Financial Education – Alternative Delivery Channels (10/12/2016)

Kathryn Baxter: Good afternoon. Welcome to our October webinar on financial literacy, alternative delivery channels.
Actually, it’s financial education. My name is Kathryn Baxter, and I’m going to be your moderator for today. I’m joined by Vanessa Lowe. She’s our host today. Before we go into our webinar, which we really think that you’re going to enjoy today, I’ll just go over a couple of
administrative announcements. Of course, you need to adjust the volume on your computer so that you can hear this webinar. If you need to resize the slides, please drag that bottom-right corner. From this website, you will need to allow pop-ups. We have a question-and-answer session generally that we conduct
at the end of the webinar, and if you look at your left-hand corner of your console, there’s an Ask a Question feature. What we’d ask you to do is ask questions throughout the webinar. You never know, we may ask a question before the Q&A, but we’d like you to put your questions in early. And also, if you have the
speaker’s name in mind when you ask the question, please include that speaker’s name in your question. We also want you to stay on the line after the webinar because we have a survey that we’re going to push out to you. And, because we know you might want to watch this at another time, we’re going to close-caption
this webinar in about three weeks, and you’ll be able to see it at your leisure. Before I turn the console over to my host, Vanessa Lowe, we’re also offering for this webinar a certificate of training, and Vanessa’s going to tell you exactly how you can get that. If you have any technical questions with
regard to volume or anything like that, or slides, use that Ask a Question feature and we’ll take care of that as well. If you want to download the slides, there is a green folder widget at the bottom of the console. Click on that; there is a PDF version of this for you to download or save. I’m going to turn
the console over at this point in time to Vanessa Lowe, and Vanessa’s going to tell you a little bit more about our webinar. Vanessa? Vanessa Lowe: Thank you so much, Kathryn. I am excited to be here. We’ve got a great topic today. We’ve got great guest speakers. I must admit, I’m a little excited because this is my last
webinar of the year. It’s really great to do these. I really enjoy sharing resources with the credit union industry. All right, let’s start with our usual disclaimer. This webinar, like all of them, they’re being offered for informational and educational purposes only. NCUA does not endorse any particular credit union or vendor or their
employees, products or services. All right. So what are we going to talk about today? We’re going to hear from Morgan Rogers, who’s with NCUA’s Office of Consumer Protection. She’ll tell you about all the different things that that office does and then start honing in on the financial education resources that we have. Credit unions, that’s part of credit
union responsibility is to do financial education, so that’s why we’re talking about this today. Morgan’s going to share quite a few resources, and then we’re going to have our next speaker start talking about experiential learning, and that is Mark Lynch, who is with the National Credit Union Foundation. And then he’ll go into talking
about the reality fairs and other programs that they offer that are really interesting. I’ve been through a couple of those, and I think they’re really wonderful, so I want you to know about those. I’ll end with reviewing some highlights from the latest award magazine from the Desjardins Youth and
Adult Financial Education Awards. Really great program, and I wanted to include that because part ofóif you’re just starting with financial education, if you’ve been doing it for a while, it’s really great to read about folks who are really being recognized for it. It may open your mind and give you some new ideas about how to
approach financial education. And then finally, as Kathryn said, all of our webinars end with a full 30 minutes of Q&A. Please submit your questions at any time. I think we’ve already gotten a couple that have come through, but we will take those at any time. Like she said, we may jump in as folks are talking just to get a little dialogue going if we see an interesting
question come across, but generally we’re going to try to save that for the last half hour. All right. Next, let’s match some faces to the voices you’ll hear. That is my face. I am Vanessa Lowe. I’m an economic development specialist with the National Credit Union Administration Office of Small Credit Union Initiatives. Before
coming to NCUA, I worked for seven years with the US Treasury Division’s Community Development Financial Institutions Fund. I’ve been with NCUA now about nine years and loving every minute. All right, let’s go on and let’s hear from Morgan. Morgan Rogers: Thanks, Vanessa. I’m excited to be in this webinar. My name
is Morgan Rogers. I’m the Director of the Division of Consumer Affairs in NCUA’s Office of Consumer Protection. I’ve been with NCUA for about three years now, and we are the division that’s responsible for a lot of different things from the financial literacy perspective but primarily executing NCUA’s financial literacy and outreach mission.
