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NCUA, AARP will work together to promote financial literacy and consumer education

NCUA and AARP sign Memorandum of Understanding

ALEXANDRIA, VA (September 11, 2014) – The National Credit Union Administration will team up with AARP to work on a series of initiatives aimed at promoting financial education and outreach, helping consumers achieve financial security and increasing access to responsible and affordable financial services.

“Promoting financial literacy is an important goal for NCUA and one of the core missions of federally insured credit unions,” NCUA Board Chairman Debbie Matz said. “In an economy that is experiencing rapid change and growing more complex, it is increasingly important for consumers to be educated in order to protect their financial security. There are many areas where AARP and NCUA can work together to strengthen the financial health of Americans of all ages.”

“AARP looks forward to our work with NCUA promoting important financial education so that families and individuals can face all of their real possibilities with confidence,” said AARP Executive Vice President Nancy LeaMond. “By working with organizations like NCUA, we can help ensure that consumers of all ages have the tools they need to manage their money and achieve short- and long-term financial resilience.”

AARP and NCUA have signed a Memorandum of Understanding outlining a series of educational initiatives during the next two years that include consumer-friendly financial services, anti-fraud efforts, entrepreneurship and financial literacy, among others. Activities will include, but are not limited to, sharing of financial education tools and resources, co-hosting events in communities and online and participating in working groups with one another and with other organizations.

NCUA staff helped kick off this partnership by participating in AARP’s Ideas@50+ National Event last week in San Diego. NCUA provided informational material to hundreds in attendance on such topics as credit union services, share insurance coverage, elder financial abuse and the agency’s many financial literacy resources available through the MyCreditUnion.gov website.

In addition to its regulatory responsibilities, NCUA fulfills a statutory requirement to advance financial literacy. NCUA works with stakeholders at the local, state and national levels and develops financial literacy resources aimed at educating consumers, particularly underserved and vulnerable populations, including seniors.

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..