NEW YORK — NCUA Board Member Gigi Hyland spoke before the fifth annual Financial Literacy Day, an event sponsored by the National Federation of Community Development Credit Unions.

In her remarks Hyland encouraged credit unions to be results-oriented in their financial literacy efforts and congratulated the Federation for being an active participant in the national effort to highlight the importance of financial literacy as an economic empowerment tool for individuals and communities.

The conference focused on multiple reasons for the importance of financial literacy, the role of credit unions in the community, and the progress that has been made over the last five years since the Federation began sponsoring the event. In addition to noting that financial literacy is an economic empowerment tool, speakers recognized that it could help people avoid becoming victims of predatory lending practices.

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