BOARD MEMBER HYLAND EMPHASIZES
RESULTS-ORIENTED APPROACH
TO FINANCIAL LITERACY EFFORTS
Alexandria, VA, November 15, 2006: NCUA Board Member Gigi Hyland encouraged credit unions to be results-oriented in their financial literacy efforts. Speaking before the 5th Annual Financial Literacy Day in New York City yesterday, Hyland congratulated the event’s sponsor, the National Federation of Community Development Credit Unions (NFCDCU), for being an active participant in the national effort to highlight the importance of financial literacy as an economic empowerment tool for individuals and communities. Attendees and speakers included representatives of credit unions, officials from the City of New York, as well as community activists.
The conference focused on multiple reasons for the importance of financial literacy, the role of credit unions in the community, and the progress that has been made over the last five years since the Federation began sponsoring the event. In addition to noting that financial literacy is an economic empowerment tool, speakers recognized that it can help people to avoid becoming victims of predatory lending practices.
“The best approach to financial literacy is a results-oriented one, where credit unions connect their financial literacy outreach efforts to the products and services that meet their members’ particular needs,” Hyland suggested to the attendees. “An example of this is credit unions' involvement in the VITA program, in which credit unions assist their members in maximizing their tax options, including the Earned Income Tax Credit.”
Board Member Hyland detailed the efforts of the NCUA in facilitating credit unions’ use of financial literacy as an important tool in adhering to their social mission. She highlighted the extent of the agency’s technical assistance grants and loan funds from the Community Development Revolving Loan Fund (CDRLF), programs emanating from the Office of Small Credit Union Initiatives, the role of Chairman JoAnn Johnson as Chairman of the www.MyMoney.gov initiative, and other outreach programs.
The National Credit Union Administration is the independent federal agency that regulates, 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 85 million account holders in all federal credit unions and the majority of state-chartered credit unions.
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