Credit unions are leading on community financial literacy, education initiatives

As credit unions nationwide provide coaching, school partnerships and community outreach to address financial education needs, the Financial Literacy and Education Commission (FLEC) is preparing to make statutorily required updates to the National Strategy for Financial Literacy.  

In a letter sent Monday to the Treasury Department, America’s Credit Unions outlined support for updating the national strategy, while urging the commission to better recognize credit unions’ role as leaders in financial education. Regulatory Advocacy Senior Counsel Luke Martone suggested strengthening the new framework by focusing on digital financial literacy, elevating fraud prevention, and reinforcing the role credit unions and other community-based providers have in delivering locally tailored financial education i.  

The rise in scams, social media misinformation, and digital financial tools means consumers need more practical education on how to protect themselves and make informed decisions, Martone noted. 
 
The letter also warned against a one-size-fits-all approach, focusing on the importance of coordination and partnerships while preserving flexibility for credit unions and other financial institutions. “This is especially important for small credit unions and other community-based organizations, which often have strong local relationships but fewer staff and resources,” Martone added. “An approach that is too prescriptive could undermine, rather than support, effective local delivery of financial education.” 

Read the full letter