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NCUA Joins Enhancing Financial Education In African-American Communities Discussion

March 7, 2008, Alexandria, Va. – Director Tawana James and Adrienne Munroe of the National Credit Union Administration’s Office of Small Credit Union Initiatives (OSCUI) joined other federal agency representatives March 4, 2008, discussing financial education needs in African-American communities at the U.S. Treasury Building in Washington, D.C.  

Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr. moderated expert panels on the best ways to provide financial education to African-American communities. The roundtable was the third in a series of four discussions being held as part of the Financial Literacy and Education Commission's implementation of the National Strategy for Financial Literacy.

“I am pleased that Ms. Munroe was able to update those attending this important discussion on NCUA and credit union’s significant efforts to enhance financial education throughout the country, including many outreach efforts in African-American communities,” said NCUA Chairman JoAnn Johnson.

Ms. Munroe summarized NCUA's Financial Literacy and Education programs, stressing that both NCUA and credit unions have historically been devoted to bringing financial services to those with limited access to the financial mainstream, and she echoed NCUA’s commitment to fostering economic empowerment for all communities.

She described how NCUA’s Access Across America Initiative provides a forum for credit unions to network and receive training on financial education initiatives, and she provided examples illustrating credit unions' extensive efforts to provide financial education and homeownership training.

Touching on specific NCUA programs crucial to economic empowerment, she described OSCUI programs offering credit unions individual assistance, partnerships and workshops. She also described grants and loans available through OSCUI financial assistance programs, and how they have enabled credit unions to fund financial education initiatives in their communities. 

For more information about the Financial Literacy and Education Commission, visit www.mymoney.gov, led by NCUA Chairman Johnson.

The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of over 86 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.

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