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CUNA applauds lawmakers Fin. Lit. commitment
WASHINGTON (4/23/08)—Dan Mica, president/CEO of the Credit Union National Association (CUNA), applauded Reps. Rubén Hinojosa (D-Texas) and Judy Biggert (R-Ill.) for introducing a resolution endorsing the goals of April’s Financial Literacy Month. Mica cited CUNA’s youth celebration this week as one example of the credit union movement’s commitment to providing financial education to young people. "CUNA believes in the importance of financial literacy for all Americans and thanks Reps. Hinojosa and Biggert for their leadership in introducing H. Res. 1079,” Mica said in a statement. “Credit unions have traditionally made financial education a part of their mission, providing financial information and training to all members, and young people in particular. And during Financial Literacy Month, credit unions will demonstrate our commitment to educating youth as we hold National Credit Union Youth Week from April 20-26, 2008,” he added. Through the week’s National Youth Saving Challenge, participating credit unions will work to motivate children, teenagers, and their parents to become more active users of credit union services. This year, 517 credit unions from 49 states and the District of Columbia have registered to participate in the saving challenge. Their combined goal is to have more than 83,000 youths deposit $7.6 million in their accounts during the weeklong celebration. Recent experience suggests that they may do better than they expect. In 2007, for example, credit unions registered the Saving Challenge goal of $7.9 million and by the end of the week had reported youth deposits totaling more than $10.1 million. “Given the uncertainty in today’s financial markets, the subprime lending crisis and other economic factors, financial literacy is more important than ever for all Americans,” Mica concluded. “A knowledge of personal financial management, including savings, investment, and debt, is essential to ensuring that individuals are empowered to make informed decisions about their finances. Financial literacy is vital to the well-being of American families and the overall economic health and prosperity of our nation.” The Hinojosa-Biggert resolution, which carries 41 additional co-sponsors, urges President George W. Bush to officially proclaim endorsement of activities that teach people money management skills.


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