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Of Credit Unions & Unicorn Diets
From greatamericanpixel on December 8, 2011
A unicorn prowls the money matrix, waiting for people to clap him to life:
Being generally curious and ever-willing to throw myself into the clutches of danger, I’ve recently started researching how to start a credit union. Not that it’s a priority project, but it’s fascinating to think through what people could do better with a custom bank. I posted an email signup at unicorndiet.com (that’s an anagram of credit union, thank you) if you’re interested in getting infrequent updates on new discoveries and maybe some meetups on the topic in Detroit.
This morning I met up with someone who’d gone through the process of getting all the paper work together a ways back, but decided not to pull the trigger. If you’re interested, here’s a link to and breakdown of the application to start a state-based credit union in Michigan, copied and pasted from an email I sent to the 40ish people on the Unicorn Diet list.
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Greetings Unicorn Dieticians!
I thought some of you might be interested in seeing the state-based credit union application for Michigan: http://www.mi.gov/documents/cis_ofis_fis_1056_24802_7.pdf
Remember, I have no clue what I’m talking about and am diving in from scratch, but these seem to be the key points of interest in the application (which I’d guess are *at least similar* to what other states require — note: there’s also a different way to become federally accredited if you want to, but, one bite at a time):
• You need 7 lead organizers who each fill out background information (relatively extensive, but mostly work experience and “have you committed any crimes?”-type stuff) including a focus on financial experience. As you’d expect, the more you can fill this roster with people who’ve worked with banks and the like, the easier it should be to get approved.
• You must define a “field of membership” that bonds all CU members. In my research I’ve seen these tweaked pretty far (for example, Disney’s CU is open to Disney employees *and their roommates* — I mean, I had a roommate that worked for Disney once, and it’s funny to think I could have joined their CU…). The application says:
“Common Bond Membership in the proposed credit union must be limited to one or more of the following groups:
(a) of any size that have common bond of occupation, association, or religious affiliation; or
(b) whose common bond is residence, employment, or place of religious worship within a geographic area; or
(c) whose common bond is common interests, activities, or objectives”
• You have to provide information on how many people you expect to join and at what level:
“The number of persons estimated to be the potential membership is _____…
The number of persons expected to join the credit union at organization is _____…
The estimated member share subscriptions total is $_____…
The par value of the shares of the proposed credit union shall be $_____ (Usually $5.00, but not more than $100.00)”
• You need to describe how funds will be deposited, withdrawn, and managed, as well as how you’ll do your record keeping, and if you’ve got any fancysauce up your sleeve:
“Describe the plans for the collecting of funds for share and loan payments, the type of books and records to be developed and maintained, the surety bond, and any special or out-of-the-ordinary program for publicizing or expanding the services of the credit union.”
• You need to write an essay on The Benefits of Membership:
“In narrative form, state reasons for the Commissioner of the Office of Financial and InsuranceRegulation to find the organization of the proposed credit union to be consistent with the purposes of the Michigan Credit Union Act, PA 215 of 2003, as amended, (MCL 490.301 et seq.), and state the benefits to membership which will result from organizing the proposed credit union. Comments should include a discussion of: potential for membership growth and how determined; income characteristics of the field of membership; market area competition, including competition from non-depository institutions; and services to be provided”
• Aaand you need to make a bunch of different financial and membership projections for the next 3 years.
There are a few other things (do you have a sponsor? will you have a main office? what are the demographics of your local geographic area?), but that basically looks to be it. It’s not incredibly long but, of course, requires a strong organizational team and serious thought.
Besides that, the thesis still bears out that this looks totally doable for those so inclined.
OK! Until the next glitch in the unicorn money matrix,
Jerry Paffendorf
908-343-1981
PS Standard Disclaimer: I could be horribly wrong about everything.™
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From greatamericanpixel on December 8, 2011
let this blank post stand for the many things that have happened but gone unblogged. check out facebook.com/makeloveland if you haven’t yet. <3
Talk To The Station: It's 2011... Have You Called Michigan Central Station Lately?
