Post edited 3:06 pm – December 15, 2010 by wspademan

1. We have started using the name "Campaign for a Common Good Economy" to describe what we have heretofore called "The Common Good Bank Project". This is intended to emphasize that it's not just about a bank — in fact the bank is just part of a larger effort.
2. We plan to finance the bank by engaging people actively already as participants in the Common Good Economy — learning, discussing and planning together in preparation for active control of local finance once the bank opens.
3. We are phasing out the current system of collecting loans up-front, along with donations. We will ask for a pledge to lend and we will collect those loans once there are enough pledges to reach our target of $1.25 million in loans.
4. We are working to make our terminology more consistent, as follows:

• a Common Good Community: the people along with the local parts of the bank, mutual credit system, stock, deposits, loans, profits, plans, and material assets (formerly "Community Division")
• Common Good Association: the union of all CGB members everywhere. (Member/Owners sign the membership covenant with the Bank and the Association.)
• Common Good Bank (a Common Good financial institution)
• Common Good Transfer Company
• Common Good Democracy
• a Common Good Account
• Common Good Economy: what we are working towards
• a Common Good Corporation

Comments are welcome.