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.
“For over a year the Foundation has been working with the CFPB and our colleagues at state credit union foundations to try to arrange a time when Director Cordray could come see a credit union Financial Reality Fair,” said Gigi Hyland, foundation executive director, who attended the event.
In an address to students, Cordray remarked, “Have you learned how hard it is to make financial choices? Ask your parents more about what they do to make decisions. This fair is a great opportunity to really see what life is going to be like and the choices you make in education and life."
The reality fair is a hands-on experience in which students identify their career choice and starting salaries then complete a budget sheet requiring them to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing, and food.
They prepped their profession a week ahead, researching salary, earning potential, education requirements and educational advancement.
Last week, at a semi-annual meeting of the CFPB Credit Union Advisory Council, Cordray said that credit unions are “pace-setters” in consumer education, and leaders in youth financial education, CUNA reported.