I’m excited to share our resources with you. Prior to coming to NCUA, I’ve always worked in consumer protection and spent time with the State of Nebraska Attorney General’s Office working in their consumer protection division, so I’ve been in the weeds with the consumers there and I’m now up here at NCUA working with credit unions and
just, like you said, loving every minute. Vanessa Lowe: Thank you, Morgan. All right, next let’s hear from Mark. Mark Lynch: Hi, and thank you for the opportunity to speak today. My name is Mark Lynch. I’m the senior program manager at the National Credit Union Foundation. I’ve formally
been with the foundation for about 18 months. Before that, I did a lot of work for the foundation on a contract basis on their Real Solutions program as a field coach, and prior to that I moved to the US from Australia 12 years ago, and in my
early years here, I did a lot of work speaking at conferences, league conferences, CUNA, Federation conferences as well, talking about a range of topics, most of them around taxation, serving the underserved, some board governance
issues. During my time in Australia, my involvement with credit unions was primarily as a board member. I’m on credit union boards for about 22 years. Vanessa Lowe: All right. Thank you so much, Mark. We have our first poll. We want to know,
What is your credit union’s asset size? We like to get a sense of the diversity of credit unions that are participating, and the responses go from less than $10 million, greater than $10 million but less than $50 million, etc. Then there’s always a Not Applicable option because we know we may have some
media and other folks on the line who are not necessarily associated with credit unions. It’s important to answer all the poll questions because you have the opportunity to get a certificate, as Kathryn mentioned. All right, let’s see what kind of responses we’ve gotten here. I’ll give it another second or so. Make sure you press
an option there. And, let me move forward. It’s interesting, this is I think the closest in terms of an even breakdown that we’ve had, but our sweet spot seems to be the usual, which is greater than $10 million but less than $50 million in total assets. Thank you. We welcome everybody and really appreciate you joining us today.
Let’s talk about the certificate of completion. We’ve been offering this for at least the last two years, and it’s helpful as you build your body of education, you canó as you know, these webinars get archived about three to four weeks after they’re done, so you can encourage your board, your staff and other stakeholders to
go and view these if they’re not already on the line with us. The certificates then helps to essentially demonstrate how, again, your stakeholders are receiving education from NCUA and essentially showing interest, so that might be helpful to share with your examiners when they come through. To get the certificate, you have to be on the webinar
for at least 45 minutes. That’s number one. Number two is you have to answer all four of the poll questions that are distributed throughout. And number three is there is a quiz, and you’ll find that in one of the widgets at the bottom; I think it’s the magenta widget. You can actually look at that now, but don’t get too distracted by it. It’s a 15-question quiz, and you
have to get 12 out of 15 correct in order to meet all three criteria in order to get the certificate. So, that’s the certificate, and I hope you’ll follow all of our guidance in order to get that certificate. All right, let’s jump right into our content, and I’m going to turn it over to Morgan. Morgan Rogers: Great. Thank you, Vanessa. As I said earlier in the introduction, my name
is Morgan Rogers. I’m the Director of the Division of Consumer Affairs in the Office of Consumer Protection, and today we’re going to talk about not only what the Office of Consumer Protection does, which I’m sure many of you have interfaced with us on some level, but also what are some great resources and tools available
to you that we may be able to give you access to. So to begin with, the NCUA Office of Consumer Protection is made up of four divisions. One is the Division of Consumer Affairs, and it’s responsible for executing NCUA’s consumer financial literacy and outreach efforts. That means making sure
that consumers are aware of their different financial literacy topics, whether that’s saving and spending wisely or just making sure that they are saving for retirement or getting their college student ready to go off to college, or even making sure their teens or their tweens are aware of money and how to spend and save wisely,
as I said before. We also have the consumer-facing website that is NCUA’s consumer-facing website, which is MyCreditUnion. gov, and its micro site, financial literacy-focused micro site, Pocket Cents. If you haven’t visited MyCreditUnion. gov, please feel free to go there. We’ll be talking about a lot of the resources that are on
MyCreditUnion. gov as we go through the presentation. The final thing that we’re responsible for is NCUA’s Consumer Assistance Center. That’s the group of people responsible for interfacing with the consumers, and we field inquiries from the public on consumer financial protection laws and regulations. We help guide them in the right
direction in terms of contacting their credit union. We facilitate consumer complaint resolution through our consumer complaint process. And that’s also the place where we utilize the portal, again, for that consumer complaint process, and that portal’s a brand-new consumer complaint portal, and we’ll talk about it here
shortly. But if you weren’t aware of that, I do suggest that a lot of the credit unions check out the portal as a way to securely communicate with NCUA. The other division is the Division of Consumer Compliance Policy and Outreach. It has a consumer financial protection compliance policy and rule-making function. It also
