NAFCU ready for Financial Literacy Month
March 30, 2012 – Federal and state government bodies, businesses and individuals are called to recognize April as Financial Literacy Month in a resolution cleared late Wednesday by the full Senate, and NAFCU is already working to that end.
NAFCU is conducting a survey of members seeking general information about the different types of financial literacy programs they offer and how credit unions judge the programs' effectiveness. Results are slated for publication in the April issue of the association's Economic & CU Issues Monitor.
The financial literacy survey will be conducted every March, with results published each April.
The resolution cleared Wednesday, S. Res. 409, was offered by first-term Sen. Sheldon Whitehouse, D-R.I. The resolution, with 19 cosponsors, says expanding access to the mainstream financial system will give people more-secure, less-expensive options for managing their finances and building wealth. It further notes the value of quality personal financial education in helping people prepare for life.
Here are a few of the findings presented that may assist credit unions in their own Financial Literacy Month observations and activities:
- The National Bankruptcy Research Center reports an increase in personal bankruptcy filings to 1.5 million in 2010, their highest since 2005.
- FDIC reports at least 25.6 percent of U.S. households (representing 60 million adults) are unbanked or under-banked and have missed opportunities for savings, lending and basic financial services.
- The 2011 Consumer Financial Literacy Survey Final Report of the National Foundation for Credit Counseling says 41 percent of adults in the U.S., or more than 77 million, gave themselves a grade of C, D, or F on their knowledge of personal finance.
- The same NFCC survey report says nearly 64 million adults, or 28 percent of U.S. adults, admit to not paying all their bills on time; and just 43 percent keep close track of their spending.
- The 2011 Retirement Confidence Survey conducted by the Employee Benefit Research Institute shows just 42 percent of workers have tried to calculate how much they need to save for retirement.
- A survey by the Council for Economic Education shows that only 22 states require students to take an economics course as a high school graduation requirement; just 12 states require students to take a personal finance course, independently or as part of an economics course as a high school graduation requirement.
Management & Operations
Add to Calendar 2021-06-15 14:00:00 2021-06-15 14:00:00 BSA Training for Staff The Bank Secrecy Act (BSA) continues to be an area drawing increased scrutiny from examiners. Credit union staff need to understand the purpose of the BSA and its requirements. This webinar will address key components of BSA, Anti-Money Laundering (AML) and Office of Foreign Asset Control (OFAC) and address compliance requirements for your credit union. Key Takeaways Understand the basic requirements of the BSA Develop tools to help your credit union address member identification and due diligence Review the basic requirements of Office of Foreign Asset Control (OFAC) Discuss reporting and record-keeping Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until June 15, 2022.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 Legal staff HR 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. NCBSOs 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 basic requirements of the BSA. Develop tools to help your credit union address member identification and due diligence. Review the basic requirements of Office of Foreign Asset Control (OFAC). Discuss reporting and record-keeping. 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 email@example.com America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
Add to Calendar 2021-06-15 14:00:00 2021-06-15 14:00:00 CU Case Study: Growing Your Consumer Loan Portfolio and Gaining New Members About the Webinar According to the NCUA, credit unions experienced a 20% annual increase in total deposits in 2020. Meanwhile, current economic conditions have credit unions struggling to find qualified member borrowers, leading to a capital surplus without viable investment options. To buck the trend, many credit unions have partnered with fintech companies to grow their consumer loan portfolio by finding more creditworthy borrowers and gaining new members. Discover how your credit union can tap into this opportunity to quickly increase consumer lending to more creditworthy borrowers with minimal upfront costs. In this webinar, Brent McCoy, Vice President of Credit Administration, KEMBA Financial Credit Union, will share how KEMBA is putting its cash to work to grow its consumer loan portfolio while gaining new members. 3 Key Takeaways: Learn how KEMBA Financial Credit Union originates loans digitally as a complement to its existing offerings to acquire more borrowers, without disrupting its branch network or processes. Discover how KEMBA Financial Credit Union maintained control of its risk profile and monitored loan performance during the pandemic. Learn how credit unions can use sophisticated machine learning models to more accurately identify risk and approve more applicants than traditional, credit score-based lending models. Watch the Webinar On-Demand Web NAFCU firstname.lastname@example.org America/New_York public
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