PJ Hoffman, NAFCU Regulatory Counsel.
March 15, 2013 – Credit unions are well regarded for developing and marketing products with the needs of their membership in mind, and college students are no exception, NAFCU Regulatory Counsel PJ Hoffman told the CFPB on Thursday.
While field of membership limitations mean that not all credit unions can serve college students, the ones that can “do so responsibly and with their members’ long term interests in mind,” he said.
For example, Hoffman said, many credit unions offer helpful products such as no-fee student checking accounts, free online banking, electronic alerts via text and email, financial education classes, and teen accounts. “These products,” he said, “coupled with responsible financial education, allows college-aged members to start their financial futures off on the right foot.”
Hoffman also pointed out the following:
- Some credit unions provide online financial education modules that address financial responsibility as it relates to saving, spending, borrowing, credit cards, and establishing good credit histories.
- Credit unions take extra measures to ensure that their members are financially educated, and many members receive financial education that is specific to their individual needs.
Hoffman’s comments were in response to a request for information from the CFPB about the marketing of financial products to college students.