WASHINGTON — The Defense Credit Union Council (DCUC) is urging the U.S. Treasury Department to modernize federal financial literacy efforts, including overhauling a key government website, increasing the frequency of national strategy updates and placing greater emphasis on fraud prevention.
In a comment letter submitted April 6 to the Treasury Department, DCUC said improvements are needed as regulators review the U.S. National Strategy for Financial Literacy, which was last updated in 2020. The request for input is part of an interagency review led by the Financial Literacy and Education Commission (FLEC).
DCUC said financial education must be prioritized across all age groups and delivered through practical, community-based channels.
Key Recommendations
Among its key recommendations, DCUC called for a significant upgrade to MyMoney.gov, the federal government’s central financial literacy website. While the site contains valuable resources, it requires modernization to meet current user expectations and technology standards, the organization said.
Specifically, DCUC recommended:
- Improving mobile functionality, noting many consumers primarily access information via smartphones and tablets
- Removing outdated materials and broken links
- Adding interactive tools such as budgeting calculators and loan worksheets
- Segmenting content for specific audiences, including servicemembers, students and older Americans
- Expanding resources on fraud prevention and cybersecurity
- Enhancing financial education modules covering credit, savings, retirement and taxes
The group also urged Treasury to elevate cybersecurity and fraud prevention as a central component of the national strategy, citing increased financial scams targeting military communities. DCUC said standardized fraud education and stronger coordination with credit unions and regulators would help address evolving threats.
Additional Recommendation
In addition, DCUC recommended that FLEC move to an annual update cycle for the national strategy, arguing that rapid changes in financial services — including real-time payments and digital tools — make less frequent updates insufficient.
“Annual updates, rather than just reviews, will ensure the National Strategy remains relevant, forward-looking, and responsive to emerging risks and opportunities,” DCUC wrote.
The organization further called for stronger formal engagement between federal agencies and credit unions, highlighting their role as community-based providers of financial education, particularly on military installations and in schools.
America’s Credit Unions also sent a comment letter, as reported here.
