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Johnson Issues MLK Day Call for More Financial Literacy, Volunteerism

Alexandria, Va., January 22, 2008 - NCUA Chairman JoAnn Johnson used this week's Martin Luther King, Jr. holiday as an opportunity to highlight the importance of financial education while volunteering at an Alexandria, VA, elementary school branch of State Department FCU.  Chairman Johnson joined State Department FCU CEO Jan Roche and other credit union personnel for a hands-on session assisting student members of the credit union at Jefferson Houston Elementary School.

“It is fitting to honor Dr. King’s legacy by volunteering to help make a difference by promoting financial literacy to our youth,” said Chairman Johnson.  “The sooner America’s youth receive the resources of financial education they need, the better decisions they will make for the rest of their lives,” stated Chairman Johnson.  “I commend the State Department FCU and other credit unions for the important financial literacy commitment they demonstrate to America’s youth.”

“In addition, I am proud of the volunteer spirit embodied by the thousands of credit union activists who not only devote their time and energy to credit unions, but other endeavors as well.  America's communities are better places thanks to the willingness of our fellow citizens to serve in volunteer capacities.  It truly is a higher calling and for credit unions, it comes naturally."

In 1994, Congress passed the King Holiday and Service Act, which celebrates Dr. King's legacy by turning community concerns into citizen action. This act has encouraged many Americans to participate in projects which enhance and bring together their local communities.

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, insuring the accounts 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 tax dollars.