is responsible for fair-lending examinations and interagency coordination on consumer protection compliance matters and outreach. That’s a division that’s talking with CFPB, making sure that credit unions are represented when they’re making their rules and regulations, and trying to be the voice of NCUA on that regulatory side. The final two divisions are
the Divisions of Consumer Access and Consumer Access South, and they’re responsible for chartering and field-of-membership matters, low-income designations, charter conversions and bylaw amendments. As I’ve said, whether or not you’re dealing with consumer complaints or you have a rule question about maybe the new Military Lending Act, or you have questions
about field of membership or LID designations, you have probably interfaced with the Office of Consumer Protection at one point or another. Moving on from there, as we get into the financial literacy responsibilities of credit unions, we really just want to focus on the fact that the Federal Credit Union Act indicates credit unions, again,
are a cooperative association organized for the purpose of promoting thrift among its members and creating a source of credit for provident and productive purposes. A lot of you do that through executing your financial literacy efforts, as we know, because as we have more educated credit union members, we are more able to safeguard our funds
and promote thrift and make sure people are making smart spending and saving decisions. As I said, credit unions empower their members through financial knowledge, skills and access to responsible financial services such as share savings and certificates, low-cost share draft accounts and other important money-saving products. And we are also very aware that
credit unions traditionally focus financial literacy efforts on serving youth, service members and their families, the elderly, those of little or modest means and persons with language barriers. Credit unions are excellent at making sure that your focus is always on your community, that you’re supporting your communities. You guys do a great job with trying to
be innovative and have those financial literacy options and tools available to members, so we’re here just to help support those efforts and maybe let you know of some new tools or resources or opportunities that NCUA has made available that can help you in maintaining that focus. As I said before, NCUA’s mission statement is to provide through
regulation and supervision a safe and sound credit union system, which promotes confidence in the national system of cooperative credit. And again, financial literacy plays a huge role in that; promoting confidence amongst consumers, amongst members, is really the goal of the Office of Consumer Protection, to let them know that credit unions are a safe
place to go. Your money is always going to be safe there. Our primary purposes, again, raise consumer awareness. What is a credit union? How is it beneficial? How is it different than a bank? To reinforce credit union efforts to make sure that consumers and the public are aware that credit unions are there to have their best interests in mind.
Often very community minded. They’re member-owned organizations. And then also a lot of our outreach efforts are centered around helping consumers understand what the different credit union services are, whether those are better rates or more competitive programs, in-school branches for kids, all those different things that
are really unique to the credit union industry. So we like to help increase access to those services. To help you do that, to get into the meat of things, let’s talk about some of the resources that are going on now. As we talked about before, MyCreditUnion. gov is the consumer-facing website that NCUA has that
is solely for consumer information. We advocate that both credit unions and consumers visit it. There’s a lot of great tools and resources on there for credit unions to use to engage with your members, and there’s direct-to-consumer information on there, too. If you haven’t visited MyCreditUnion. gov, you should. Otherwise,
you may also find a lot of our financial literacy resources, including links to MyCreditUnion. gov, on Most of you are very familiar with If you go under the financial literacy resources section, there are those links, and also we have some links up to other FIRREA institutions, other regulators, non-profits,
that also have really great financial literacy resources that can help you out in executing your mission. So, as I said before, a lot of our resources are focused on a number of different things. If you visit MyCreditUnion. gov and the micro site Pocket Cents, what you’re going to find is that Pocket Cents is organized into a series
of age ranges that starts with youth, goes into teens and tweens. There’s servicemembers, older Americans. There’s a bunch of different demographics. And we tried to organize all of our content under each one of those age ranges to make it easier for you to find information. And then within each one of those age ranges, we have
information that specifically covers the topics of starting savings, paying off debt, reading a credit card statement, understanding financial disclosures and loan applications, credit reports and scores, and then Fraud Prevention Center. And the way that we develop a lot of that information is kind of
gauging the consumer mindset through looking at the types of complaints or the types of inquiries that we are receiving in the Consumer Assistance Center. So if you visit MyCreditUnion. gov, you’ll see in the upper left-hand side the tab that is green is the Consumer Assistance Center, and that’s where you can find a lot of our brochures and publications, which
