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 How do you set up a new credit union?

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PostSubject: How do you set up a new credit union?   Sun Nov 02, 2008 9:36 pm

Does anyone know how to go about setting up a credit union?

I know CU's governed by the financial regulator, but FR website is pretty crap (the links dont work) and such info I can find there is sketchy and incomplete.

Does anybody have any experience or insight into how one goes about it?
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PostSubject: Re: How do you set up a new credit union?   Sun Nov 02, 2008 9:42 pm

Their website is terrible but their people are really good on the phone.
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PostSubject: Re: How do you set up a new credit union?   Sun Nov 02, 2008 10:28 pm

thanks for that, JF. Anyone got experience of working in /being involved with a credit union?
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PostSubject: Re: How do you set up a new credit union?   Sun Nov 02, 2008 10:31 pm

yehbut_nobut wrote:
thanks for that, JF. Anyone got experience of working in /being involved with a credit union?

You probably need lots of money to start off. Are you thinking of starting one ? Couldn't you start an online bank of some kind dealing in microcredit ? We'd all chip in. I have 40 euros on a Laser Card. I'll deposit a lot more than that and for the long haul if you promise to have interest rates at less than 4%.

I know nothing about this subject but the whole idea of community banks is very interesting indeed.
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PostSubject: Re: How do you set up a new credit union?   Sun Nov 02, 2008 10:50 pm

Auditor #9 wrote:

You probably need lots of money to start off. Are you thinking of starting one ? Couldn't you start an online bank of some kind dealing in microcredit ? We'd all chip in. I have 40 euros on a Laser Card. I'll deposit a lot more than that and for the long haul if you promise to have interest rates at less than 4%.

I know nothing about this subject but the whole idea of community banks is very interesting indeed.

Let's say I'm very interested in the idea of starting one. Or in helping to start one. I really don't have clue to where to begin, but happy to learn.
I actually really like the idea of the credit unions "common bond" - the bond that links members. Usually its based on all memebers living in a geographical area or having the same employer.

I would like to explore the idea of a "shared ideal" as a common bond, like commitment to sustainabilty and the ethical use of money etc.
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PostSubject: Re: How do you set up a new credit union?   Sun Nov 02, 2008 11:01 pm

Quote :
I actually really like the idea of the credit unions "common bond" - the bond that links members. Usually its based on all memebers living in a geographical area or having the same employer.

I would like to explore the idea of a "shared ideal" as a common bond, like commitment to sustainabilty and the ethical use of money etc.
Sounds quite Anarchistic doesn't it Wink I like the idea of ethical and sustainable funds myself - and microcredit. I also think that interest rates should be really low because sometimes economic activity is more important than growth and this will be more and more true as time goes on.

Low-interest loans used for sustainable development, home retro-fits, organic veg businesses, bio-fuels, research, education etc. directly benefit the community that lends for those purposes. Vanity borrowing/lending should be taxed heavily though.
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PostSubject: Re: How do you set up a new credit union?   Sun Nov 02, 2008 11:16 pm

I think there's quite a bit about credit unions in here -

http://machinenation.forumakers.com/economy-business-and-finance-f8/credit-unions-the-future-for-banking-in-ireland-t1353.htm?highlight=credit+union

I seem to remember that we have a member who knows a lot about this.
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PostSubject: Re: How do you set up a new credit union?   Mon Nov 03, 2008 1:08 pm

cactus flower wrote:
I seem to remember that we have a member who knows a lot about this.
That would be me. I work for a company which provides software to credit unions.
My Dad is also very involved in a credit union. He is one of the last volunteer managers left in Ireland.

Yehbut, you'd need to get in contact with the Irish League of Credit Unions (ILCU). Sadly, it has been a long time since a new credit union was established in Ireland.

The ILCU are sending a delegation to Ghana in February to help set up credit unions. I suggest you get involved with that project, although I think the closing date has passed.

Credit Unions were first established in Germany, but there is a certain pride in Ireland that we helped perfect the model. The ILCU has also exported the credit union concept to Africa and Eastern Europe after The Wall fell. For example, I've heard that a man from Connemara is in charge of the League of Credit Unions in one of the Baltic countries.

