Difficult Times at Our Credit Union

#1

Post by monort » Wed, Nov 25, 2015, 9:03 AM UTC

Difficult Times at Our Credit Union
blog.archive.org

Re: Difficult Times at Our Credit Union

#2

Post by dang » Wed, Nov 25, 2015, 9:07 AM UTC

The related NYT article is at https://news.ycombinator.com/item?id=10626210. The latter thread had many comments but we merged them here.

Re: Difficult Times at Our Credit Union

#3

Post by _Codemonkeyism » Wed, Nov 25, 2015, 9:35 AM UTC

Can someone explain what was the idea to serve the under-served that archive.org should do this?

Re: Difficult Times at Our Credit Union

#4

Post by raverbashing » Wed, Nov 25, 2015, 9:46 AM UTC

Whenever people push for more unbound regulation, this is what happens.

The big players can hire another lawyer and get the regulators for a tennis match at that fancy club while the small players drown in paper.

Ah, and also this: ". As an engineer, when I looked at how the transaction systems work, I was shocked to see few technological safeguards. I imagine there is major fraud activity. Ironically, the bankers and regulators need exactly the technologists that they are pushing away."

Re: Difficult Times at Our Credit Union

#5

Post by patcon » Wed, Nov 25, 2015, 10:07 AM UTC

_Codemonkeyism wrote: post #3

Can someone explain what was the idea to serve the under-served that archive.org should do this?

I was a member a spent some time talking with one of the ladies running the credit union -- they set up shop in an area where there were socio-economically depressed communities, and were soliciting members from those underserved communities (if i remember correctly)

EDIT: Nothing necessarily to do with archive.org, except that Brewster is a great guy and he happens to really dislike banks, so he looped in a friend involve in the banking sector

Re: Difficult Times at Our Credit Union

#6

Post by wjnc » Wed, Nov 25, 2015, 10:52 AM UTC

It's often a lot cheaper, at least in the Netherlands, to buy an unused banking license than to actually jump through all the hoops to get a new license. Reading this, this regulator seems to have a lot of leeway to propose arbitrary restrictions thus hampering business in the interest of protecting customers. It's hard to do a cost-benefit on this type of customer protection by the regulator.

Re: Difficult Times at Our Credit Union

#7

Post by openfuture » Wed, Nov 25, 2015, 10:58 AM UTC

The system is so broken it's not even funny.

Re: Difficult Times at Our Credit Union

#8

Post by gcb0 » Wed, Nov 25, 2015, 11:13 AM UTC

i think the first step here, since they accepted defeat at some level, is to start releasing names of everyone signing those letters or visiting them. giving names that newspapers can go after and get names higher up is always helpful.

Re: Difficult Times at Our Credit Union

#9

Post by gcb0 » Wed, Nov 25, 2015, 11:14 AM UTC

_Codemonkeyism wrote: post #3

Can someone explain what was the idea to serve the under-served that archive.org should do this?

just someone who has a great idea to help the world having another one.

Re: Difficult Times at Our Credit Union

#10

Post by gcb0 » Wed, Nov 25, 2015, 11:18 AM UTC

raverbashing wrote: post #4

Whenever people push for more unbound regulation, this is what happens. The big players can hire another lawyer and get the regulators for a tennis match at that fancy club while the small players drown in paper. Ah, and also this: ". As an engineer, when I looked at how the transaction systems work, I was shocked to see few technological safeguards. I imagine there is major fraud activity. Ironically, the bankers an…

because 2008 made out clear that no oversight works just fine.

those are laws to protect laws placed to protect banks et al long before. the original laws give some state insurance for a very cheap price, which can easily be abused if someone start a bank/union, give lots of loans to a partner and then crash said bank/union. ... which is exactly what the 2008 was about if you stop believing all banks were surprised by the crash...

edit: and yes, they fail mostly at bribes. nobody does business with any government without bribes. maybe he is not such an accomplished banker as he believed if he never got to that part. i know in construction you won't get far without it.