Let's start a Credit Union

June 6th, 2008

The idea has been burning a hole in my brain for the last 3 or 4 months, and I told my self if the thought persisted until June 1, I would share it with everyone else. So here goes.

(What follows is much more ‘stream of consciousness’ than business plan.)

I would like to start a credit union for Dallas area designers and developers. The goal would be to help members of this unique community buy the tools (and toys) of their trade.

I’m thinking about things like “Adobe Loans” or “Monitor Loans” and maybe even structured savings accounts for those that want save up for these and other toys.

One of the unique things about this group is that there is a large number of freelancers. (Can a copy of a 6 month contract help secure a loan? I don’t see why not.)

I’ve been looking into how to start a CU and honestly I’ve got a ton of questions like:

  • Does it really matter whether I go for a State or Federal charter?
  • How much in assets does the CU need in order to do…anything?
  • Do I need a physical address?
  • Oh yeah, how do you run a CU with 0 staff?
  • Is this whole thing even feasible?

And that’s just the tip of the iceberg I’m sure.

If anyone is interested in imparting CU wisdom my direction, please do. I know many in the CU world have been talking about a new kind of credit union, I think it’s time to start seeing if that can be a reality.

Call me, email me, twitter me. (469.226.9488, markmcspadden [at] gmail, markmcspadden)

Note: To me this all sounds like a great fit for a credit union, but I’m also open to looking other FI models if they would serve this model better. (A prosper group may be able to achieve much of what I’m talking about.)

Posted by markmcspadden Filed in Dallas, Financial Industry, Web Development

3 Responses to “Let's start a Credit Union”

  1. Tony Mannor Says:
    June 6th, 2008 at 12:56 PM

    Count me in. Heck I would even sit on your board.

    I would want to go for a federal charter though and branchless (web only, at least at first with locations in San Francisco, Los Angeles, Seattle, Dallas, NY etc).

    I think catering to the creative and technology industry as a collective gives you access to an incredible affinity group.

    Would I be able to design my own checks? Custom Visa cards? Online chats with mortgage consultants? Or better yet, freelance or business consultants?

    Would it be to close to AIGA as a community or could the AIGA be a primary SEG?

    As you might be able to tell, I have thought about this myself.

    If you get the ball rolling let me know. Then maybe I can finally get an account at EverythingCU!

  2. Mark Says:
    June 6th, 2008 at 02:09 PM

    Thanks for the vote of confidence and the great brainstorms. Glad to know I’m not the only one thinking this could be a good fit.

    I do have one question: Checks? No checks. Seriously, I would love to try to eliminate paper checks. :)

  3. Tony Mannor Says:
    June 26th, 2008 at 01:01 PM

    Unfortunately if you deal with this group, you will have freelancers that may need to write checks for expenses or subcontractors.

    I am afraid that for the most part, we just aren’t “There” yet.

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