Grant To Fund Expansion Of Prize-Linked Savings
CHICAGO–The Center for Financial Services Innovation awarded a $300,000 grant to the Filene Research Institute and the Boston-based Doorway to Dreams Fund to help expand a pilot Prize-Linked Savings program.
“We know that it works, to some extent, what we want to find out is whether this is bringing in new customers,” said Jeff Zinsmeyer, executive director of Doorway to Dreams, of the savings program that uses prizes to induce people to convert their lottery spending into savings.
Prize-Linked Savings is being piloted at several CUs as an effort to transfer a portion of low- and moderate-income families’ lottery and gaming spending to a savings product that offers a chance to win prizes, while building assets.
Under the new project, Filene and Doors to Dreams will work with the Michigan CU League to develop a pilot with six CUs.
NJCUL Proposes Change To Governance Structure
HIGHTSTOWN, N.J.–The New Jersey CU League is putting before its membership a proposal to change its governance structure. The proposal is the result of work done by a 14-member Governance Task Force that included CEOs of CUs affiliated and not affiliated with the league. The proposal would reduce the board to nine members from 15, create three asset-size-based tiers with three board members to be drawn from each, require board candidates to be in good standing with the league, implement terms of three years with a term limit of no more than three consecutive terms. League-affiliates will have a chance to vote on the proposal at the league’s annual meeting at Trump’s Taj Mahal in Atlantic City. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
