ST. PAUL, Minn. (11/6/14)--The first training session for the Consumer Financial Protection Bureau's (CFPB) "Your Money, Your Goals" was held Monday in Minnesota--the first state in the nation to help launch the financial education initiative--and credit union trainers were right in the thick of it.
The training session, in partnership with the University of Minnesota Extension, was sponsored by the Minnesota Department of Commerce and the Minnesota Department of Employment and Economic Development. Credit unions were the only financial institutions to participate in the inaugural training.
"Your Money, Your Goals" is a toolkit for organizations to provide financial education and tools to clients with low-to-moderate incomes.
"Financial education is not new to credit unions--and in fact, is part of the credit union mission to improve the financial lives of the members and communities that they serve," said Mark Cummins, Minnesota Credit Union Network president/CEO. "Working with Commerce and the CFPB, we are proud to have credit unions on the front lines of this training and appreciate the opportunity to equip credit unions with another tool to supplement the good work they already do."
The train-the-trainer session included nonprofit groups, state and federal agency staff, educators and organizations that serve veterans and low-income consumers.
"The partnership between public and private organizations in Minnesota is unprecedented. Your strong history of collaboration and extensive networks--federal, state, local, private sector, nonprofits and credit unions--working together help consumers experience financial empowerment," said CFPB Office of Financial Empowerment Director Daniel Dodd-Ramirez.
"When the CFPB began talking about this program and the national rollout, the fact that it's being held first in Minnesota is a testament to all the work you've done in financial literacy," said Commerce Commissioner Mike Rothman, who noted credit unions' work--specifically $28 million-asset Cook (Minn.) Area CU for its student-run credit union and advisory board, and $567 million-asset Ideal CU's student branch in Woodbury.