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Matz encourages CUs to use new CDFI ed. program
ALEXANDRIA, Va. (10/21/09)--National Credit Union Administration (NCUA) Chairman Debbie Matz on Tuesday welcomed the launch of the U.S. Treasury's Community Development Financial Institutions (CDFI) Fund’s Financial Education and Counseling (FEC) Pilot Program as “another avenue for credit unions to explore as they seek new resources to benefit their members.” According to the CDFI Fund, the goal of the FEC program is “to identify successful methods resulting in positive behavioral change for financial empowerment, and to establish program models for organizations to carry out effective financial education and counseling services to prospective homebuyers.” The CDFI Fund will award funds to organizations that provide financial education services to potential homebuyers. The CDFI Fund on its Web site said that those educational services may be activities that increase the financial knowledge and decision-making capabilities of homebuyers and assist them in developing budgets, increasing their savings, reducing their debt, financing or planning for major purchases, and generally improving financial stability. The CDFI Fund was given $2 million for the implementation of this program in March of this year. Commenting on the FEC Program, Matz said that “financial education is a natural service for credit unions,” and encouraged credit unions “to use all resources at their disposal to help members expand their financial knowledge.” The CDFI Fund will hold a conference call for organizations interested in applying for funding through the FEC Program on Thursday, October 22, 2009 at 2:00 p.m. ET. Organizations that are interested in applying must do so by 5:00 p.m. ET on November 19, 2009.


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