WASHINGTON—Two representatives of credit unions testified before the Fiinancial Literacy and Education Commission (FLEC) today about youth savings programs and, in particular, school-based programs.
The meeting was held at the U.S. Department of Treasury.
Gigi Hyland, executive director of the National CU Foundation, was part of a panel on youth savings, and spoke of the reality fairs sponsored by the Foundation and credit unions across the country.
Also addressing the meeting was Bill Lawton, President/CEO of Community Financial FCU in Michigan, who discussed youth savings efforts in Michigan as well as his own credit union's commitment to in-school branches and youth education.
FLEC is tasked to develop a national financial education website (MyMoney.gov) as well as a national strategy on financial education. It is chaired by the Secretary of the Treasury; the vice chair is the head of Consumer Financial Protection Bureau (CFPB) and the heads of 19 other federal agencies make up the rest of the Commission.
The Foundation reported that also discussed at the meeting was new interagency guidance from financial regulators that encourages youth savings programs. The guidance also provides answers to frequently asked questions related to the establishment of these programs.