Handout provided courtesy of the Illinois Credit Union League.

1. “People Helping People”
Ken Eiden, CEO
• ken.eiden@myprospera.com
Kristi Van Schyndel, Director of Marketing
• kristi.vanschyndel@myprospera.com
Mary Lornson, VP Lending
• mary.lornson@myprospera.com
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2. Overview of our
learning history
Turnkey solution
Software application
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3. “A credit union is an instrument for the improvement of the economic
economic
conditions of its members, with particular emphasis on providing low-
low-
cost, personalized loans.”
-CUNA International, Inc. Planning Committee Report, May 1965
CREDIT UNION CHARTER – [[Page 112 STAT. 914]] (4) Credit unions,
unlike many other participants in the financial services market, are
exempt from Federal and most State taxes because they are member-
member-
owned, democratically operated, not-for-profit organizations generally
not- for-
managed by volunteer boards of directors and because they have the the
specified mission of meeting the credit and savings needs of
consumers, especially those of modest means.
A credit union is “organized…for the purpose Credit Unions’ “main purpose is still to
of promoting thrift among its members and provide the average wage earner with a
creating a source of credit for provident or source of low-cost credit and to encourage
low-
productive purposes;” him to save regularly…”
- CUNA International, Inc. A Fact Book for Legislators
-Federal Credit Union Act 1752 (1)
NCUA board voted 2-to-1 in favor of collecting and
aggregating membership profile data as well as data
on financial products; the data collection plan will give
the agency a comprehensive understanding of who
FCU’s serve and how they serve them
The agency intends to collect membership profile data
as part of the CU exam
The NCUA plans to begin collecting data by early 2009
Source: National Center for Credit Unions (The CEO Report – NCUA plans to collect CU industry data. Is
this the first step towards CRA?) June 2008
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4. Goodwill Industries of North Central Wisconsin
• 25+ Human Service agencies on campus
Financial Information Service Center (FISC)
• Accredited consumer credit counseling
Additional Credibility
Payday Loans
Check Cashing
Money Orders
Stamps
Bill Payment
Wire Transfers
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5. Users fall into two
categories
• Poor money managers
• Proposed Solutions:
• FISC
• Consolidated term
loans
• Chronic life
disadvantages
• Proposed Solutions:
• Human Service
agencies Juggling your finances? FISC can help!
Female (57.58%)
Unmarried (57.32%)
Renter (53.38%)
18-54 Years Old
• 18-34 (37.96%) / 35-54 (39.68%)
<$25,000-$35,000
• <$25,000 (38.73%) / $25-$35 (17.07%)
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6. Total Served—
Total No. of Loans—
Total Dollar of Loans—
Average Loan Amt—
Total Fees Saved—
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7. “People Helping People”
Three Package Options
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8. Includes
• MicroLender Origination Tool
• GoodMoney Branding
• GoodMoney Consulting
• Per Application Fee (includes CLVerify fee of
$1.00) – $2.25
• Per Rollover Fee – $1.25
• Forms – a la carte
• Set Up – $3,750
Includes
• MicroLender Origination Tool
• GoodMoney Consulting
• Per Application Fee (includes CLVerify fee of
$1.00) – $2.25
• Per Rollover Fee – $1.25
• Forms – a la carte
• Set Up – $3,000
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9. Includes
• MicroLender Origination Tool
• Per Application Fee (includes CLVerify fee of
$1.00) – $2.25
• Per Rollover Fee – $1.25
• Forms – a la carte
• Set Up – $1,800
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15. Step 1 Conduct regulatory research
Step 2 Obtain board approval
• GoodMoney provides a beginner’s manual and PowerPoint
presentation to assist credit unions with this process
Step 3 User agreements (3)
• CL Verify
• CU*Answers/Lender*VP
• Prospera/GoodMoney
Step 4 Marketing plan
• GoodMoney provides public relations support, demographics,
suggested activities and templates
Step 5 Staffing
• GoodMoney provides, job descriptions, job ads and a
characteristics profile
Step 6 Policies; state-specific compliance
• Consult with your legal counsel
Step 7 Determine hours of operation
Step 8 General operations; forms, practices,
procedures, etc.
• GoodMoney and CU*Answers have the ability to jointly
assist credit unions in this area
Step 9 Designate individuals to receive training
• High-Level Overview of Operations – on-site
• Frontline Overview of Operations – on-site
• Accounting, collections, etc. – webinar or on-site
• Marketing – as needed
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16. To view a video on how GoodMoney has helped
real members visit the following link:
http://www.youtube.com/watch?v=WGmAFykJgx8
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