NAFCU to CFPB: Collaborate with NCUA, others to improve financial education

NAFCU, in a letter Monday to the Bureau of Consumer Financial Protection, offered ways for the bureau to improve its education programs to strengthen consumers’ financial literacy. NAFCU’s top recommendation was for the bureau to collaborate with the NCUA and partner with credit unions to distribute financial resources more effectively throughout communities.

“Credit unions are deeply invested in the financial well-being of their communities and, therefore, provide the best avenue to disseminate financial education resources,” wrote NAFCU Senior Regulatory Affairs Counsel Ann Kossachev. “NAFCU encourages the Bureau to establish a strong, sustainable partnership with credit unions to distribute its financial education resources … Local outreach and efforts are most likely to make a meaningful impact and begin to effectuate improvements in Americans’ financial health.”

Kossachev highlighted a recent Economic & CU Monitor survey that found 94 percent of respondents’ credit unions offered some form of financial literacy programming, and several also had innovative methods to promote greater fiscal responsibility.


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