From greatamericanpixel on October 31, 2011
Just sent this out to some friends and inchvestors, have a look-see and get your idea for Michigan Central Station up on the site for the owners and others to see:
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LOVELAND’s excited to announce a brand new web project at http://talktothestation.com .
Built in 1913 and vacant since 1988, Michigan Central Station is Detroit’s most iconic historical landmark, and a second city skyline unto itself. LOVELAND has been commissioned to create a website that makes it super simple for people to submit ideas for the preservation, reactivation, and redevelopment of the space.
On the site you can learn about and see the building, and type, text, or call in with your ideas. Yes, you can now call Michigan Central Station on the phone. Who’dathunk?
The building’s owners are part of the commissioning team and will be actively watching what comes in through the site. They’re currently cleaning out the building, installing new windows and a new roof, and seeking your input on what should come next.
Again, the site is at http://talktothestation.com .
Please have a look and have your say on what you think should or could happen to this out-of-this-world 500,000 square foot landmark that’s just as important to Detroit’s future as it was to Detroit’s past.
Happy Sunday!
-Team LOVELAND
New Collaboration: Imagine Detroit Together...On A Billboard
From greatamericanpixel on October 1, 2011
Just sent this email to the inchvestor list. If you’re not on that, consider it sent to you, too! <3
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At LOVELAND we love getting into creative collaborations with our friends and discovering new ways to crowdsource magical things into reality. We’re happy to announce a very cool new collaboration that could use some lovin’. Please see http://bit.ly/oPMedd .
Our friends James and Miguel are hustling to raise $3,500 to put one of Miguel’s paintings up on a prominent billboard near downtown Detroit. They’re using a brand new crowdfunding service called LoudSauce that makes it easy for people to collectively purchase advertising channels (billboards, print, TV, radio, etc). Once the fundraising goal is hit, LoudSauce will work with the billboard company to automagically print and install the image where it will live for 30 days.
Our friend Chris made a great trailer for the project, dubbed “Imagine Detroit Together”, and everything is accessible from the splash page at http://imaginedetroittogether.org. Please have a look and drop some quarters, tweets, and hearts into the machine if the spirit moves you.
Once the art is up on the billboard we’ll also write up a little case study about using LoudSauce so you’ll have a better idea of how it works if you want to try it. It’s exciting to be in a world where there are new and simpler ways to get messages and beauty into channels that formerly seemed inaccessible like, oh, giant expensive billboards. But this billboard doesn’t have to be expensive to any one person, and that’s part of the magic.
We’ve been hard at work as usual. If you want to see some other recent happenings check the blog: http://makeloveland.com/blog .
We hope you like,
Jerry & Team LOVELAND
LOVELAND Technologies: http://makeloveland.com
TL;DR: Puppies, Hollywood, The Real RoboCop, Visiting Friends, 30th Birthday, TEDxDetroit, Land Blanks, Paintings On Billboards, Paintings On Hotels, Soccer, You're Hired, Crush It, Etc
From greatamericanpixel on September 30, 2011
It was a week+ for the record books. Still processing everything and getting back into workflow. Gather around and I will tell you a story.
First, Mary got a puppy. His name is Jacob or Pasta Batman. There is now a tiny nipping and yipping force in the house with a 1/2 name borrowed from a This American Life story. He’s quite cute:
Last Monday through Friday I got called in to be an extra on a Hollywood movie being shot in Michigan (if that’s how it’s said) and it ended up being quite elaborate and intensive. It was less extra work than it was extra extra work, with a lot of choreography and one mega stressful 24 hour work day just as I was getting sick. But it’s in the can now and more satisfying in my rearview than it was out the windshield, but a great mini adventure nonetheless. I can’t talk about it yet but look forward to sitting in the theater and seeing if maybe just maybe some tiny part of me is visible. It’s fun to think about how every anonymous person on screen for 1/2 a second in every film ever represents so many tiny stories and smiles between family and friends…
Saturday morning, on a few hours sleep, I rolled into Detroit Fanfare, a big comic book convention held downtown to help tend the RoboCop statue booth with Brandon, John, and Bryan. RoboCop star Peter Weller was one of the headliners so we finally had a chance to meet him in person, which was awesome. My friends Brad and Ryan made the pilgrimage from Brooklyn to show off The Spirit of Detroit Vs The Blight painting that’s also being turned into a video game, which features RoboCop as one of the characters. Peter came cruising over from his autograph station in a golf cart to check it out and really liked it, which was also awesome.
