Banks not only financials pushing financial literacy, Mica tells American Banker

<p>WASHINGTON – CUNA President/CEO Dan Mica penned a letter to the editor to the American Banker commending the newspaper for its recent editorial coverage of financial literacy programs, but Mica also expressed his disappointment that the article focused entirely on banks and bank-sponsored programs, and did not mention credit unions’ involvement with efforts. “Schooling members” is one of CUs’ fundamental duties, Mica stated, and credit unions have informed their members and communities through newsletters, direct mailings, and on a one-on-one basis. Mica added in his letter to the editor that was published in the April 12 issue of the American Banker that credit unions have also supported the Consumer Federation of America’s Cleveland Saves and America Saves programs, which were both mentioned in the American Banker article, and then inclusion of federal funding for youth financial education in the No Child Left Behind Act. He further cited CUNA’s partnering with the National Endowment for Financial Education and the U.S. Department of Agriculture Cooperative State Research, Education and Extension Service, its work with Land-Grant University Extension Services to bring the NEFE High School Financial Planning Program to high school students, and CUs’ participation in the first-ever National Credit Union Youth Week. “From the beginning, the people of the credit union movement have firmly believed in the power of information to better members’ well-being. I am pleased to see other financial institutions join with credit unions in recognizing the importance of financial education at all levels,” wrote Mica.</p>