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“People Helping People”

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� 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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� Overview of our learning history

� Turnkey solution� Software application

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CREDIT UNION CHARTERCREDIT UNION CHARTER –– [[Page 112 STAT. 914]] (4) Credit unions, [[Page 112 STAT. 914]] (4) Credit unions, unlike many other participants in the financial services market,unlike many other participants in the financial services market, are are exempt from Federal and most State taxes because they are memberexempt from Federal and most State taxes because they are member--owned, democratically operated, notowned, democratically operated, not--forfor--profit organizations generally profit organizations generally managed by volunteer boards of directors and because they have tmanaged by volunteer boards of directors and because they have the he specified mission of meeting the credit and savings needs of specified mission of meeting the credit and savings needs of consumers,consumers, especially those of modest means.especially those of modest means.

A credit union is “organized…for the purpose A credit union is “organized…for the purpose of promoting thrift among its members and of promoting thrift among its members and creating a source of credit for provident or creating a source of credit for provident or productive purposes;”productive purposes;”

-Federal Credit Union Act 1752 (1)

Credit Unions’ “main purpose is still to Credit Unions’ “main purpose is still to provide the average wage earner with a provide the average wage earner with a source of lowsource of low--cost credit and to encourage cost credit and to encourage him to save regularly…”him to save regularly…”

- CUNA International, Inc. A Fact Book for Legislators

“A credit union is an instrument for the improvement of the econ“A credit union is an instrument for the improvement of the economic omic conditions of its members, with particular emphasis on providingconditions of its members, with particular emphasis on providing lowlow--cost, personalized loans.”cost, personalized loans.”

-CUNA International, Inc. Planning Committee Report, May 1965

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� 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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� 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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� 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!Juggling your finances? FISC can help!

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� 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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� Total Served—� Total No. of Loans—� Total Dollar of Loans—� Average Loan Amt—� Total Fees Saved—

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“People Helping People”Three Package Options

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� 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

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� 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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� 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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� 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

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� 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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� To view a video on how GoodMoney has helped real members visit the following link:

http://www.youtube.com/watch?v=WGmAFykJgx8