WOCCU Recognized as Leader in Providing Financial Education
April 28, 2006
In their recent "game plan" for financial education in America, the Financial Literacy & Education Commission lauded the World Council of Credit Unions (WOCCU) for their development work and International Partnership Program.
The Commission published their "game plan" report, Taking Ownership of the Future: The National Strategy for Financial Literacy 2006, in response to an initiative stemming from the Fair and Accurate Credit Transactions Act of 2003. Their goal was to develop a plan to assist Americans in learning how to manage their money.
The report highlighted WOCCU's role in improving financial performance, mobilizing savings, and increasing outreach to promote financial freedom through its technical assistance programs in ten countries. It also spotlighted WOCCU's International Partnership Program, which matches credit unions in the U.S. to those in developing countries, as a pioneering approach to providing financial education.
"Fifteen U.S. credit union leagues have entered into partnership agreements," stated the report, "leveraging U.S. foreign aid by providing technical assistance and exchanging innovative approaches to serving credit union members with partner movements."
U.S. Treasury's Dan Iannicola, Jr., met with WOCCU staff on a recent visit to Madison, Wis., to introduce the report. He recognized the important role the private sector plays in providing financial education "with people" rather than "to people" and referred to the report as a "blueprint for financial education."
WOCCU CEO Pete Crear echoed Iannicola's recognition of credit unions' unique role in providing education.
"By our very nature as credit unions, our duties go beyond providing basic financial services," Crear said. "For decades, one of the nine International Credit Union Operating Principles has been the on-going education of our members and the public."
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 60,500 credit unions in 109 countries serve 223 million people. Learn more about World Council's impact around the world at www.woccu.org.