BY GIGI HYLAND, NCUA BOARD MEMBER
April is a month to observe many things,
but for those of us in the financial
services industry, we recognize April as
Financial Literacy Month. There is a
great deal of discussion about financial
literacy these days. In fact, the terminology of financial
literacy is shifting to a more holistic and robust view of
financial empowerment. Empowerment goes beyond
financial literacy; financial empowerment is the process of
increasing the capacity of members to make financial choices
and to transform those choices into desired financial goals.
; How can you offer an array of products and services that
accomplish the dual goals of making good business sense
and financially empowering your members?
Credit unions, because of their philosophy and structure, are
uniquely poised to serve as financial empowerment agents.
For more information on FLEC and its work, please visit:
In 2003, pursuant to the Fair and Accurate Credit Transactions
(FACT) Act, federal regulators—including NCUA—created the
Financial Literacy and Education Commission (FLEC). FLEC
is comprised of 22 federal entities and chaired by the Treasury
Department. One of FLEC’s primary responsibilities is to
develop a national strategy to promote financial literacy and
education. Last year, FLEC produced a National Strategy for
Financial Literacy 2011. The national strategy’s vision is:
Sustained financial well-being for all individuals and families in
the United States.
You can also get more information about ideas for alerting your
members about Financial Literacy Month by following NCUA’s
daily announcements on Twitter and Facebook during April.
As you celebrate Financial Literacy Month, why not take it one
step further at your credit union. Think about these questions:
; How can you empower your employees financially?
; How can you meet your members where they are in life to
help them achieve their financial dreams?
NCUA Board Member Gigi Hyland (third from the left)
standing with first time homebuyers and officials of
Manna’s Homebuyers Club, a peer support group
and a homeownership counseling program.
THE CRASH NETWORK
BY MICHAEL E. FRYZEL, NCUA BOARD MEMBER
While in New Orleans speaking before
the Louisiana Credit Union League and
the African American Credit Union
Coalition, I had the opportunity to meet
with a group of young ambitious
dedicated credit union professionals, all members of an
organization called The Crash Network.
industry and specifically credit unions. The questions they
asked were insightful and showed a great understanding of
the role of credit unions as key financial service providers
across this country.
It was exciting to sit with them and listen to their ideas, goals,
objectives and concerns about our economy, financial
Shortly after our discussion I had the opportunity to talk
with Theresa Hilinski, Credit Union Development Educator
for The Crash Network, about the organization and the
role they play with credit unions. Below are excerpts from
CONTINUED ON PAGE 7
The NCUA Report is published by the
National Credit Union Administration,
the federal agency that supervises
and insures most credit unions.
Debbie Matz, Chairman
Christiane Gigi Hyland, Board Member
Michael E. Fryzel, Board Member
Office of Public & Congressional Affairs
John Zimmerman, Editor
National Credit Union Administration
1775 Duke Street, Alexandria, VA 22314-3428