WASHINGTON— As Treasury updates the federal government’s national financial literacy playbook during Financial Capability Month, America’s Credit Unions is urging policymakers to give credit unions a more prominent role in the strategy, arguing they are already on the front lines of financial education through coaching, school partnerships and community outreach.
In a letter sent Monday to the U.S. Treasury Department and its Financial Literacy and Education Commission, ACU Regulatory Advocacy Senior Counsel Luke Martone said the revised National Strategy for Financial Literacy should place greater emphasis on digital financial literacy, fraud prevention and the role of credit unions and other community-based providers in delivering locally tailored education.
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.”