Deputy Minn. Commerce Commissioner Shane Deal

ST. PAUL, Minn. – The 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 on April 28.

Active partners with the Commerce Department in providing financial education, Minnesota credit unions played a key role 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 Sand 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, said that “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.”

Several of the credit unions participating in the Financial Capability Roundtable have implemented “Your Money, Your Goals” into their financial education resources, including:

Hiway Federal Credit Union staff have received training on the toolkit and have used it in day-to-day interactions with members. For example, a member’s question about an overdraft fee led to a discussion about bill pay options and budgeting tools which the member then used.

Mid Minnesota Federal Credit Union provides training to case workers at Bridges of Hope, a nonprofit organization that serves Crow Wing County and surrounding communities.

US Federal Credit Union has integrated “Your Money, Your Goals” into current community programs that address financial fitness and responsibility for thousands of individuals in the areas they serve.

Held during Financial Literacy Month in April, the Financial Capability Roundtable emphasized the commitment credit unions, agencies and organization throughout the state have to financial education for people of all ages.

“The Financial Capability Roundtable is a great event that allows us to highlight the valuable partnerships credit unions across the state have forged like-minded organizations,” said MnCUN President & CEO Mark Cummins. “We all work together directly in our communities to improve the financial lives of all Minnesotans.”

Photo – Left to right: Dir. of Learning & Education Jill Carlson & President/CEO Chuck Albrecht (Mid Minnesota FCU)