Setting up a community bank takes a bit of effort but it’s entirely achievable.
There are a number of models that can be used to create a community bank but the model chosen here is the Community Savings Bank Association (CSBA) model (http://www.csba.co.uk/). The CSBA model is registered and approved with the Financial Conduct Authority (FCA). The model has also been endorsed by the New Economics Foundation (http://neweconomics.org/), a people-powered think tank; and by the Royal Society for the Encouragement of Arts, Manufactures and Commerce (https://www.thersa.org/), a fellowship that inspires, supports and enables new solutions to address the problems of the 21st Century.
The CBSA model forms the core constitutional documents which encapsulate all the principals, powers and obligations needed by a community bank. In other words, the model provides the A-Z of banking expertise and knowledge needed to set up a community bank, leaving Our Money to get on with building the campaign.
The complete business model needed to set up a community bank, and that can be secured through the CSBA model, are: