Author Topic: Research Help...  (Read 4419 times)

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Offline xeroc

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I like where this is heading :) +5% ...

//edit: Post nr. 4000!
« Last Edit: October 17, 2014, 04:20:21 pm by xeroc »

Offline emailtooaj

I happen to know a Sr. Vice President of a local credit union.
I'd be more than happy to reach out to him and ask any specific questions you may have.
Not sure what direction your trying to go with this but PM me some specifics and I'll see what info I can get for you!!
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Offline CoinHoarder

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What are the legal restrictions on a Credit Union buying and holding a digital asset such as BTC or BTSX?

How much would it cost to buy a Credit Union that is already up and running?   Examples of recently sold Credit Unions or ones on the market today?

Is it simply a matter of becoming the largest depositor in a particular Credit Union as they are in theory owned by their members?
3) I don't think you can "buy" a credit union, since the formation and entity is governed by ncua, which in turn requires credit unions to remain whole entities. The board exists to serve the members (depositors). Each member gets one vote, regardless of deposits - so you can't just "buy" it out.

Agreed I don't think you can buy one out, as each member only gets one vote. Also.. to join or form one there must be commonality between members.

Quote
To join a credit union, you must be eligible for membership. Members of each credit union share a "common bond," such as being employed by the same employer, belonging to an organization or church, or living in the same community. Some credit unions serve multiple groups with different common bonds. Each credit union determines the specific group or field of membership it will serve.

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Each credit union serves what's called their “field of membership” - that's the commonality between the members. You may be eligible to join a credit union based on your:
Employer - many employers sponsor their own credit unions
Geographic Location - many credit unions serve anyone that lives, works or worships in a particular geographic area
Family - most credit unions allow members' families to join. So if someone in your family is already a member of a credit union - you may be eligible too!
Membership in a group - like a church, school or alumni, labor union, homeowners' association, etc.

It seems to start a Bitshares credit union we would have to form our own as there are restrictions as to the members must have "commonality." Buying a credit union for the purpose of Bitshares investment/lending would not conform to any existing credit union's "commonality."
« Last Edit: October 17, 2014, 04:05:21 pm by CoinHoarder »
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Offline maqifrnswa

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What are the legal restrictions on a Credit Union buying and holding a digital asset such as BTC or BTSX?

How much would it cost to buy a Credit Union that is already up and running?   Examples of recently sold Credit Unions or ones on the market today?

Is it simply a matter of becoming the largest depositor in a particular Credit Union as they are in theory owned by their members?

1) for legal restrictions, see NCUA Rules and Regulations Part 721- Incidental Powers, for additional services with respect to pre-approved activities permitted to carry out a credit union’s  business purpose. It's quite restrictive, but maybe can work.

2) You can start your own. http://www.ncua.gov/Resources/CUs/Dev/Pages/Start.aspx

3) I don't think you can "buy" a credit union, since the formation and entity is governed by ncua, which in turn requires credit unions to remain whole entities. The board exists to serve the members (depositors). Each member gets one vote, regardless of deposits - so you can't just "buy" it out.
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Offline CoinHoarder

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This is a basic rundown of the costs to start your own credit union including operating costs. There are 2 different types it seems that offer different services so the cost varies.

http://www.ncua.gov/Resources/Documents/CUDev/AcrobatDocument6-26-09.pdf
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Offline bytemaster

What are the legal restrictions on a Credit Union buying and holding a digital asset such as BTC or BTSX?

How much would it cost to buy a Credit Union that is already up and running?   Examples of recently sold Credit Unions or ones on the market today?

Is it simply a matter of becoming the largest depositor in a particular Credit Union as they are in theory owned by their members? 



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