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NC credit unions, League participate in CFPB youth financial ed roundtable

Thursday, June 29, 2017   (0 Comments)
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Top: CFPB Director Richard Cordray speaks to attendees at the CFPB's Financial Youth Education Roundtable in Raleigh, NC.

Bottom (L-R): Coastal Credit Union's Creighton Blackwell and Carolinas Credit Union League's Evelyn Hawthorne participate in roundtable discussion. 


Photos courtesy of the CFPB.

CFPB Director Richard Cordray hosted an invitation-only youth financial education roundtable June 22, 2017, inviting stakeholders to share information about their work on the development of youth financial education. The roundtable was held in conjunction with a public event focused on student loan servicing.

Credit union and League attendees included: Coastal Credit Union's Creighton Blackwell, board chair of the NC Council for Economic Education (NCCEE); State Employees Credit Union's Jimmy Goodman, NCCEE board member, and Kelli Holloway; and Carolinas Credit Union League's Evelyn Hawthorne, NCCEE board member. Others participating represented the NC Department of Public Instruction, SunTrust Bank, FDIC, NCCEE, NC State University, and the Building Collaborative. Director Cordray was joined by Meina Banh, who advises the CFPB on financial education innovation.

Director Cordray explained the CFPB’s responsibility to provide consumer protections, which begin with fostering financial education at all opportunities. He acknowledged that, because the Bureau is only six years old, much effective financial education was already taking place across the U.S. Cordray wants the Bureau to collect and share best practices and promote financial education innovation in schools and communities, and he acknowledged that promotion of financial education arose from credit unions and banks.

Participants discussed financial education activities, success stories, and challenges. Hawthorne explained that rather than duplicating the excellent work of North and South Carolina’s credit unions, the League’s role in financial education is to facilitate, communicate, and promote it at all levels.

In addition to exemplary work SECU and Coastal discussed, Hawthorne noted the “credit unions in schools” programs that many credit unions across the Carolinas have run for many years. She acknowledged credit unions that counsel young people facing unemployment, and highlighted the leadership of Dorinda Edwards of American Partners Federal Credit Union and Judy Tharp of Piedmont Advantage Credit Union when the Miller-Coors plant closed in Eden, NC in 2016.

“Many of the displaced workers were Millennials and Generation Xers whose financial education came from “the school of hard knocks,”” Hawthorne relayed. “The credit unions stepped in to ensure the severance they received wasn’t squandered.”

The CFPB also shared available financial education resources and research.

 

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