Go see the rest of the videos at BankerSpank.com!!!. This appears to be sponsored by the Credit Union National Association who have been fighting hard against a banking industry attempt to unfairly tax Credit Unions.Note: The sponsoring organization isn’t clear from the website and really needs to be. I’m trying to get in touch with the creator.
4 comments December 31st, 2006
The great folks at blip.tv posted the video from my talk at Ignite Seattle I and of course I have a few updates, corrections, retractions, and denials from the event.
1 comment December 19th, 2006
Brady Forrest and Bre Pettis just announced the second installment of Ignite Seattle. Most of the Black Rock Federal team will be there and you should too!
from the Ignite Seattle blog:
Bre and I have plotted with the owners of the CHAC to schedule another Ignite! We know that we need more space. We know that we need to keep the energy alive. We know that we need to top the last event. We know that we need to keep the bar nearby. We’re going to do all of those things and more…The next Ignite is scheduled for… February 13th upstairs at the CHAC. The upstairs is huge and will be freshly renovated. It has high ceilings with lots of room for things to fly though the air.
Admission will be free. The format will be the same. The top-secret Make event will begin at 6:30 and go til 8:00. The Ask Later talks will begin at 8:30 and continue for three rounds with frequent breaks.
RSVP at Upcoming if you like!
I presented at the first Ignite Seattle, and am really looking forward to the next one!
Add comment December 19th, 2006
Just a quick note to let everybody know we filed our proposed Field of Membership with the NCUA today. Our Field of Membership defines the community we are legally permitted to serve. There are numerous regulations about who and how a credit union can define it’s “Common Bond”, and we hope we’ve defined ours accordingly.
As always, comments, questions and feedback are requested and encouraged!
2 comments December 15th, 2006
Trey Reeme & the Trabian team continue to impress me with their work on the Open Source CU blog and podcasts. If you’re interested in what we’re doing, you will really like what they are doing!
In this issue we cover:
- Conference month (0:00)
- ad:tech and the problem with “going viral” (1:50)
- Relationships & research (8:20)
- Engagement (10:30)
- Filene’s ethnographic study on credit union member behavior (12:48)
- Wesabe (17:03)
- Bye-bye middleman, hello ING Electric Orange Checking (20:55)
- Reflections from CUES CEO Network (24:18)
- Credit unions as sales operations (25:28)
- Bad jokes (26:33)
You can subscribe in iTunes here, download their podcast here, and leave messages for the show at (206) 350-OSCU (6728).
3 comments December 13th, 2006
What was wrong?
I said that Credit Unions were able to loan out $16 for every $1 in member deposits, because they have a 6% capitalization requirement. I confused Credit Union capitalization ratios with banking Cash Reserve Ratios, and didn’t find out until I spoke with a gentleman from the NCUA today.
Credit Union loans are backed by member shares, and the Credit Unions are required to keep a reserve in excess of this amount. This reserve is the capitalization requirement.
Banks do operate this way, and as I asserted in my talk, generate significant profit from loans they are able make loaning out more money then they have on deposit.
What does this mean?
It means that we have less “upside” (in the form of interest) to use than we originally hoped.
We will still create a non-profit, member owned, member driven, community financial institution. We will still empower our community, offer great financial services, and use our resources to change the world.
There are now 10 passionate people directly involved this project, and our understanding is constantly growing. We are beginning to find mentors in Credit Union community, and have started the chartering process with the NCUA.
Thanks again for your continued trust and support for our community!
Sincerely,
-Jesse Robbins
Want to get involved? Email us at organizers at blackrockfederal.com.
3 comments December 12th, 2006
My explanation of credit union capital reserve requirements was wrong, and I’m working on a detailed correction and explanation.
Your trust and belief in this important project is what will determine it’s success, and I appreciate your support and understanding.
I’ll post an update by 8PM PST.
Sincerely,
Jesse Robbins
Add comment December 12th, 2006
What was Jesse talking about at Ignite Seattle?
Credit Unions have $0.06 backing every $1.00 they loan out… which means they can loan $1,600,000 for every $100,000 deposited by members.
If you loan out $1,600,000 at a 7% APR rate you take in about $112,000 in interest on $100,000 in principal. After deducting operating expenses and paying the members interest on their accounts, credit unions use the remainder to offer better services to their members.
Black Rock Federal will offer the same great services any other Credit Union does, and we will use our resources to change the world.
(edited on 12/11/06)
I was mistaken when I gave this presentation. I said that Credit Unions were able to loan out $16 for every $1 in member deposits, because they have a 6% capitalization requirement. I confused Credit Union capitalization ratios with banking Cash Reserve Ratios, and didn’t find out until I spoke with a gentleman from the NCUA today.
Please see this blog entry for a detailed correction.
1 comment December 9th, 2006
Last night’s event was so much fun!
Many thanks to Allegra Searle-LeBel, Corprew Reed, Leah Papernick, Noah Iliinsky, and Benjamin Black for helping me with the talk.
The night began with about 200+ people crammed into the bar building popsickle-stick bridges and then testing jumping up and down on them. After all the bridges had been “tested”, things settled down and the 5-minute “Ask later” presentations began.
Bre Pettis (Make:) said “the audience was enthralled as the superstars of local start-ups, creative innovators, scientists, hackers, puzzle-makers, and regular folks doing cool things managed to dump their brains into five minute power-point presentations.”
We got a lot of positive response from the presentation, and we’re planning on doing it again at the next Ignite Seattle in February. Many thanks to Brady Forrest for creating such a cool event!
There should be videos of the event posted soon.
1 comment December 8th, 2006
I’m signed up to do an “Ask Later” talk at Ignite Seattle on Thursday entitled “Burning Credit: building the Black Rock Federal Credit Union”.
Brady Forrest writes: “The Ask Later talks will *all* be 5 minutes long. They will all have 20 slides and each slide will be on the screen for 15 seconds. The presenter will not have control of their computer. That’s part of the fun…”
Ignite Seattle is a a short unconference-ish event in a bar being run by my friend Brady Forrest of O’Reilly Radar and Bre Pettis of Make:. It’s going to be a good time, and I’m hoping to see you there!
What: Ignite Seattle I
When: Thursday, December 7, 2006 @ 8:00 PM
Where: LowerLevel - 1621 12th Ave, Seattle, Washington 98122
RSVP: http://upcoming.org/event/127800
4 comments December 7th, 2006
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| Jan » | ||||||
| 1 | 2 | 3 | ||||
| 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| 11 | 12 | 13 | 14 | 15 | 16 | 17 |
| 18 | 19 | 20 | 21 | 22 | 23 | 24 |
| 25 | 26 | 27 | 28 | 29 | 30 | 31 |
All trademarks and copyrights on this page are owned by their respective owners.
© Copyright 2008 (building the) Black Rock Federal Credit Union. This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 2.5 License.
Based on the Blix Theme by Sebastian Schmieg. Icons by Kevin Potts . Powered by WordPress . Login
