America Saves Week: Summit CU inspires savings with competition
As part of America Saves Week, NAFCU is highlighting the efforts of member credit unions with strong financial education programs that encourage members to save and strengthen their personal finances. Today, learn how Summit Credit Union's (Madison, Wis.) Project Money program helps its members reduce debt and increase savings.
"We created Project Money to help participants better their daily lives in a format that also inspires thousands of our neighbors to improve their financial wellness and lives, too," said Summit Credit Union CEO & President Kim Sponem. "At its heart, Project Money is a public financial education program that helps people, families and larger communities become financially stronger through real-life financial tips they can put into action."
Structured as a seven-month competition with four competing teams, Project Money pairs participants with a Summit Financial Coach to help them work toward financial goals of reducing debt, increasing savings, and more. Throughout the year, participants attend educational sessions and share their progress through blogs and media interviews to inspire others in the community to join the savings mission.
At the end of the competition, the winning team – determined by the selection committee comprised of credit union employees – receives a $10,000 prize and the other teams receive $2,500.
"Project Money and all our financial education programs meet people where they are at in their financial journey," said Sarah Campagna, Summit's Managing Vice President of Business Development and Financial Empowerment. "At Summit, we believe anyone can be financially successful with some tools and knowledge to make it happen. In 11 Project Money seasons, 7 months each, 44 participants increased their savings by $450,981 and decreased their debt by $481,180."
NAFCU has pledged to promote financial literacy and ensure credit unions' members can reach their financial goals by working closely with credit unions, lawmakers and regulators. See NAFCU's resources. Many credit unions offer services to help members reach their financial goals; NCUA has resources available to both credit unions and members and the CFPB has additional consumer financial literacy resources available.
The America Saves Week program features a specific theme each day that aims to drive social conversations and public awareness. Today's theme is "Save with a Plan"; engage in the conversation with #MySavingsPlan, #SaveWithAPlan, and #ASW2020.
Add to Calendar 2020-03-26 14:00:00 2020-03-26 14:00:00 Data Breaches – Mitigation and Response Strategies As data breaches continue to make the headlines credit unions are challenged to maintain member confidence in their ability to recognize, react and respond to intrusions in order to safeguard member financial information and transactions. A core component of cybersecurity risk management is a well-designed Incident Response program that supports the credit union’s needs. This session will summarize up to date information on the latest cybersecurity risks and how breaches occur. We will also explore regulatory guidance and current practices for a credit union to define and manage an incident response program. Key Takeaways Understand the latest developments in ransomware and account take over attacks Explore case studies from recent intrusions, breaches and lessons learned from each case study Learn how to describe key risks and controls to mitigate and respond to breaches in Office 365 Understand the various aspects of the “Cybersecurity Kill Chain” Define key strategies to test your institution’s Incident Response program Register Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until March 26, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Risk management staff Legal staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand the latest developments in ransomware and account take over attacks. Explore case studies from recent intrusions, breaches and lessons learned from each case study. Learn how to describe key risks and controls to mitigate and respond to breaches in Office 365. Understand the various aspects of the "Cybersecurity Kill Chain". Define key strategies to test your institution's Incident Response program. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, CPE
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