ST. PAUL, Minn. – Trainers from credit unions throughout Minnesota participated in an inaugural “Your Money, Your Goals” training session here .
“Your Money, Your Goals” is a toolkit developed by the Consumer Financial Protection Bureau (CFPB) that credit unions can use to help their members set goals, choose financial products and build skills in managing money, credit, and debt. Minnesota was chosen by the CFPB to be the first state in the nation in the rollout for the “Your Money, Your Goals” initiative. The training session was sponsored by the Minnesota Department of Commerce and the Minnesota Department of Employment and Economic Development (DEED) and is in partnership with the University of Minnesota Extension.
Participants in the train-the-trainer session included non-profit groups, state and federal agency staff, educators and organizations that serve veterans and low-income consumers. Credit unions were the only financial institutions invited to participate in this introductory training.
“When the CFPB began talking about this program and the national rollout, the fact that it’s being held first in Minnesota is a testament to all the work you’ve done in financial literacy,” Commissioner Rothman said, specifically thanking credit unions for their efforts in financial education. Rothman recognized Cook Area Credit Union for its efforts in establishing a student-run credit union in a K-12 school and for their student advisory board that leverages peer relationships to encourage savings. Commissioner Rothman also referenced Ideal Credit Union’s student branch at Tartan High School.
“Financial education is not new to credit unions – and in fact, is part of the credit union mission to improve the financial lives of the members and communities that they serve,” said Minnesota Credit Union Network President & CEO Mark Cummins.