User:Jhize

Project infobox |Project name = Occupy Federal Credit Union  |logo = |portal = TBD |desc = Draft Proposal |geoloc = |wg = Alternative Banking Working Group |pperson = Jon Huizer |dateformed = |website = |ical = |forum = |ml = |bug = |pmgmt = |source = |status = |product = |related = |categories =

Alternative Banking Strategic Plan - Under Construction

Statement of Purpose

The purpose of this wiki is to help foster the development of a financial institution that embodies the values of the OWS movement. The current banking system lies at the heart of our current economic crisis of increasing volatility and inequality. To change that system, we need to replace it with a better bank.1

Strategy

The characteristics of an ideal bank 1:

1. Democratic – all customers would own the bank, and have an equal say in its governance, regardless of the amount of money in their accounts. Employees – or rather partners – might be co-owners of the bank, forming a co-operative.
2. Accessible – the bank’s services would be accessible to all, and in particular the poor, who are often excluded from today’s banking system, thus making them vulnerable, for instance, to predatory lending. Ideally, the bank would be available to anyone in the country, and perhaps one day, the world.
3. Stable – the bank would eschew the risky practices of the for-profit banks that have damaged the world economy (affecting particularly the poor) and perpetuate systemic risk. Instead, it would operate in a way to minimize risk, for instance by mutualising all its liabilities in a manner suggested in Laurence Kotlikoff’s concept of “Limited Purpose Banking”.
4. Non-profit – the bank would be run for the benefit of its customers and employees. Any profit would be returned to customers in the form of cheaper loans or other services, or pro bono services – such as interest-free loans – for those in dire need. Without the need to generate profits or maintain a high stock price, the bank could offer more competitive services than the for-profit banks, thereby contributing to the next characteristic.
5. Competitive – the bank would offer services to individuals and businesses that would be as good as or better than those offered by for-profit banks. This objective is plausible if the bank is non-profit, and has a “light” infrastructure, perhaps by essentially operating as a “clearing house” to match lenders and borrowers (similar but not identical to “peer-to-peer” services). We also note the abysmal quality of current banking services in the US, in contrast for example to those offered in many European countries.
6. Transparent – the opacity and unintelligibility (even to those working in finance) of the financial system have contributed to the “credit crunch” collapse. The operations of this bank would by contrast be wholly transparent, thus again helping minimize any risk caused by its operations.
7. Equal – no partner or employee in the bank would be paid more than a certain multiple of the lowest-paid worker, for instance no more than eight or five times that number. In this way, the bank would promote greater equality and would encourage this characteristic in the economy more widely. This would also contribute to the competitiveness of the bank.

Tactical Action Plans

1. Establish OFCU
2. Establish Payment Processing Gateway

Applicability and Scope

The Federal Credit Union Act is amended periodically to evolve and remain a modern credit union law. This contemporary law, coupled with the NCUA Board's commitment to reduce regulatory burden, enables federal credit unions to offer a variety of services to meet the financial needs of their members. For example, in addition to basic passbook share savings accounts, many federal credit unions offer share drafts, share certificates, credit cards, and individual retirement accounts. In recent years, many have expanded their lending programs to include real estate, member business, and guaranteed student loans as well as the traditional consumer loans (primarily auto and signature loans). As technology evolves, more and more federal credit unions respond by offering transaction services by telephone and by personal computer via the internet 4.

Major Obstacles/Implementation Challenges

(TBD)

Definitions

Requirements 

- are identified information needs—what we must know to safeguard the nation. Intelligence requirements are established by the Director of National Intelligence according to guidance received from the president and the national and homeland security advisors. Requirements are developed based on critical information required to protect the United States from national security and criminal threats. The attorney general and the Director of the FBI participate in the formulation of national intelligence requirements.

Planning and Direction 

- is management of the entire effort, from identifying the need for information to delivering an intelligence product to a consumer. It involves implementation plans to satisfy requirements levied on the FBI, as well as identifying specific collection requirements based on FBI needs. Planning and direction also is responsive to the end of the cycle, because current and finished intelligence, which supports decision-making, generates new requirements. The executive assistant director for the National Security Branch leads intelligence planning and direction for the FBI.

Collection 

- is the gathering of raw information based on requirements. Activities such as interviews, technical and physical surveillances, human source operation, searches, and liaison relationships result in the collection of intelligence.

Processing and Exploitation 

- involves converting the vast amount of information collected into a form usable by analysts. This is done through a variety of methods including decryption, language translations, and data reduction. Processing includes the entering of raw data into databases where it can be exploited for use in the analysis process.

Analysis and Production 

- is the conversion of raw information into intelligence. It includes integrating, evaluating, and analyzing available data, and preparing intelligence products. The information’s reliability, validity, and relevance is evaluated and weighed. The information is logically integrated, put in context, and used to produce intelligence. This includes both "raw" and finished intelligence. Raw intelligence is often referred to as "the dots"—individual pieces of information disseminated individually. Finished intelligence reports "connect the dots" by putting information in context and drawing conclusions about its implications.

Dissemination 

— the last step—is the distribution of raw or finished intelligence to the consumers whose needs initiated the intelligence requirements. The FBI disseminates information in three standard formats: Intelligence Information Reports (IIRs), FBI Intelligence Bulletins, and FBI Intelligence Assessments. FBI intelligence products are provided daily to the attorney general, the president, and to customers throughout the FBI and in other agencies. These FBI intelligence customers make decisions—operational, strategic, and policy—based on the information. These decisions may lead to the levying of more requirements, thus continuing the FBI intelligence cycle.

References, Footnotes, and Exhibits

1. Carne Ross, Alternative Banking Working Group [1]
2. Federal Bureau of Investigation [2]
3. National Credit Union Association [3]
4. Federal Credit Union Act [4]