ST. PAUL, Minn. –Consumer Financial Protection Bureau (CFPB) Director Richard Cordray joined the Minnesota Department of Commerce and the Minnesota Credit Union Network (MnCUN) at the Fifth Annual Financial Capability Roundtable here.
Minnesota credit unions were active participants in the roundtable. After opening remarks by Commerce Commissioner Mike Rothman, a group of first graders from Sand Creek Elementary School in Coon Rapids sang “Pennies, Nickels, Dimes, Quarters,” a song that teaches children how to count money. United Educators Credit Union partners with Sandy Creek Elementary to provide financial education resources to students.
“We spread the message of building financial skills through collaboration,” said United Educators Credit Union Vice President of Marketing Andrea Molnau. “By partnering with schools we extend the reach and elevate the message about the importance of financial education.”
Two student workers from Ideal Credit Union’s branch at Tartan High School also participated in the event. Hannah Lee, a senior at Tartan, talked about her experiences working at the branch and connecting with peers about financial topics both in and outside of the branch. Barkot Berhanu, also a senior, was quoted by the Minnesota CU Network as saying, “Everyone tells students that they should budget but they don’t show them how. Working at the credit union has taught me how to budget, and I’ve also learned how important it is to know what a credit score is. That’s knowledge I can share with other students.”
Director Cordray provided the keynote address at the roundtable. The CFPB has developed “Your Money, Your Goals,” a toolkit that credit unions can use to help their members set goals, choose financial products and build skills in managing money, credit, and debt. Credit unions are also using “Your Money, Your Goals” to train non-profit organizations that serve their communities.“Here in Minnesota, organizations have collaborated and built partnerships that have resulted in the development of innovative ways to share the toolkit,” said Cordray. “The Minnesota Credit Union Network is also training staff, and participating credit unions are now sharing the toolkit with thousands of their members.”
Among some of the CUs involved were Hiway FCU, Mid Minnesota FCU, and US Federal Credit Union.