Credit Union

Project Title: GreenStar Credit Union

Rationale: TMP2 Foundation CIC component

How Created: Initially, US Federally Chartered credit union. Will be established in other countries as permitted by regulations and within extranational CIC communities.

Estimated Requirements: 1500 dues paying Core Members, 1 of whom must meet federal requirements to count as an "experienced" bank manager willing to take on the duties.

Estimated Startup Costs: USD $75,000, including $30K for outside consulting to prepare application for charter. (source: www.mycreditunion.gov)

Estimated Ongoing Costs: USD $180,000 (source: www.mycreditunion.gov) including staff and software licensing.

Membership Requirements: Be a member of the Living Universe Foundation and willing to purchase a share, amount to be decided by the CU Board.

Benefits to members: Internal loans through proprietary depository institution. Full service banking offered, plus retail interface for other select services as permitted by geography, regulation, technology and standards of the Living Universe Foundation. Ability to move assets between various CIC communities, within and between borders.

Other retail components of the proposed Credit Union interface: Insurance services, investment services

Profit Centers: Loans to members. Also, insurance and investment retail services would be folded into the Credit Union. Agents and brokers would be employees of the CU, which will function as both an insurance agency and broker-dealer. This will require members who hold appropriate license and with adequate experience.

Structure: The Credit Union is envisioned as one of several key components of the Community Investment Corporation and hence directly owned by it; operating profits from the CU (such as investment services) would go to the CIC for investment. The Credit Union will be separate from Investments and other companies whose retail products will be offered through the CU. For example, a self-insuring program would be parallel to the CU and slowly be expanded to include as many lines of coverage as possible.

Supporting Documents:

Bylaws: These are the bylaws required to be adopted by all new credit unions within the United States. No drama involved, just fill in the blanks on dollar amounts and names. Yes, they all have to operate the same way.