WASHINGTON — President George W. Bush, in honor of Financial Literacy Day, held an event at the White House to learn more about financial literacy efforts, such as the work of GECU of El Paso, which was represented by President/CEO Harriet May.

The purpose of the meeting “was to outline what's being done about educating young people on financial matters,” May, who is also a CUNA executive committee member, explained.

She took the opportunity to explain the financial literacy efforts of her credit union. GECU owns the El Paso Affordable Housing CUSO along with seven other area credit unions, which holds on-going financial education seminars, alternating English and Spanish sessions. May said this work has helped keep El Pasoans out of the subprime dilemma.

During the hour-long meeting, May was able to speak more informally with President Bush about the work GECU, a $1.2 billion, low-income designated credit union, is doing in the Colonias in El Paso to help obtain clear title of the land the people had lived on for many years and provide affordable mortgages to build homes to replace the shacks they were living in. The President was very interested given his Texas roots and First Lady Laura Bush having some family in the El Paso area.

GECU also offers several other financial education programs for youth and young adults and plans to open its first student-run branch later this year. To help boost the dismal savings rates, the CUSO is part of El Paso Saves, an extension of the America Saves program. GECU even spun off an English and Spanish financial reality series on the radio with six member families facing unique challenges. The credit union also has two full-time financial counselors on staff to help the troubled of its 267,000 members avoid bankruptcy.

President Bush asked her if all credit unions do that type of work to which she replied, “Yes, they do.”

The president made a statement following the meeting. “It is in this country's interest that people in every neighborhood, from every background, understand the financial literacy world; understand what it means when people talk terms related to their money. The more financially literate our society is, the more hopeful our society becomes,” he said.

May concluded, “It was great to be able to be there.” –scooke@cutimes.com

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President Bush Meets with GECU CEO, Financial Literacy Experts at Financial Literacy Day Event

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