CUNA, CUs participate in CFPB savings roundtable

January 9, 2020

CUNA and representatives from six credit unions participated in a financial institution roundtable Wednesday on developing and implementing successful savings programs for consumers hosted by the Consumer Financial Protection Bureau (CFPB). The meeting included a diverse group of financial institutions, including large banks, community banks, credit unions and insurance companies.

Credit unions’ presence at the event reinforced the credit union ‘people helping people’ philosophy, as credit unions empower them with the tools, information and decision-making skills necessary based on the various stages of life,” said Alexander Monterrubio, CUNA senior director of advocacy and counsel, who attended the event.

CFPB Director Kathy Kraninger spoke at the event, and participants heard presentations on emergency savings strategies and lessons learned from financial entities that developed successful programs.

BECU, Tukwila, Wash., presented on its early saver program and how to leverage technology to reach vulnerable members. 

The meeting also included breakout sessions to discuss helping consumers and workforce build emergency savings, marketing, and research.

The CUNA-member credit unions present included:

  • BECU;
  • Franklin Mint FCU, Chadds Ford, Pa.;
  • True Sky CU, Oklahoma City, Okla.;
  • University FCU, Austin, Texas.

Additional details can be found on CUNA’s Removing Barriers Blog.