June 1975 HOtv CREIDIT UNIONS IlZORK 1. Each member pays a small initial membership fee to cover operating e xPenses. . 2. Each member deposits money as lnto a savlngs account. . individual savings are insured up to $40,000 . the money can be withdrawn at any time . no checking services are available 3. Interest is usually paid to members at an agreed upon rate (corresponding to both normal savings interest and * the normal bank profit). 4. Loans are made only to members, on agreed upon rerms (including interest and payback schedules). These loans are approved by a Credit Committee (composed of members of the credit union), or a loan officer (an employee appointed by the credit commitiee). 5. The members elect an Executive Board to handle general policy matters, and a Supervisory Committee, which does periodic procedural checks and audits, reporting to the membership and the National Credit Union Administration. Theie are several categories within which to establish the required ,,common bond" for a Federal Credit Union. 1. Occupational-basically any 2OO people who are employed by the same employer. These have traditionally been the most common forms, e.g. Salem School District Teachers, Oregon State Employees, etc. 2. Associational-30O people who sharc membership in an organization ,,whose activities develop common loyalties and mutual interests." It cannot be an organization formed only for a credit union. The guidelines say that at leasr 2OO members should live within easy commuting distance from the office. Members of professional or trade organizations, housing, consumer or producer cooperatives, religious groups or community action groups can form this type of credit union. A feminist credit union is being set up in Massachusetts whose members belong to one of several organizations, including Women's Cooperative, the Women's Political Caucus, and the Govcrnor's Commission on the Status of Women (all of which are easy to join). 3. Residential-3OO people residing .,within a well-defined geographical area who have a community of interests, activities and objectives." Once a common group is identified, they must decide on general policy and by-laws, and then must meet with their regional or state representatives (depcnding on the type of credit union) to begin approval procedures. For more information, write: National Credit Union Adminisnation Washington, D.C.20456 Edward T. Bernhoft, Director, Region VI 760 Market Street, Room gO9 San Francisco, Ca, 94102 As a means both to ger local credir unions going in the Northwest and to provide credir union services to people who don't have access to a local credit union, we are interested in setting up a credit union of Rain and Tiltb m.m6ers. This kind of Credit Union would make funding possible for starting small-scale, labor-intensive local busineises, as well as making loans to members for personal needs. As enough people become membcrs from a local area, we intend to SEED a whole series of neighborhood credit unions. The power o? numbers is important - $20 of savings by lOOO people makes available $20,0O01 n I am interested in joining a Credir Union. D I am inrerested in HELpING TO SET tlP a Credit Union. n I am interested in starting a Credit Union in my own neighb-orhood or organlzatlon. (Neighborhood or Organization) Page I 5 n I have had some experience with (or know of) other Crcdit Unions which I would be willine ro share. ! l.belong to the fo'ilowing organizations: ___Rain _I'iltb __Others Name Address Phone Please send to: Tom Bender/l.,ane deMoll FULL CIRCLE 760 Vista Avenue S.E. Salem, Or. 97302 Letter from Senator Bob packwood: The environmental efforts of the Northwest are well established and highly respected in the Congress. During-the course of a week I will often have three to four hundred inquiries on a grear array of environmental issues. - In recent months a great number of people have become vitally concerned over the threats posed to our environment due to increased demands for energy and resources. This alarm is not without justification or merit, for it shaped the environmental movement of yeirs past and will continue to fuel the public interest in our world's fragile eiology. To remain fully aware of your interest in our country's environmental plograms and legislation, the exchange of information and opinions is esseniial. The issues affecting our health and well being are complex and develop quickly. The more you are aware of these changes, the better I can respond. . . . I want to keep you enrircly aware of what's taking place inside rhe Congress affecting you and our environment. The Editors of your publication have been extremely helpful in this regard. By filling our rhe coupon and sending it to my Portland Office, I will be pleased to keep you up-to-dare on many environmental areas. Periodicallv I will ' send you copies of my statemenis on the Senate Floor and general comments on pending legislation and ask for your thoughts. In addition, when preparing restimony thar I will give before Senate Committees, I would like to solicit vour views and plan on sending an o..asi'onal questionnaire to you covering numerous environmental issues. .Thanks for your consideration. I hope to be writing to you soon. Cordially, Bob packwood. Send to, Senator Bob Packwood, p.O. Box362l, portland, Ore.972Og Name Address State --- Zip Publication City
RkJQdWJsaXNoZXIy NTc4NTAz