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CUNA launches personal finance online resource center
WASHINGTON (3/6/08)—The Credit Union National Association (CUNA) this week launched the Personal Finance Initiative (PFI), an online network for leaders of the credit union movement to share best practices and discuss financial education. The site’s launch coincided with the Governmental Affairs Conference (GAC) in Washington, D.C., and was noted by immediate past CUNA Board Chairman Allan Kemp McMorris during the annual general meeting Monday. “(PFI) is a one-stop shop for financial education,” McMorris said. The network is an accomplishment of the financial literacy task force, which McMorris appointed in 2007. The task force will hold the Personal Finance Institute, slated for Sept. 10-12 in Virginia, as a follow-up to the network. The institute will provide attendees with three days’ worth of hands-on sessions geared at teaching credit union professionals how to improve member financial literacy. The task force also is working to create an awards program that would recognize credit unions actively improving member financial literacy. In a GAC breakout session Tuesday, Juri Valdov, financial literacy task force chairman, noted the importance of credit unions teaching their members how to be more financially literate. Valdov is president/CEO of Northwest FCU in Herndon, Va. Research conducted by the task force indicated that parents are not capable of educating their children about financial literacy. They expect schools to teach their children about money, but “the schools don’t do it either,” he noted. “Credit unions are in the position to educate people about financial literacy,” Valdov said. He encouraged credit unions not to drop financial literacy from their programs. “If we pull back on those things we have become the problem instead of the solution,” he said. Financial literacy is “not a diversity, age, or geographic issue,” Valdov concluded. “It’s a universal issue. We as credit unions are best situated to do something about it and the programs we share (on PFI) will help us do that.”
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