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CFPB NCUA promote financial literacy month
WASHINGTON (4/3/12)--The National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB) are among the federal agencies observing April's Financial Literacy Month, and both the NCUA and CFPB announced part of their plans for the month on Monday.

The NCUA plans to emphasize social media during the month by using Twitter to release daily postings on many weekly themes, including:

  • Tax tips;
  • Money management for youth;
  • Savings, investing, and retirement; and
  • Homeownership.
NCUA Chairman Debbie Matz said the Twitter campaign continues her agency's commitment "to reaching new audiences and online communities," and the NCUA in a release encouraged credit unions "to reach out to younger members in order to grow and thrive in the future." By redistributing the NCUA's twitter posts, "credit unions can reach out to and educate this important demographic about how to better manage money," Matz added.

The CFPB is active on Twitter and Facebook, but is also taking a more traditional approach this month, scheduling public appearances to promote financial literacy. CFPB Director Richard Cordray will address the CFPB's work on behalf of consumers at the New York Public Library's Financial Empowerment Day on April 21.

Gail Hillebrand, CFPB associate director of Consumer Education and Engagement, will speak earlier in the month, participating in an April 17 Financial Literacy Day event on Capitol Hill. Hillebrand will also take part in the Financial Literacy and Education Summit on April 23. That event will be co-hosted by the Chicago Federal Reserve Bank and Visa Inc.

CFPB Office of Financial Education Assistant Director Camille Busette is also set to appear at an April 19 Texas Panhandle Community Asset Building Forum.

To start the month, the agency also highlighted its new interactive website, Ask CFPB, which features clear definitions of financial terms and products, such as credit reports and reverse mortgages, and also explains many of the terms and features of financial products. The agency in a release also noted the work it has done to gather and address consumer complaints about financial products.

The Credit Union National Association (CUNA) is again sponsoring its annual National Youth Saving Challenge this month, and credit unions across the country are also encouraging their members to budget, save, manage credit, and pay down debt. (See related March 30 News Now story: April is National Financial Literacy Month.)

For more on the NCUA, CFPB and CUNA efforts, use the resource links.
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