we’ll talk about later. But again, the consumer complaint portal. If you’re not familiar with the portal, there’s a lot of great information on about it. It’s a way for credit unions to engage with NCUA about consumer complaints. It lets you see your complaints in real time, check the status of them, respond to them right all in that portal. So if you’re not aware of that, we suggest that you check
that out. And then we take the trends from not only the portal but the knowledge base function of the Consumer Assistance Center, which is the area that consumers, and credit unions quite frankly, can ask any kind of question about consumer financial protection laws. And we develop all of our content around what are the most popular topics, so a lot of the topics are around
saving and spending. Right now we’re getting a lot of questions about the Servicemembers Civil Relief Act because of the Military Lending Act updates. We get a lot of questions from younger people about reading credit card statements and also fraud prevention. The other great thing about MyCreditUnion. gov and all of these resourcesóand again,
we really urge credit unions to take a look at them. Download them. All that information is there for you guys to help reach out to your members, and that’s primarily why we’re creating it. But all of that information is built in a mobile-first format, so it’s built to work on all your mobile devices and tablets, and
we’re really proud to say that 50 percent or more of our users are actually mobile users. We are really trying to communicate with that Millennial generation, people that are most likely using their tablets and their mobile phones to interact on the Internet or interact in general kind of in
cyberspace. So all of that information is branded in that way to help credit unions kind of move towards innovating on the mobile platforms. Again, like I said before, all of our resources are available in a ton of different formats. We’ve got web and print articles. We have downloadable brochures, and
we just released a couple new brochures on what is a credit union and how is it different than a bank. And then we have a video series called NCUA Consumer Reports. That’s on YouTube. If you haven’t checked that out, I suggest that you do. We’ve got videos on what is share insurance. We’ve got videos on spotting elder financial abuse, and that’s really
helpful for credit unions in particular because it kind of shows credit unions how to have difficult conversations with maybe your older members about whether or not they might be victims of elder abuse, and then how to accurately report that and the credit unions’ protections in doing such things. So, check out the Consumer Report video
series. Another great video is the payday loan video and the remittance video. All of our videos are available in dual language. We found a lot of popularity in the Spanish-speaking credit unions with our payday loan and our remittance videos. Again, every video is translated, but those seem to be very popular. We also have interactive
learning tools. Those are going to be infographics in this case. Our infographics, we just made a brand-new one, which is how is a credit union different than a bank. Again, taking into account those analytics that talk about people wanting to know, “Hey, how is a credit union different than a bank?” Created that infographic, which we
urge you to either link to or even download it as a PDF. It takes away some of the interactive part of it, but it does still have all that great information. So that interactive learning tool, that infographic, is also on MyCreditUnion. gov. And then we have smartphone apps. Most of our platforms, most of our tools, are available in app form and can be
downloaded from the App Store. And again, we really suggest that credit unions take this information, link it, put it on your website, have it in your lobby, print those brochures. Again, they’re all free of cost. Print that information. Have it available to your members. Utilize whatever you can to make sure you are participating and really engaging with your members
on a financial literacy level. Vanessa Lowe: Morgan, let me throw out something here because it occurs to me that some of these, particularly the videos, might be great for new member packets. Maybe if they’re sending out an email saying, “Welcome to our credit union,” especially that one that you mentioned about the senior fraud. But also really great for just
their newsletters that maybe they’re sending out sometimes. It can be hard to fill up a newsletter sometimes, but I think we really do have some great resources that are easily capturable, again, from our websites and our tools here that credit unions can and should be using. Morgan Rogers: Yeah, that’s actually a really great suggestion. The YouTube videos, you can always take those links
and embed them, especially if you’re doing the digital platforms for your newsletters. A lot of you email your newsletters now. You can just embed that link right in the newsletter. It goes right to the video. And they’re short, so they’re not super long, and they give a lot of information in a really slick, short format, and are really there to help you educate your members. You can
also have credit unions use them as learning tools, as training tools for staff. Again, to kind of understand what is the consumer community dealing with and what are your members dealing with and how to have difficult conversations or how to address particular issues. If you haven’t checked out the videos, we highly suggest you do.
And you can do the same thing with the interactive infographic. And actually that infographic within the body of it has links to a lot of great resources. It’s always good to get your consumers as many options for information as you can, and that’s what we tried to do by creating that infographic. Vanessa Lowe: Great.
