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May 10, 2016
NAFCU's Emancipator touts CUs' financial literacy efforts
In a letter sent Tuesday commending the Financial Literacy and Education Commission's vision of improving financial well-being for consumers, NAFCU Senior Regulatory Affairs Counsel Michael Emancipator touted credit unions' ongoing efforts in this area.
"NAFCU believes that providing financial literacy and education is paramount to improving credit union members' financial lives, and we are proud of the fact that so many in our industry provide this valuable service," he wrote.
In a comment letter addressing the commission's goal of updating its national strategy, Emancipator highlighted a recent NAFCU member survey that found roughly 86 percent of credit union respondents offer some form of financial literacy training to their members.
He also noted the poor state of many American's current financial situations and pointed to credit unions' efforts toward savings and overall financial health programs for their members. He encouraged the commission to also develop "innovative savings programs" to complement those of credit unions.
The Commission, chaired by Treasury Secretary Jacob Lew and vice chaired by CFPB Director Richard Cordray, is made up of the heads of 19 additional federal agencies, including NCUA. Its next public meeting on May 19 will include a discussion of the intersection of legal aid and financial education, among other topics.
"NAFCU believes that providing financial literacy and education is paramount to improving credit union members' financial lives, and we are proud of the fact that so many in our industry provide this valuable service," he wrote.
In a comment letter addressing the commission's goal of updating its national strategy, Emancipator highlighted a recent NAFCU member survey that found roughly 86 percent of credit union respondents offer some form of financial literacy training to their members.
He also noted the poor state of many American's current financial situations and pointed to credit unions' efforts toward savings and overall financial health programs for their members. He encouraged the commission to also develop "innovative savings programs" to complement those of credit unions.
The Commission, chaired by Treasury Secretary Jacob Lew and vice chaired by CFPB Director Richard Cordray, is made up of the heads of 19 additional federal agencies, including NCUA. Its next public meeting on May 19 will include a discussion of the intersection of legal aid and financial education, among other topics.
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