WASHINGTON — America’s Credit Unions is calling on the U.S. Treasury Department to ensure credit unions play a central role in the federal government’s updated national financial literacy strategy, emphasizing their community-based reach and experience delivering financial education, according to a comment letter submitted to Treasury.
The letter responds to a request for information from the Financial Literacy and Education Commission (FLEC), which is updating the U.S. National Strategy for Financial Literacy, a framework designed to coordinate financial education efforts across federal agencies and improve consumers’ financial capability.
America’s Credit Unions said credit unions are uniquely positioned to advance financial literacy because of their not-for-profit structure and longstanding presence in local communities, where they provide education, counseling and hands-on programs for members.
The Priorities
The organization called on Treasury to prioritize several areas in the updated strategy, including:
- Expanding partnerships between government and financial institutions to deliver financial education more effectively
- Recognizing and leveraging credit unions’ role in serving underserved and low-income communities
- Promoting youth-focused financial education initiatives, including savings and investment programs
- Addressing rising fraud and scams through targeted consumer education; and
- Ensuring financial literacy efforts reflect modern financial products and digital delivery channels
Input Being Sought
The Treasury Department, which chairs the FLEC, is seeking input on how to modernize the strategy amid changing economic conditions, increased fraud risks and evolving financial tools.
America’s Credit Unions also highlighted the role credit unions already play in financial education, citing their use of in-school branches, workshops and counseling programs to reach members at different life stages.
The comment period for the strategy update closed April 6, as part of Treasury’s broader effort to refresh the national framework during Financial Literacy Month.
