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Letter to Michigan Senator Debbie Stabenow regarding the Financial Literacy Community Outreach Act of 2003

Letters to Congress

Letter to Michigan Senator Debbie Stabenow regarding the Financial Literacy Community Outreach Act of 2003

April 4, 2003

The Honorable Debbie Stabenow
702 Hart Senate Building
Washington, DC 20510

Dear Senator Stabenow:

On behalf of the Credit Union National Association (CUNA), which represents more than 90 percent of our nation's more than 10,000 state and federal credit unions and 82 million credit union members, I would like to thank you for your willingness to introduce the Financial Literacy Community Outreach Act of 2003.

CUNA and its member credit unions applaud your efforts to streamline financial literacy efforts by creating a Financial Literacy Commission to oversee all federal programs. Financial literacy is an important tool for both students and adults of all ages, incomes and backgrounds. Ensuring individuals have proper financial skills will lead to financially stable families and communities, helping to achieve the American dreams of college, homeownership and retirement security.

Credit unions have sought to promote financial literacy at the root of our communities- schools. To aid in this endeavor, CUNA has partnered with the National Endowment for Financial Education (NEFE) 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. Oftentimes, the financial tools that youth learn are shared with parents and other family members.

Again, CUNA and its member credit unions strongly support your efforts to streamline financial literacy efforts by creating a commission that will serve as a resource for all Americans.

Sincerely,
Daniel A. Mica
President & CEO

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