Letter to Representative David Dreier regarding the Financial Literacy Enhancement Act

Letters to Congress

Letter to Representative David Dreier regarding the Financial Literacy Enhancement Act

October 1, 2003

The Honorable David Dreier
237 Cannon House Office Building
Washington, DC 20515

Dear Congressman Dreier:

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 83 million credit union members, I would like to thank you for your pending introduction of the Financial Literacy Enhancement Act.

CUNA and its member credit unions support your efforts to create a pilot national public service multi-media campaign to bring greater awareness to the American people on financial literacy and personal finance. This program, administered by the Treasury Department and aided by the expertise of non-profit, public and private organizations, will be able to reach a significant portion of the population and educate them on the critical need and benefit of financial literacy skills. 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.

To aid in this endeavor, CUNA 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. Oftentimes, the financial tools that youth learn are shared with parents and other family members. And, many credit unions also are providing similar training to adults in their communities.

Again, CUNA and its member credit unions support the Financial Literacy Enhancement Act, and appreciate your efforts to bring a greater understanding of personal finance to all Americans.

Daniel A. Mica
President & CEO

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