Daniel A. Mica's Letter to Representatives Biggert and Hinojosa Regarding the Introduction of H. Res. 737, Supporting the Goals and Ideals of Finanical Literacy Month
April 3, 2006
The Honorable Judy Biggert
1317 Longworth House Office Building
Washington, DC 20515
Dear Representative Biggert,
On behalf of the Credit Union National Association (CUNA), which represents 87 million credit union members, I would like to thank you for your introduction of H. Res. 737, which supports the goals and ideals of Financial Literacy Month.
CUNA strongly supports H. Res. 737 which supports financial literacy initiatives by calling on schools, nonprofit organizations, businesses, government entities on the federal, state, and local levels, and citizens to observe the month with appropriate programs and activities.
To aid in this endeavor, CUNA establishes a yearly National Credit Union Youth Week, this year scheduled to take place April 23rd - 29th. To date, 278 credit unions have committed to participating in CUNA's Youth Savings Challenge for that week, and are estimating to tally 50,000 youth deposits valued at $3.6 million.
CUNA provides financial literacy resources to credit unions year-round to assist young people and help them manage their own money wisely, and has partnered with the National Endowment for Financial Education (NEFE) and the Cooperative Extension Service to provide schools with free workbooks on financial literacy that can easily fit into an existing curriculum. Many credit unions have volunteered their time to teach the materials to better prepare students for college, covering issues such as credit cards, interest, minimum payments, and checking accounts. Additionally, CUNA recently developed a program called "Thrive by Five" which offers free materials on our website for parents to work with pre-school aged children on basic financial concepts such as spending and saving.
Again, CUNA and its member credit unions strongly support H. Res. 737, as well as your leadership with the Congressional Caucus on Financial and Economic Literacy. We look forward to working with you and greatly appreciate your efforts to bring financial literacy to students nationwide.
Daniel A. Mica
President & CEO