Study Group Meeting #2

The comfy surrounds of The Royal Scots Club in Edinburgh hosted the recent Credit Union Direct Study Group. A CU financial model based on the ABCUL Toolkit was presented which was enhanced with certain “on line” requirements – ie support call rate, electronic deposit costs, electronic withdrawal costs, likely member activity rates. The initial funding gap was discussed and various suggestions were made to fill it – these will get investigated over the next few weeks. The discussion also covered the seasonal nature of savings and loans and how to best capture those aspects in the model.

ABCUL Business Plan Toolkit

ABCUL Business Plan Toolkit arrived to help the group with the outline business plan. Cost £50.

Study Group Meeting #1

Study Group met for the first time in one place. The group set a couple of tasks for the next meeting in a month or so’s time – notably an outline business plan.

ABCUL AGM and Conference

Off to Blackpool for the ABCUL AGM and Annual Conference (16th to 18th March 2007). Conference cost £220. Accommodation £125.

Lend your support

To get a Credit Union live in the UK you have to show demand and the way to do that is to do a “pledge drive”. So if you would like to show your support for the UK’s (and maybe the World’s) first completely online Credit Union then Pledge your support on The Credit Union Direct Pledge Page . Thanks.

url:
http://www.credituniondirect.co.uk/pledge_your_support_for_credit_union_direct.html

Easy to stay informed

The Credit Union Direct web site now offers the Views and Comment Blog as an easy to subscribe to RSS feed. You can also subscribe to it by email. And we have also done the same for our Progress Blog which tracks the key events in the life of a UK Credit Union going from idea to reality.

ABCUL Starter Pack

The Starter Pack from ABCUL was received on Thursday 18th January. A weighty folder which breaks down the steps required in taking a Credit Union to market. Cost £35.

Credit Union Direct name approved by FSA

We are pleased to say that the UK Financial Services Authority have approved the use of the name Credit Union Direct under 3(3) b of the Credit Unions Act 1979. Approval is granted for a period of two years from 11 January 2007. Approval is granted on condition that:
i) Credit Union Direct does not take deposits; and
ii) it discloses clearly in all its written or electronic communications that it is not currently regulated by the Financial Services Authority and neither is it, nor any transactions with it, covered by the Financial Services Compensation Scheme.