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NCUA Active in “Taking Ownership of the Future” Initiative

Alexandria, Va., July 26, 2006 -- The National Credit Union Administration (NCUA) participated in a "Conversation about Taking Ownership of the Future" as part of its role on President Bush's Financial Literacy Education Commission. The meeting, held July 26 at the Department of Housing and Urban Development, was attended by a wide variety of federal agency representatives, Congressional staff, and private-sector groups with a stake in promoting greater levels of homeownership through consumer education and involvement. 

Taking Ownership of the Future: a National Strategy for Financial Literacy is an initiative developed by former Treasury Secretary Snow in response to a Congressional mandate to enhance the focus of a broad spectrum of federal agency financial literacy efforts. NCUA is one of 19 federal agencies involved and used the meeting to highlight Agency efforts to encourage credit unions to combat predatory lending practices, and to provide financial services to consumers in underserved areas. Through Letters to Credit Unions and other educational efforts, NCUA has emphasized the importance of financial literacy for credit union members since 2001. 

The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates the National Credit Union Share Insurance Fund insuring the accounts of 85 million account holders in all federal credit unions and the majority of state-chartered credit unions.  NCUA’s operation is funded by credit unions, not federal tax dollars.