Chairman Johnson, Board Member Hyland Attend Ribbon Cutting Ceremony at Student-Run Credit Union and Praise Students and Educators
for Commitment to Financial Literacy
December 4, 2006, Alexandria, VA –National Credit Union Administration (NCUA) Chairman JoAnn Johnson and Board Member Gigi Hyland recently attended the official ribbon cutting ceremony of the Viking Vault, a student-run branch of Fort Belvoir Federal Credit Union, located inside Woodbridge Senior High School in Woodbridge, Virginia. Chairman Johnson and Board Member Hyland were joined at the ceremony by students, local school officials, and Patricia Kimmel; President and CEO, Fort Belvoir FCU.
The Viking Vault is a result of the partnership with Prince William County Public Schools and Fort Belvoir Federal Credit Union. The fully operational branch will provide a valuable learning experience by giving high school students access to a wide variety of services and products, including checking and savings accounts; loans; and credit card accounts. Students are encouraged to open basic savings accounts to save for such events as holiday gift giving, high school ring orders, and prom activities. Each year a group of interested students are hired as credit union employees to manage the branch. Their responsibilities include developing and executing business plans while teaching members the value of financial management.
“It is never too early to start developing healthy financial habits,” said Chairman Johnson. “The Viking Vault will certainly give educators, students, and parents the opportunity to work together to achieve this vital objective. I admire their innovative and cooperative spirit, and I am certain that the results will benefit them for a lifetime.”
“The Viking Vault is a shining example of how partnerships between credit unions and their community can be a tangible win-win for everyone involved,” said Board Member Hyland. “I give particular credit to the student tellers who will be the stewards of sharing information on healthy financial habits and the benefits of belonging to a financial cooperative. The work of the credit union, the high school, community leaders, and elected officials to make this new branch a reality is truly admirable."
The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of nearly 85 million account holders in all federal credit unions and many state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.
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