Morgan Rogers: Yeah. As we talked about, those financial literacy videos, a couple different topics. How share insurance coverage works. How to avoid frauds and scams. Understanding payday loans. The remittance video. Sending money overseas. Everything is dual language, and all of them have multiple pieces and parts. The share insurance coverage video is
actually three separate videos. You can choose which one you think is more appropriate for you. Some of them are very high level; others go more in-depth. But we do get a lot of questions in the Consumer Assistance Center over what is share insurance, how much is my coverage, so that’s a topic that consumers not only think is attractive to consumers who are considering
credit unions but also new members at credit unions are veryóthey want to know how that coverage works because sometimes it can get complicated, depending on the type of account. And one of the things that we’re most proud about is our MyCreditUnion. gov financial literacy calendar. We’ve actually created a calendar
because we try to work with the Office of Small Credit Union Initiatives as much as we can, and we know they have that great newsletter, the In Focus newsletter, and they try to tell credit unions about financial literacy events the best that they can. And so, what we tried to do is create an interactive calendar that lists all those events
so you can see the ones that are consistently happening year around. And if we have new ones that occur, we obviously update the calendar. But feel free to go to MyCreditUnion. gov under the Financial Tools and Resources tab and link to the calendar or bookmark the calendar. You’ll see this slide is an actual snippet of what that calendar
looks like. We go month by month and tell you what are the different events going on so that you can think up innovative ways to engage your members. For instance, Cybersecurity Awareness Month is maybe a good time to talk to your members about keeping their online accounts safe. Saving for
college is a good way to interact with kids about creating their first credit union account. Same thing with back to school. And holiday spending and saving, a really cool event that you can do there is a shred event, which is to take all of those things you’ve gathered over the holidays, the recipes or whatnot, that you don’t need to
keep anymore, shred them all to keep your information safe and just kind of take a good look and how you spent and saved that holiday season. Lots of great tools and resources there, or event there, that you can go visit that we like to keep updated as best we can. And speaking of that, you’ll see November is Military Family Month, and
so we have the updates to the Military Lending Act and the Servicemembers Civil Relief Act, SCRA, so we’ll be putting out information shortly about those in line with Military Family Month. We try to keep on top of those ourselves, so check back to MyCreditUnion. gov each month and you’ll see that we’ve tried to highlight those events as
well, and we really encourage credit unions to take the opportunity to engage with their members by utilizing a lot of that information there. Many resources are available in Spanish. Whether that’s our videos or our calendars, all of MyCreditUnion. gov is also available in Spanish. We have a great tool on MyCreditUnion. gov, which is the share
insurance estimator. Again, get a lot of questions about share insurance, and we’ve translated that particular application over to Spanish so that any language person that speaks Spanish can check out their share insurance coverage there. And all the information that we put out, again, is in
Spanish and is updated in real time. So post something on MyCreditUnion. gov, and it ends up on the Espanol. MyCreditUnion. gov site as well. Vanessa Lowe: Morgan, let me jump in here because I think I remember you saying yesterday thatóand I noticed thisóthe next event in October is International Credit Union Day. That’s October 20. And what’s nice
about your calendar is you have links in here so they can learn more about that particular event and maybe even some other resources that they can add in. Love that. Morgan Rogers: It’s an interactive calendar, so everything has got links embedded behind it. And we partner a lot with non-profits and other regulatory agencies or other government agencies in general to make
sure that if they’re doing something and they’re really skilled at it, that we are sending you to the best place to get that information. And kind of in line with that, we haveóyou’ll see on the screen now we’re talking about Twitter. We have Twitter chats that we execute with a lot of other government partners, whether that’s
the Consumer Federation of America during Military and America Saves Week or the Federal Trade Commission, and we’re having a Twitter chat about frauds and scams. We like to leverage our partnerships, not only through the calendar and through their events but through group events, in this case in the form of Twitter.
