Treasury Secretary, Advocates, Address Attendees

(October 29, 2008 – New York, NY) Last week nearly one hundred financial literacy practitioners and government officials attended the National Federation of Community Development Credit Unions’ (Federation’s) 7th Annual Financial Literacy Day Celebration at the Museum of American Finance in downtown Manhattan.  Representatives from credit unions, city officials, banks and community organizations from the Northeast region addressed attendees about the importance of financial literacy and the work their own organizations are conducting in low- and moderate- income communities.

Dan Iannicola, Deputy Assistant Secretary for Financial Education at the U.S. Treasury Department, one of the day’s keynote speakers, discussed the efforts of the federal government in this arena.  Stressing the need for synergy and collaboration, he encouraged practitioners to “reach out to all levels of government and non-profit agencies,” in order to make the most of available resources and achieve the greatest impact. 

Johnette Hartnett, of the National Disability Institute speaks about the Real Economic Imact Tour

The Federation’s President/CEO, Clifford N. Rosenthal, stressed the value of financial literacy education for low- and moderate-income communities, emphasizing that “with the financial industry in turmoil and the persistent problems in the global economy in general, the need for this type of work is greater than ever.”

Other notable presentations included an introduction to the financial crisis by Lee Kjelleren, CEO of the Museum of American Finance; a discussion about the needs of people with disabilities, led by National Disability Institute Director of Public Policy Johnette Hartnett, and a presentation on state governmental efforts for financial literacy by Deputy Superintendent of the New York State Banking Department Dianne Dixon.

Financial Literacy Still a Major CU Difference

Thom Dellwo, Financial Education Coordinator at Cooperative Federal (Syracuse, NY), and co-author of Life Skills: Planning Your Financial Future, a curriculum for youth, spoke about the challenges working with at-risk youth.  He shared his view that “credit unions are uniquely qualified to teach financial literacy because of their commitment to their communities and particularly as financial institutions.”

Jaclyn Marcella, Member Development Representative at Paragon FCU (Montvale, NJ), an attendee from one of the Federation’s Community Development Partners, praised the event.  “I really enjoyed all of today’s speakers and I come away from this event with great information to help me move forward on our own educational initiatives at Paragon [FCU],” she said.  “Financial Literacy Day has truly provided me with the inspiration to continue to make financial literacy a priority at our credit union.”

Financial and in-kind support for this year’s Financial Literacy Day was provided by the New York Credit Union Foundation; Signature Bank, and the Museum of American Finance, who hosted the event.

For more information about the Federation’s Financial Education programs, such as the Each One, Teach Many train-the-trainer program, the BALANCE financial fitness program, and more, please contact Daniel Apfel, Education and Training Associate, at (800) 437-8711, x220, or at dapfel@cdcu.coop.

© 2008 National Federation of Community Development Credit Unions.