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LCUL's Michelli Passes Away

BATON ROUGE, La.-LES FCU CEO Carol Daigle Michelli died last week, according to the Louisiana CU League.

The 63-year-old CU executive started her CU career in 1971 as a part-time clerk at LES, moving up to CEO 12 years later.

In 2002, Michelli received the league's Professional of the Year award for her commitment to the CU movement.

CFSI Releases Study On PayNet

CHICAGO-The Center for Financial Services Innovation (CFSI) case study on a unique partnership between credit unions and check cashers suggests the experiment has been a success but still faces some barriers to expanding the program beyond its pilot status.

Entitled "The PayNet Deposit Program: Check Casher-Credit Union Partnerships and the Point of Banking Maching," the study examines the partnership burgeoning between CUs and check cashers in New York City that offers credit union members access to their accounts at check cashing locations.

"PayNet succeeds because of the similiarities between check casher customers and credit union members and provides a creative way to better serve them," said Kathy Jacob, CFSI senior analyst and the study's author. "Challenges to expansion remain. But this study demonstrates a business model for expanding financial services to underbanked consumers in a way that benefits all sides-in this case, the consumer, credit union and check casher."

The report can be downloaded at: http://www.cfsinnovation.com/managed-documents/pobpaper.pdf.

EFFCU Nets More Than $3.3M

MIRAMAR, Fla.-Eastern Financial Florida Credit Union netted more than $3.3 million in 2004 as a result of two on-site car sales in which consumers bought more than 170 new and used cars.

Working with AutoAdvisors, the Eastern Financial consumer lending team put together the sales held in March and October in the parking lot of the CU's headquarters. More than 500 people attended each of the 10-hour events, some traveling at least 100 miles to be there. EFFCU tracked attendance through a $500 drawing and registration books.

Eastern Financial employed a comprehensive marketing plan aimed at members and prospective members through direct mail postcards, statement inserts, branch decorations, a newsletter article and word-of-mouth. During the October sale, thirty-three new accounts were opened in addition to the car sales.

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