Removing Barriers Blog

CUNA, Credit Unions Participate in CFPB Savings Roundtable
Posted January 08, 2020 by CUNA Advocacy

CUNA and representatives from six credit unions participated in a financial institution roundtable on developing and implementing successful savings programs for consumers. The meeting included a diverse group of financial institutions, including large banks, community banks, credit unions, and insurance companies. 

The roundtable began with opening remarks from CFPB Director Kathy Kraninger who has sought to increase consumer awareness about the importance of savings through the Bureau’s Start Small, Save Up Initiative. Following the Director’s remarks, the participants heard presentations on emergency savings strategies and lessons learned from financial entities that developed successful programs. BECU presented on the credit union's early saver program and how to leverage technology to reach vulnerable members.  The meeting also included breakout sessions to discuss helping consumers and workforce build emergency savings, marketing, and research. 

The CUNA-member credit unions present included:

  • BECU of Washington
  • Franklin Mint Federal Credit Union of Pennsylvania
  • True Sky Credit Union of Oklahoma
  • University Federal Credit Union of Texas

Credit unions were founded on the principle “People Helping People.” To adequately prepare members for financial freedom, credit unions empower them with the tools, information, and decision-making skills necessary based on the various stages of life.