I would also suggest you get involved with your local credit union. The AGM should be this month or December. Go along. Ask to become a credit control officer, supervisor (which is a type of auditor, not as difficult as it sounds), membership officer, IT officer, or some such. To my shame, I'm none of those things yet. But one of the reasons, would be that this particular credit union is in the usual situation of not being short of volunteers.

Most credit unions have a lack of young volunteers. The average age of the officers I mentioned above is usually 70! So they should welcome some new faces. I know one credit union which decided to show its commitment to young people by making an 18 year old chairman of the board!
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PostSubject: Re: How do you set up a new credit union?   Mon Nov 03, 2008 3:17 pm

eoinmn wrote:
cactus flower wrote:
I seem to remember that we have a member who knows a lot about this.
That would be me. I work for a company which provides software to credit unions.
My Dad is also very involved in a credit union. He is one of the last volunteer managers left in Ireland.

Yehbut, you'd need to get in contact with the Irish League of Credit Unions (ILCU). Sadly, it has been a long time since a new credit union was established in Ireland.

The ILCU are sending a delegation to Ghana in February to help set up credit unions. I suggest you get involved with that project, although I think the closing date has passed.

Credit Unions were first established in Germany, but there is a certain pride in Ireland that we helped perfect the model. The ILCU has also exported the credit union concept to Africa and Eastern Europe after The Wall fell. For example, I've heard that a man from Connemara is in charge of the League of Credit Unions in one of the Baltic countries.

I would also suggest you get involved with your local credit union. The AGM should be this month or December. Go along. Ask to become a credit control officer, supervisor (which is a type of auditor, not as difficult as it sounds), membership officer, IT officer, or some such. To my shame, I'm none of those things yet. But one of the reasons, would be that this particular credit union is in the usual situation of not being short of volunteers.

Most credit unions have a lack of young volunteers. The average age of the officers I mentioned above is usually 70! So they should welcome some new faces. I know one credit union which decided to show its commitment to young people by making an 18 year old chairman of the board!

Thanks very much Eoin. I did conact the ILCU (a few years ago,) and the person I spoke to was cagey bordering on hostile to the idea of stting up a new CU. I'm afraid I got the impression it was very much a closed shop. She more or less said that everyone who might join a newly set up CU already has the possibility to join one in their local area, so there is no need for a new one, and the ceertainly not give out info on how to start one. Of course not all CU's are members of the league, there are undependent ones too.

I'm a member of is a work based CU, and it seems to be staffed by CU employees rather than volunteers, so couldn't see a way to get involved there.

Will plough on anyway and see how far I get.
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PostSubject: Re: How do you set up a new credit union?   Mon Nov 03, 2008 3:43 pm

yehbut_nobut wrote:
I seem to remember that we have a member who knows a lot about I did contact the ILCU (a few years ago,) and the person I spoke to was cagey bordering on hostile to the idea of stting up a new CU. I'm afraid I got the impression it was very much a closed shop. She more or less said that everyone who might join a newly set up CU already has the possibility to join one in their local area, so there is no need for a new one, and the ceertainly not give out info on how to start one. .
That doesn't surprise me. The League are not known to be helpful, to anyone. I'm not a big fan of them.

yehbut_nobut wrote:
Of course not all CU's are members of the league, there are undependent ones too.
True, and there is CUDA, which is like a mini-ILCU.

yehbut_nobut wrote:
I'm a member of is a work based CU, and it seems to be staffed by CU employees rather than volunteers, so couldn't see a way to get involved there.
Front line staff would be employees, but I think Board members, and possibly Supervisors, have to be volunteers. Granted, I suppose there is no reason why staff can't vounteer to be on the Board, but that would be unusual, I think.
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PostSubject: Re: How do you set up a new credit union?   Mon Nov 03, 2008 3:44 pm

This blogger knows a *lot* more about credit unions than I do. You could ask him?
I think he has posted on p.ie from time to time.

He is also extremely critical of the League.
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