I’d heard that he’s quite the thoughtful scholar and that turns out to be very true (he’s finishing his PhD in Italian Renaissance Art at UCLA). All conversation kept coming back to art history and meta patterns of civilization (his very first comment about the statue was that we need a way to protect it from bird poop, as bird poop has been the scourge of statuary throughout the ages). He made it out to PJ’s Lager House that night for a little fundraiser party for Forgotten Harvest (the charity selected by RoboCharity back during statue fundraising) and gave an amazing interview about Detroit, the Tigers, politics, the statue, and other topics to WDET’s Rob St Mary, right there in the parking lot while smoking a cigar. Highly recommended listening.
I gave Brad and Ryan the royal tour of Detroit, hitting as much as we could in a few days, which is always a joy. And it’s a double joy when your friends see what you see in a place. Neither had ever really been to Detroit before outside Ryan’s short tour of the College of Creative Studies, and before coming it was just an ambient matrix of negative stories peppered with a few faint cheerleaders and me somehow wanting to be here. But it doesn’t take long to pick up on unique urban energy here and get juiced by the significance, scale, and possibility of it all. Here they are on the steps of the stuffed animal house at the Heidelberg Project:
Larry also flew out from his new home in Portland and on Wednesday, which also happened to be my 30th birthday (thank you, thank you) the gang of us headed to TEDxDetroit where Larry and I manned a LOVELAND booth and Brad and Ryan displayed the painting and enjoyed the talks. Here they are after a long day:
TEDxDetroit is a really great event, and inspirational in the non-cheesiest of ways. The TED brand has done a great job of franchising itself out to cities, and all the speakers bring their A games. They also bring their A game to the photo booth as evidenced by my friend James and me:
Larry and I were showing people the Why Don’t We Own This? foreclosure auction mapping system, and it was humbling to have so many people saying thank you for making something so heavy and unclear more transparent and user friendly. Connected to that, we’re working with our friend Andy Didorosi on something called The Land Blank where we’re going to experiment with crowdfunding a few unsold $500 properties at the auction and try and find them great owners. TEDx surprised us by selecting The Land Blank as one of several charitable projects to donate a percentage of ticket sales towards. Andy and I got called on stage to receive a $1,500 check which we’ll use to buy 3 properties at the auction.
Our friends James Feagin and Miguel Belozro were also there in the exhibition area showing off one of Miguel’s paintings that will go up on a billboard in Detroit once their $3,500 crowdfunded goal is met. This is a really really cool thing I’m helping them out with in a modest way as a sideline whip cracker, helping hand, and human form of Gatorade to drink during the marathon. It’s been softly slipped onto the internets (shhhh) so check it out and more about it soon……
That night a bunch of friends came out to the Lager House to celebrate the big 3-0, including LOVELAND’s first angel investor, Bernie Sucher, who dropped in on his way from Moscow to Chicago. That’s love, folks.
In the morning the Imagination Station campus was buzzing with a group of artists from Montreal called Dare-Dare who are doing a new installation in Lefty, and graffiti artists bringing the boarded up front of the Roosevelt Hotel to life.
photo of Mike Han (on right) painting the hotel by Amber Tourtillott:
Larry and Mary and I met up with a web developer and a designer that want to collaborate on LOVELAND projects and the vibes were really good, so we’ll see where that goes. We also had some high level meetings with people who reinforced the strength of our interactive city mapping. Now we just gotta keeping doing what the title of the book Brad brought on the trip says:
TL;DR: AAAHHH!!!
And somewhere in there we played soccer. Here’s Cary scoring a goal as Parks United beats Lafayette Park 4 - 0:
Bonus pic: Larry with Pasta Batman:
