Meeting Notes 6/27/10
Personal Finance Meeting Notes 6/27/10
attendees: Krista Hunter, Karen Hamaleinen, Shirley Jacobson, Laura Sellens, Dianne Foster, Judith Culver
Started by talking about bank/credit union interviews, gave reports on findings. Banks and credit unions run quite
differently, have different goals/benefits.
Karen said it’s important to have both and both can be locally
focused. "Bank
ratings" info-given a letter grade. Karen said you can get this at the
library also (don't think she said the source name). David Culver got directed to
CEO and has not made contact yet so didn’t complete. We got varied amounts of detail from each
institution. Shirley agreed to collate
the data from the interviews.
Shirley brought in a brochure from New Way Forward Portland which compared banks/credit
unions based on locality only. ("New Rules"- Portland-based organization has
a pamphlet out on "Move Your Money" campaign with point system , 3
columns - A locally-based, B Locally-owned, C
local biz focus--each has criteria, then they list about 26 community
banks) and credit unions. Diane agreed to contact them and see if they consulted any
lawyers/professionals in the creation of the brochure to ensure no risk of
advisement liability or libel. We may
use this brochure format in the future, with the possibility of adding
financial stability/capitalization as a criterion.
Dianne discussed the New Way Forward Teach-in. Laura said that TW supports
piggybacking on existing groups but it avoids operating outside groups under
the TW umbrella. In this case we may or
may not absorb New Way Forward Bellingham (as it has a small membership) but
agree we shouldn’t duplicate our efforts.
Discussed investment fund meeting set for 6/28/10 which Judith is facilitating. One way to meet resilience needs of investors
and businesses is to set up the return as a product or service (i.e. invest
$1000 and received 3 gift cards of $435 each, to be used over a 3-year period,
also mentioned CSAs as a similar investment strategy). Judith brought in printouts describing the
LION network in Jefferson county and explained that it is just a network
linking investors with offerings, does not handle the investments themselves,
and thereby avoids SEC regulation and liability. Judith will post notes from that meeting.
Laura reported on talk with Beverly Rose, from Whidbey Island who wants to start a CU there, but hard to get going, may try some Foundations, like Whatcom Community Foundation.
Laura brought in literature from GaPAC bank, on credit, debt, etc and set target date of fall for colleges and spring for high
schools, to give or sponsor a short talk on credit cards and debt for young adults. Right after school starts for college (maybe
put a table up to advertise at the beginning of school fair, where a lot of
credit cards companies will also be tabling) and right before graduation for
high school.
Went around the table: Judith, Diane, Karen, Shirley and Krista, relating why we are drawn to the Personal Finance Workgroup and what we wanted
to do or get out of it. Local investing,
common security, political action, finding solution were all mentioned and all
seemed to fit under Laura’s concept of “4
pillars of personal finance workgroup” debt, credit, saving/investing, and frugality. I guess it’s actually five pillars.
Some discussion of "tangible assets" - buy now what you will need for future (while money is
still worth something)... i.e. sustainable products you might be able to
share - 1. "Catalogue Shop" - Amish
community products, 2. Gaiam catalogue.
Idea to survey your neighborhood - for sharable durable goods, like a truck, etc.
Shirley will brainstorm on local investing - Cascadia Bank - what do they do? (got TARP funds, but many did)
Set next meeting for Sunday July 25th at the Co-op Connections room. Collected $9 as a donation for the room.
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