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Financial literacy will help economy recover says CU CEO
CHICAGO (6/23/09)--Financial literacy will help the economy recover, according to David Mooney, president/CEO of Alliant CU in Chicago. “Helping consumers become more financially literate will promote economic recovery,” he said last week at the first annual Global Financial Literacy Summit in Washington, D.C. The summit was headlined by Federal Reserve Board Chairman Ben Bernanke and sponsored by Operation HOPE, a nonprofit organization dedicated to financial literacy empowerment. Alliant CU is an Operation HOPE partner. Mooney spoke about the benefits of financially literate consumers, not only as “better” borrowers and savers, but also as a means to temper business and credit cycles--specifically reducing excessive consumer borrowing, defaults and bankruptcies. Alliant has invested in a charitable foundation whose primary focus is financial literacy, free financial education and counseling. Also, Alliant employee volunteers have conducted more than 250 free financial literacy classes attended by 2,000 middle school students in the last three years, he said. Alliant has more than $6 billion in assets.
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