Legislation from Rep. Mike Gallagher (R-Wis.) aligns with credit unions’ mission to improve the financial well-being of members, CUNA President/CEO Jim Nussle wrote Gallagher Tuesday. The Student Empowerment and Financial Literacy Act would establish a Department of Education grant program encouraging K-12 schools to offer financial literacy programs.
“Credit unions have engaged in financial education efforts from their beginning, promoting thrift and encouraging responsible use of credit. These efforts have benefited credit union members of all ages, including students,” Nussle wrote. “Your bill is important because it would provide additional resources for this important work to be conducted in more communities. CUNA and credit unions are able and willing partners in consumer education initiatives.”
The program outlined in the bill would award three-year grants through a competitive process, prioritizing educational institutions in underbanked communities.
“Importantly, schools would be able to tailor programs via training and partnership with other institutions,” Nussle wrote.