Removing Barriers Blog

CFPB Recognized Credit Unions Who Empower Youth with Financial Literacy
Posted September 12, 2016 by CUNA Advocacy

Consumer Financial Protection Bureau’s (CFPB) Director Richard Cordray attended his first credit union-hosted Financial Reality Fair in Dallas Tuesday. The fair was held at Lake Highlands Junior High in North Dallas, Texas, and was sponsored by the National Credit Union Foundation, the Cornerstone Credit Union Foundation and Texas credit unions. We sent the director a letter thanking him for attending this event.

CUNA and the National Credit Union Foundation have been urging Director Cordray to attend events like this, visit more credit unions, and continue to learn about the many resources credit unions provide to their communities. We believe this could better help the CFPB understand the credit union difference, and how our work differs from that of other for-profit financial service providers.

The CFPB launched a tool this week to help youth and teachers learn about financial literacy and capability. They released a report called “Teaching Financial Fundamentals” and equipped teachers with tools to increase financial education in schools. Alongside the report, the CFPB also introduced a “personal finance pedagogy” for students to serve as a strategic outline of skills and habits they can learn to become a financially capable adult.

This report was discussed at the credit union event, as he highlighted the similar work already done by credit unions. He specifically commended Cornerstone Credit Union, the Credit Union League of Texas, and the National Credit Union Foundation for their “willing(ness) to find ways to partner with us.”

Click here for the full report and here for the personal finance pedagogy.