> plan and it
> >is currently being audited by a CPA. So, our next step is to
> submit the
> >completed plan and begin the process of hiring a manager and
> finding a
> >location. We received a small grant from the Metropolitan
> Housing and
> >Develpment Authority for our initial work. We are now trying to
> secure a
> >grant for initial operating expenses so that we can be prepared
> to open our
> >doors once we receive our charter.
> >We had a very promising meeting with First Tennessee Bank last
> week and are
> >hopeful that they will provide some of the funds we are pursuing.
> They did
> >have some questions about whether there had been a similar
> partnership>between a start up credit union and an established
> bank and were eager to
> >speak with someone who might be able to answer their questions from
> >experience. That is why I am contacting you at this time. I
> don't know if
> >you can answer his questions but if not, I am hopeful that you
> can direct me
> >to someone I can put him in touch with that may be able to help.
> >I know this is not much information but hope that I have provided
> enough to
> >start you in the right direction. Please let me know your
> thoughts as soon
> >as possible. We are eager to begin this partnership.
> >Thanks so much!
> >Susan T. Hanson
>
> ---
> <html>[This E-mail
> http://www.cayugacomputers.com/ccvds.html">scanned for viruses
> 09/07/2004 12:59:46]</html>
>
>

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