Fryzel Marks Financial Literacy Month, Notes Importance for Credit Unions
April 30, 2009, Alexandria, Va. –National Credit Union Administration Chairman Michael E. Fryzel commemorated Financial Literacy Month by encouraging a broader and more extensive role for credit unions in the improvement of the Nation’s financial know-how.
“Financial education is almost universally recognized as an essential part of enhancing the consumer’s ability to navigate an increasingly complex economic landscape, and Financial Literacy Month gives the concept appropriate emphasis. But financially educating credit union members cannot be considered a special project; rather, it must be an ongoing, natural part of each credit union’s commitment to member service. I strongly encourage credit unions to build upon their already impressive efforts in this area, and continue to lead in enhancing financial literacy for the over 90 members nationwide,” noted Chairman Fryzel.
In addition to a visit to a student-run credit union branch in the Washington DC area that kicked-off NCUA’s recognition of Financial Literacy Month, NCUA personnel will also represent the Agency today at “Financial Literacy Day” on Capitol Hill. This annual event gives NCUA a first-hand opportunity to highlight NCUA and credit union industry efforts to promote financial education to over 500 members of Congress, congressional staff, media and other federal agency representatives.
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 nearly 90 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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