forming youth credit unions

[roadkill at netcom.com]

Hey! This is a great idea... We're working on setting
up a nonprofit retail bike shop associated with our
community bike program in East Palo Alto... and the
largest barrier to conducting small business with
purchases involving potentially hundreds of dollars
is the issue of readily available credit - especially
for kids. We recruit kids to serve on our board
of directors also, which will soon switch from being
a 'nonmember org' to a 'member org', in terms of
voting privileges and selection of board members...
and I can see the potential for spinoff here to
get local youth involved in founding a new credit
union.... Is there a blueprint for doing this
that could be sent to us?

Anne O'Neill
Major Taylor Cycling Club
POB 9357
Palo Alto, CA 94309-9357


fax 415-329-9462
tel 415-329-8134, 473-3525 (club info)

list-server: send mail to majordomo@cycling.org, with blank
line for subject... include in the message section the
following:

subscribe major-taylor
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[NFCDCU at aol.com]

There is no blueprint available, per se, for forming a youth credit union.
First, a youth credit union probably cannot be formed as an independent
entity; it must be an effort as part of an existing credit union. We have at
least a dozen credit unions among our membership that have developed youth
credit union efforts, including Alternatives FCU and their Dollars for Dreams
program, and we can share their experiences with you. If you are interested
in developing a credit union that would have a youth component, then we can
provide extensive support to that effort. If you are interested in pursuing
such an effort please contact me, and I will provide you with the necessary
information.

Morgan N. Sandquist
Chief Fiscal Officer/Program Manager
National Federation of Community Development Credit Unions
120 Wall Street - 10th Floor
New York, NY 10005-3902
(212) 809-1850
(212) 809-3274 - Fax
NFCDCU@aol.com - E-Mail


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