Dear AFSA Members:

This is an update on the proposed conversion of the Lafayette Federal Credit Union (LFCU) into a for-profit bank. The deadline for members to turn in their votes on the proposal is December 16. We urge members to read all the material they have received and weigh the pros and cons before casting a vote. This is an important decision that can affect your finances significantly.

Today’s Washington Post contains an article on the recent meeting here at USAID on the conversion. We link to it here for your convenience (http://www.washingtonpost.com/wp-dyn/content/article/2006/12/10/AR2006121000603.html).

The anti-conversion camp has set up an online petition for those opposing the proposal. You may visit that site here: http://www.savemycreditunion.coop/.

The LFCU board has also posted a letter on its web site laying out the case in favor of the proposed conversion: http://www.lfcu.org/conversion/dear_member_letter.pdf.

Again, we hope that LFCU members here at USAID will carefully consider their options before casting a vote. We here at AFSA will be keeping a close eye on this issue as the voting results are made available.



Francisco Zamora AFSA/USAID Vice President