Comments on: Talking to Steve from Creative Arts CU http://waterloobanking.com/2009/08/27/talking-to-steve-from-creative-arts-cu/ Better banking, for students, by students Mon, 23 Apr 2012 15:30:05 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Waterloo Banking Project — Learning more about Ontario’s newest credit union http://waterloobanking.com/2009/08/27/talking-to-steve-from-creative-arts-cu/#comment-446 Waterloo Banking Project — Learning more about Ontario’s newest credit union Sun, 04 Oct 2009 18:06:35 +0000 http://waterloobanking.com/?p=46#comment-446 [...] and I had met with the CEO Steve Mumford, but he was hired about a year before they were granted their [...] [...] and I had met with the CEO Steve Mumford, but he was hired about a year before they were granted their [...]

]]> By: Evelyn http://waterloobanking.com/2009/08/27/talking-to-steve-from-creative-arts-cu/#comment-445 Evelyn Tue, 01 Sep 2009 22:20:52 +0000 http://waterloobanking.com/?p=46#comment-445 Hey Ryan and Megan, This idea sounds really interesting! I am not sure what stage of the project you are at right now, and this maybe a redundant comment, but have you thought about maybe running the credit union as a co-operative? So student who borrow/deposit funds also become owners of the Credit Union- thus compelling them to "volunteer" for the credit union? So for example, if I want to borrow 2000 from the credit union, I can reduce my interest charges say from 10% to 5% by volunteering at the union for 10 hrs per week. If I "invest" into the union, i.e., make a 2000 deposit. I get part of the investment income from either primary or secondary investment. Investors would be compelled to manage their investment by participating in credit approval process. Hey Ryan and Megan,
This idea sounds really interesting! I am not sure what stage of the project you are at right now, and this maybe a redundant comment, but have you thought about maybe running the credit union as a co-operative? So student who borrow/deposit funds also become owners of the Credit Union- thus compelling them to “volunteer” for the credit union? So for example, if I want to borrow 2000 from the credit union, I can reduce my interest charges say from 10% to 5% by volunteering at the union for 10 hrs per week. If I “invest” into the union, i.e., make a 2000 deposit. I get part of the investment income from either primary or secondary investment. Investors would be compelled to manage their investment by participating in credit approval process.

]]>