How about this for an idea? "The Credit Union of the United States"

[Rosco T.]

Paging Mr Soros, other well off left people. Lets give the banks some serious competition?

Each state is a separate entity, but with interlocking agreements for all branches (never an ATM Fee, never a Check Cashing fee, etc..)

[FSogol]

1. What about the credit unions already in existence?

Why reinvent the wheel?

[CarmanK]

11. Just got shafted by mine. So, new may be better!!

I would also like to see interest rates on loans, cr cards set at a lower rate. Even 15% is too much.

[Atman]

2. Fail. Any financial institution that gets that big will just be...

...another giant financial institution. The whole point of credit unions is to be smaller, member-owned entities not beholden to a giant multi-national, multi-market conglomerate.

[Puzzledtraveller]

4. well said

[1776Forever]

13. Very true - Not too big to fail - Like your explanation but the post is a good one to emphasis

displeasure with the current system also.

:thumbsup:

[spin]

3. Interesting idea, but unlikely to ever pass Congress ...

because the people WE elect are bought and owned by the big banks and Wall Street.

edited for typo

[Rosco T.]

6. I didn't say it was a goverment entity...

just a Credit Union for "We, the People".

[spin]

10. You know, that just might fly ...

but probably it will afoul of some obscure bureaucratic regulation.

If not, the Big Banks will tell their lackeys in Congress to create a regulation to stop the competition.

[itsrobert]

5. 0 interest rates on mortgages, credit cards, and car loans

And everybody gets a TOASTER!

[SoapBox]

7. But, in the mean time, check HERE for a CU in your area...

FYI!

National Credit Union Administration

http://www.ncua.gov/

[Freddie Stubbs]

8. This sort of already exists:

http://www.cuswirl.com

My Credit Union is based in VA, and the closest branch in about over a thousand miles away. But through the shared branch program I can do my banking easily.

[FarCenter]

9. There is already one of those

Retail credit unions belong to one of the 27 corporate credit unions. The 27 corporate credit unions belong to the US Central.

http://corporatenetwork.org/default.asp?content=cn_corpglance

What is a Corporate Credit Union?

A corporate credit union is a credit union for credit unions – a not-for-profit financial cooperative that serves retail credit unions within its field of membership. Corporate credit unions (or “corporates”) emerged over 30 years ago from the same cooperative spirit that gave rise to the American credit union movement. Similar to retail credit unions, the nation’s 27 corporates are guided by volunteer boards of directors, are totally owned and directed by their member/owners, which, in the case of corporates, is retail credit unions, and were organized for the express purpose of providing low-cost financial services and competitive investment and lending rates to their member/owners. Profit is not the driving force; rather, corporates exist solely for the benefit of their member credit unions and, ultimately, all consumers – a key difference from other financial service providers. There is a unique philosophy of cooperation, self-help and economic democracy among the nation’s corporate credit unions and retail credit unions.

Today, corporate credit unions continue to fulfill their traditional roles while evolving to meet the growing demands for a full range of financial, investment, credit, funds-transfer, settlement and educational services by the credit union industry. Collaboration and partnerships between corporates of all sizes allows many services to be developed in a cooperative, low-cost/high-value manner that ultimately saves credit unions real dollars. By utilizing corporate credit unions, the credit union industry achieves collective cost-savings, synergies and competitive advantages. Approximately 99 percent of the nation’s 8,400+ credit unions use their corporate credit unions for one or more services, and these credit unions serve over 90 million American consumers. Credit unions and their members remain corporates’ only focus.


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Three Tiers of Strength

A third level of strength is added to credit unions in the form of U.S. Central – the corporates’ corporate. Together, U.S. Central and corporates comprise the Corporate Credit Union Network (Corporate Network). Credit unions depend on corporates for competitive rates and a full range of financial services. Corporates, in turn, look to U.S. Central to provide efficient products and services they can offer to their members. By facilitating access to numerous financial, payment and settlement services, corporates play a significant role in the efficient exchange of funds throughout the credit union system and consumer sector. Support from the Corporate Network makes it possible for anyone to walk into his or her credit union and find high rates on deposits, low rates on loans and minimal fees for services. The more than 90 million Americans who use credit unions benefit from the synergy of the Corporate Network through increased back-office efficiencies, financial safety and soundness, and efficient and cooperatively priced payment services.

Corporates’ strength is their ability to leverage economies of scale in the areas of item processing, payment systems, settlement, investments and liquidity for their members’ benefit. They serve as an integral link in the chain of financial transactions initiated at the credit union member/consumer level.


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[FarCenter]

12. Note that credit unions typically don't do their own back office processing

They are too small individually to build the data centers, software systems, regulatory controls and processing, etc. for all the offline and online processing. So the CCUs do this, or they outsource it to third parties like First Data, Fidelity, M&I, or to one of the bigger banks who provide them with "private label" services.

[county worker]

14. One of the reasons credit unions exist is to keep money earned in a community spent in the community

The loans that credit unions make comes from money that the members have in savings. The money earned in a community is put into savings there and then loaned to other members of the community.

That's why it is a good idea that credit unions remain as local community organizations.

[brooklynite]

15. Are you prepared to pay for the "free" services?

While there's no revenue drain for profits, you as a shareholder are ultimately eating the cost of all services someone else uses which don't come with a fee.