WASHINGTON (4/30/14)--"America's credit unions are committed to continuing to work to ensure that consumers of all ages understand how to responsibly manage their finances, and recognize that financial education needs to begin at a very early age," the Credit Union National Association and National Credit Union Foundation wrote in a Tuesday letter to House Financial Services subcommittee on financial institutions and consumer credit members.
The letter was sent as a statement for the record for today's subcommittee hearing titled "Examining How Technology Can Promote Consumer Financial Literacy."
In the letter, CUNA and NCUF noted that credit unions change lives each day through the "People Helping People" philosophy that drives the credit union movement, investing millions of dollars in consumer financial education and counseling programs.
Items highlighted in the letter include:
CUNA's work with state credit union leagues and associations to develop a consumer-focused website, asmarterchoice.org, to help consumers understand why credit unions are a smarter way to use financial services and connect them with local credit unions they can join;
NCUF programs and grants that provide widespread financial education, create greater access to affordable financial services and empower credit union members to build assets; and
NCUF efforts to provide funding and promotion of financial literacy tools and education through credit unions across the nation.
These sorts of efforts have helped the credit union system provide financial counseling to more than 1.6 million consumers a year and make nearly 24,000 annual educational presentations to more than 600,000 students, according to the NCUF's 2012 study, "Credit Unions: Focused on Financial Capability across the Nation."
"Against a fragmented landscape where each credit provider is seeking maximum gain, not-for-profit credit unions continue to be true to their mission of serving as trusted advisers to their members and communities," the letter said.
For the full letter, use the resource link.