Exec Dir Presented on CU Youth Savings Programs
Washington, DC (February 25, 2015) -- The National Credit Union Foundation (the Foundation) was invited by the Financial Literacy and Education Commission (FLEC) to testify at its public February 25, 2015 meeting at the U.S. Department of the Treasury in Washington, D.C. The meeting was also broadcast live over the web.
The focus of the meeting was on youth savings programs, in particular the connection with school based programs. Foundation Executive Director Gigi Hyland presented on a panel to talk about credit unions’ efforts around youth savings, reality fairs, and in-school branches. Hyland was joined on the panel by Bill Lawton, President/CEO of Community Financial FCU in Mich., who discussed youth savings efforts in Michigan as well as his own credit union's commitment to in-school branches and youth education.
The FLEC is tasked to develop a national financial education web site (MyMoney.gov) and a national strategy on financial education. It is chaired by the Secretary of the Treasury; the vice chair is the head of Consumer Financial Protection Bureau (CFPB) and the heads of 19 other federal agency make up the rest of the Commission.
Also discussed at the public meeting was new interagency guidance from financial regulators encouraging youth savings programs to expand the financial capability of young people. The guidance also provides answers to frequently asked questions related to the establishment of these programs.
Download Hyland’s documents provided to FLEC at the meeting:
About the National Credit Union Foundation (ncuf.coop):
The National Credit Union Foundation (the Foundation) is the charitable arm of the U.S. credit union movement and works as a catalyst to improve people’s financial lives through credit unions. Through Foundation grants and programs, credit unions provide widespread financial education, create greater access to affordable financial services, and empower more consumers to save, build assets, and own homes. Donations to the Foundation enable credit unions to help their members reach life-changing goals and achieve financial freedom.
The National Credit Union Foundation is a 501(c)(3) tax-exempt charitable organization. The Foundation continues to earn the Better Business Bureau seal of approval as an “Accredited Charity” for meeting all 20 BBB Wise Giving Alliance Standards for national charities.