2. Crashers
• 15 Credit Union professionals, aged 30ish and under
from across the USA (and Canada)
• Attend the ACUC (America’s Credit Union
Conference)
• Plan a project from conception to paper prototype
• After the conference, make the prototype a reality.
3. The Underbanked/Unbanked
• Interviewed 6 underbanked/unbanked people (gen-y to retirees)
• Common themes:
– Trust (Bad Banking Experiences, or distrust of system)
– Wanting education (Not knowing what to do next)
– Transparency (Convoluted explanations from banks/Cus)
– Wanting to redeem (Past mistake or life circumstance holding
them back)
4. What should this program do?
• For: People who don’t/can’t operate within the normal CU/Banking
System. People with a strong support group at home.
• Benefit to person: Emergency relief, savings accumulation, financial
education, a side door into the CU system.
• Our goals:
– Regain public’s lost trust
– Help people in a way we couldn’t before
– Create something that can be tailored to different Credit Union’s needs
– Create a member who will profitable in the future
• DISCLAIMER: Everyone take off their Credit Union hats for a moment.
5. TRU Circle
• TRUst + TRUth = TRU Circle
• Group of 5 extremely close [IMPORTANT] people –
• Each person puts $X.XX into the pot every month, also
creating savings.
• If someone has an emergency need, the circle votes to loan
the money out.
• Facilitated by a CU representative, who provides financial
education to the group during their meetings, guides.
• Financial Alcoholics Anonymous.
– Graduation stages for circlers (like 12 steps)
– Personal accountability
6. They tried that already, and it failed.
Why TRU Circles are different:
• Trust Contract – “Fluffy” (but crucial) piece of paper explaining the
TRU Circle in easy to understand terms, and creating accountability.
– Example points –
• “I will attend all meetings”
• “I understand that my actions here are affecting my family and friends”
• “[The Credit Union] is here to give you guidance, and gives control of the money to the
Circle”
– Credit Union and Circlers sign together.
• Vetted circle members – we really are looking for those wanting to
redeem, or those whose main issue is distrust of the system.
7. They tried that already, and it failed.
• Dedicated guidance from a passionate CU facilitator
• Accountability to family members, friends.
• “Financial Alcoholics Anonymous” model based on personal
accountability, accountability to others, and recovery.
8. Holes to Fill
• Make it compliant and totally legal (we’re working on it)
• Clearly show CUs how this program will translate into new, profitable
members.
• Make it easy to understand, clear, and as not scary as possible to
potential circlers.
• Find a hosting CU/passionate facilitator
• Handpick an ideal flagship group (Start very small)
