Chairman Johnson Addresses Financial Literacy and Education Commission meeting
at Department of Treasury
May 16, 2006, Alexandria, Va. -- Chairman JoAnn Johnson served as a featured speaker at the Financial Literacy and Education Commission (FLEC) meeting held at the Department of Treasury. Chairman Johnson discussed the importance of providing financial literacy to Americans of all ages and highlighted the many ways credit unions are contributing to this effort throughout the Nation.
Chairman Johnson serves on the Financial Literacy and Education Commission comprised of 20 federal agencies and headed by the Treasury Department. The Commission was created by Congress in 2003 to establish a national strategy for financial education. In 2004, the Commission introduced the website (www.MyMoney.gov) and toll-free hotline (1-888-My Money), which highlights federal resources on a wide range of personal finance topics. On April 4, 2006, the Commission unveiled Taking Ownership of the Future – The National Strategy for Financial Literacy, which serves as a blueprint for improving Americans’ understanding of issues like homeownership, credit management and retirement savings.
“I am honored to serve on the Financial Literacy and Education Commission,” said Chairman Johnson. The Commission’s National Strategy reflects a genuine commitment to address this vital issue. Even though the Commission consists of members representing different financial institutions and backgrounds, we all agree on the importance of working hand in hand together on this effort. We have accomplished a great deal, but there is much more work to be done.”
The FLEC meeting was chaired by Emil Henry, Jr., Assistant Secretary for Financial Institutions, U.S. Department of the Treasury. Opening remarks were delivered by Anna Escobedo Cabral, Treasurer of the United States. Joining Chairman Johnson as a featured speaker was John C. Dugan, Comptroller of the Currency, Office of the Comptroller of the Currency.
Financial Literacy and Education Commission Updates and Best Practices were provided by Sharon Brown-Hruska, Commissioner, Commodity Futures Trading Commission; Dan Iannicola, Jr., Deputy Assistant Secretary for Financial Education, US Department of the Treasury; Lt Col Howard K. Osborne, Commander, 96th Comptroller Squadron, Eglin Air Force Base, Florida; Daniel A. Mica, President and Chief Executive
Officer, Credit Union National Association; Pam Erwin, Senior Vice President, Wells Fargo; and Virginia Dean, Executive Director of Communications, American Bankers Association.
In her remarks, Chairman Johnson emphasized the positive impact credit unions are having in providing financial education across America and highlighted the importance of several programs significant for future progress, including:
- NCUA’s Access Across America initiative;
- Biz Kid$ public television program;
- The National Youth Involvement Board; and
- Volunteerism throughout the credit union community
“I was very proud to discuss the great strides credit unions are making in financial literacy across America,” said Chairman Johnson. “In order to maintain this momentum, it is essential that all credit unions encourage their members to volunteer their time and knowledge to this vital cause. Volunteerism embodies the true spirit of the credit union system, and I am confident that credit unions will continue to help strengthen America’s economy by strengthening the financial literacy of her citizens.”
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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