NCUA Media Advisory

Board Member Hyland Speaks at Operation HOPE’s Global Financial Literacy Summit

Alexandria, VA, June 17, 2009 – NCUA Board Member Gigi Hyland participated in a plenary panel session entitled “Financial Literacy and Progressive Public Policy and Regulation” at Operation HOPE’s Global Financial Literacy Summit held at THEARC in Anacostia, Washington, D.C.  Also speaking were Valerie Jarrett, Senior Advisor and Assistant to President Obama, U.S. Federal Reserve Board Chairman Ben Bernanke, FDIC Chairman Sheila Bair, several members of the U.S. Senate and House of Representatives, along with other regulatory and industry leaders from around the country and abroad.

Operation HOPE is a non-profit, public benefit organization whose mission is to expand economic opportunity in underserved communities through economic education and empowerment. Founder, Chairman and CEO John Hope Bryant gave the luncheon address at last week’s 75th Anniversary Symposium hosted by Board Member Hyland.

In her remarks, 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 web-based “Resource Connection,” which facilitates credit union to credit union sharing of programs and ideas. She also outlined technical assistance grants and loan funds from the Community Development Revolving Loan Fund (CDRLF), and the role of the agency in efforts sponsored by NeighborWorks® America and the federal Financial Literacy and Education Commission, which sponsors www.mymoney.gov.

“During these dramatic economic times, the seeds of economic empowerment for all must be planted in the fertile soil of financial literacy,” stated Board Member Hyland. “Financial literacy is not just a course or seminar. It is a way of life. Financial literacy is the emotional connection between people and the knowledge to manage the money they earn. It is the cornerstone of self-sufficiency and empowerment. Financial illiteracy is the death-knell of economic recovery and progress.”

“The best approach to financial literacy is a results-oriented one,” she noted. “I believe that in order to help all Americans be financially literate, financial knowledge must be made available at all community crossroads in our society – schools, universities, churches, financial institutions, work places and even retirement homes. We need to reach everyone, especially those that are often left out of the mainstream, including people living in lower income neighborhoods and the immigrant community. There is no age or racial discrimination when it comes to financial literacy. All of us can benefit from a better understanding of how money works.”

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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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