NAFCU touts CUs' financial literacy, retirement programs to Senate panel
"The first step to promoting retirement savings is establishing financial literacy. Financially literate individuals are more likely to spend prudently and put money in savings, retirement funds, and other wealth building accounts," wrote NAFCU's Brad Thaler ahead of a Senate Special Committee on Aging hearing today focused on financial security in retirement.
"Likewise, the same individuals are less likely to rack up large, burdensome – and sometimes unaffordable – debt, and are less likely to be victims of predatory practices," he added.
Thaler, NAFCU's vice president of legislative affairs, stressed that "providing financial literacy and education is paramount to improving credit union members' financial lives." He went on to share some of the programs offered, which are highlighted in a NAFCU Economic & CU Monitor survey.
Almost all respondents to the Monitor survey said their credit union offers financial literacy programs, with two-thirds offering programs on retirement savings.
In addition, the Monitor survey found that credit unions are partnering with third-party vendors to help members with budgeting, personal financial management and credit monitoring. Many credit unions also offer incentives to help members save.
Thaler also highlighted NAFCU's partnerships with the Consumer Federation of America, specifically with their America Saves and Military Saves programs. The association also provides feedback on financial education resources offered by federal regulators.
NAFCU will continue to showcase the close relationship credit unions, as community-based financial institutions, have with their members and how they are uniquely situated to meet their members' financial needs.
Add to Calendar 2020-08-06 14:00:00 2020-08-06 14:00:00 Bankruptcy Essentials Sometimes numbers can be deceiving; take your Delinquency Ratio, for example. It probably looks pretty good right now. Unfortunately, it does not warn that there is a wave of delinquencies heading your way! Record unemployment and a fractured economy will not bring good news. It won’t be long before the stimulus money, modifications and forbearances and other rescue options are exhausted. Many of your members are going to be heading to the local bankruptcy attorney and you need to be prepared. The world of the delinquent member is never boring and never stands still. Much has happened over the last few months that directly impacts your Collections Department. It’s never too late to sharpen your skills and better position your institution to assist troubled members who want to work with you during these unprecedented times and maximize the recovery from everyone else. From the teller line to the collections department, your credit union needs to be ready for every twist and turn a bankruptcy filing will create. This overview examines the five essential lessons you need to learn before the bankruptcy storm hits. It is designed for the collections professional who wants to sharpen their skills in this debtor friendly world before it is too late. We will examine the current state of consumer bankruptcy and how it continues to impact institutions. From best practices to the most common landmines to maximizing recovery methods during bankruptcy, this interactive session walks the credit union professional through the complicated world of bankruptcy in an easy to understand format. Key Takeaways Review key bankruptcy terms and concepts Discuss putting the credit union on notice Understand how to avoid automatic stay violations Learn how to reduce bankruptcy losses Discuss managing the attorney relationship Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until August 6, 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 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: Review key bankruptcy terms and concepts. Discuss putting the credit union on notice. Understand how to avoid automatic stay violations. Learn how to reduce bankruptcy losses. Discuss managing the attorney relationship. 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, CPE
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