CUs capable of assisting FLEC goals, CUNA tells Treasury

May 4, 2016

Credit unions are fully capable of assisting the Financial Literacy and Education Commission (FLEC) in achieving its financial literacy goals, CUNA wrote to the U.S. Treasury Wednesday. The Treasury requested comment on FLEC’s draft national strategy, which proposed a call to action in four areas deemed crucial to the promotion of financial education.

The goals are: building public awareness of available resources; developing tailored, targeted materials and dissemination strategies; tapping into effective partnerships; and supporting research and evaluation of financial education programs.

“We believe credit unions are capable of assisting the commission in achieving these goals. In particular, credit unions are a natural partner to assist in achieving the first goal of increasing awareness of and access to effective financial education,” the letter reads. “Credit unions place a heavy emphasis on connecting directly with their members. This applies equally to answering a member’s question about a loan product as it does to educating a member on how to pay for college or save for retirement.”

The letter goes on to note that credit unions were established to help members and the communities they serve, which includes significant investments in financial education. These efforts include conducting thousands of educational sessions, embedding credit unions in local schools, providing certified financial counselors and more.

“When it comes to financial capability, credit unions truly are a smarter choice for American families to obtain the financial knowledge and tools necessary to succeed,” the letter reads.

In 2011, FLEC released the strategy, titled “Promoting Financial Success in the Unites States: National Strategy for Financial Literacy.” The commission now plans to update the strategy to reflect changes within the past five years.