ALEXANDRIA, Va. (May 5, 2016) – The National Credit Union Administration is reminding older Americans about the agency’s online resources to help them manage money and protect themselves against fraud.
“Consumer protection and financial education are key parts of NCUA’s mission and part of the credit union model, as well,” NCUA Board Chairman Rick Metsger said. “Giving credit union members, particularly older Americans, the educational tools and security information to help them manage and protect their money is increasingly important, and I hope credit unions and their members will take advantage of the resources we offer.”
May is Older Americans Month, and NCUA’s Pocket Cents (opens new window) financial literacy website includes an entire section on issues of particular interest to older Americans (opens new window). The MyCreditUnion.gov (opens new window) website contains tips on handling personal finances and protecting against frauds and scams aimed at older adults (opens new window). NCUA also has a video (opens new window) explaining how certain financial scams specifically target older Americans and how to avoid being victimized. The agency’s Consumer Assistance Center (opens new window) is available to answer questions or handle complaints.
In September 2014, NCUA signed a memorandum of understanding with AARP to work on a series of initiatives aimed at promoting education and outreach to help older Americans become more financially secure. Those efforts have included:
- Launching the agency’s online Fraud Prevention Center (opens new window), and incorporating AARP’s Fraud Watch Network (opens new window) as a resource;
- Co-hosting a Twitter chat on detecting and preventing financial abuse; and
- Co-hosting a webinar on avoiding frauds and scams.
Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within the communities they serve, NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission, an interagency group created by Congress to improve the nation’s financial literacy and education.