Enhance BCFP w/ transparent and consistent enforcement
FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
Washington, DC (July 9, 2018) – America's credit unions and the Bureau of Consumer Financial Protection share a common mission to build a strong foundation for consumer health through financial education. Credit Union National Association (CUNA) encourages the Bureau to utilize financial education programs that help guide consumer behavior.
One recommendation CUNA presented to the Bureau is partnering with the National Credit Union Foundation (the Foundation) in its consumer education efforts.
"Consumer education is proactive, not reactive, and should be the default for the Bureau when addressing issues with consumer financial services or industry practices. More can and should be accomplished with the Bureau’s consumer financial education efforts," the letter reads. "Indeed, CUNA and the Foundation are both able and willing partners in consumer education initiatives implemented by the Bureau."
CUNA lists several demonstrated programs from the Foundation to support financial well-being, literacy and outreach:
- Various programs to promote the credit union difference and establish financial education within communities
- Resources and grant opportunities for credit unions to help build financial capability among members
- Financial health conference for credit unions for the past three years, focusing on how credit unions can measure their members’ financial well-being and how credit unions can effectively operationalize member financial health.
- Ongoing research to identify specific products that credit unions should consider offering to improve financial health of credit union members when it comes to saving, spending, borrowing, and overall financial planning
- Credit union staff training as front-line financial counselors and educators through the Enhanced FiCEP Program
- Emmy-award winning educational children’s program, Biz Kid$, which teaches young adults about finances and entrepreneurship.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.