We do have this Twitter handle. It’s @MyCUgov. We like to put out daily finance tips, personal finance tips there, news and information. Feel free to retweet us to reach your members and make sure that they’re getting additional financial literacy snippets. Twitter is a really unique platform because you have to say a
really short number of characters to talk about something that could become complex. We like to leverage the Twitter platform to get out really key information in a short period of time, and of course we always have links within our tweets. If you haven’t been toóif you’re not following us on Twitter, we
really support that you do. And if you haven’t done a Twitter chat with us, watch out because we have Twitter chats coming up, and we really would support credit unions getting on our Twitter chats. It’s a good way to interface with us as the regulator and then also our partners and also your members. A lot of the
times, we’ll have credit unions and members and our partners and then NCUA all on Twitter, having a great conversation. Our Twitter chats are a really great way also for you to reach your members, like I said before. Our FTC Twitter chat had 300,000-plus impressions. That means that it was seen 300,000 different
times in the consumer community. It’s a good way to get yourself out there and get on that more modern, innovative platform for talking to your members. One of the last things we’re going to talk about is our featured resources. We kind of talked about this a little bit earlier, but
that interactive infographic is our newest one. We really suggest that you link to it or download it. If you haven’t visited it, you can check it out now. It’s on MyCreditUnion. gov. And it walks consumers through what is a credit union, and it’s fun and it’s interactive and it’s got moving bits and pieces and information that’s linked.
There’s a quiz in the middle of it. We know that credit unions right now are actually linking to it so they can keep that interactive portion. Others are taking it as a PDF and they’re putting it on their website for download for their members or just using itósome of them have already downloaded it and printed it and put it in their lobby because it’s a good
way to learn about why is a credit union different than a bank. So, that’s a good future resource for everybody to use there. And that brings us to the end of the NCUA resources. Thank you. Vanessa Lowe: Morgan, your whole presentation was very interesting. Morgan Rogers: Thank you. Kathryn Baxter: It made me think, when you mentionedówhen we talk
about financial education, you always hear on the newsóthere was a recent fraud and they resurface all the time, the one with the checks. Morgan Rogers: Right. Kathryn Baxter: Do you get a lot of credit union members calling in about this? Morgan Rogers: Yeah, we get credit union members that call into the Consumer Assistance Center. Thankfully because I think different
communities, whether that’s law enforcement or NCUA or credit unions, have done a good job about educating their members about not falling for those scams, thankfully most of the consumers are calling to report, “Hey, I got this cashier’s check. It looks like it’s coming from a credit union, or my credit union, but I know that it’s not real. Does my credit union know, and do theyówhat
should I do with it?” And we like to obviously thank the consumers for that information, educate them about not falling victim to that, and then we like to link up with the credit union and say, “Hey, did you know this was going on? Did you know that your name was being used this way?” But quite frankly, a lot of credit unions also contact us and say, “Hey, we became aware of a scam, and
this is what we did to help mitigate it. And if you get calls from our members, please let them know that they can find all this information on our website. ” So we try to stay in pretty close contact with the credit unions and the members, especially related to fraud because anytime you have fraud, it’s a risk to the institution and to the fund. Kathryn Baxter: Absolutely. And this is the time of year, too, that a lot of fraudóbecause
of the holidays coming around, there’s going to be a lot coming out. So are any of your chats, Twitter chats, going to be addressing any of those things? Morgan Rogers: We have done one with the FTC. We just had one earlier that was about fraud, but actually we haveóthe newest portion of MyCreditUnion. gov is actually our Fraud Prevention Center. We have kind of partnered with AARP because they
have a great what’s called the Fraud Watch Network, and that is a way for consumers to report in fraud that they’re seeing and then share information with each other so that they’re self-educating. It’s a really great platform, so to help support that we created the Fraud Prevention Center on MyCreditUnion. gov. It’s an online center.
There’s a ton of resources about how to prevent fraud, how to recognize fraud, mitigate fraud. We regulate credit unions. We’re obviously not the fraud experts, but the Federal Trade Commission and other resource partners are mentioned on there, and we just wanted a way to help educate consumers about it and help keep them protected as best we could and, again, get them
to the people who are really, truly the experts there. So, visit the Fraud Prevention Center on MyCreditUnion. gov. Vanessa Lowe: Fantastic. Wonderful. Thank you, Kathryn, and thank you, Morgan. Really great information. Morgan, I’m going to come back later on because I know you’re involved with FLEC. We’ll just put that out there. I want you to talk about that a little bit
later. But right now, let’s move on and let’s actually do our second poll. Here the question is, What have you done with NCUA’s consumer resources? And again, the consumer resources are those that are really for your members, helping them with their financial education. The resources that we have available on NCUA sites
and other tools. So have you, number one, is registered to use the consumer complaint portal? Apparently that’s a great tool for you to stay on top of the communications with NCUA about any complaints that they’ve gotten. Have you participated in a Twitter chat? It sounds like
those happen a couple of times a year at least. Have you posted links from things on the MyCreditUnion. gov site, maybe either on your website or in some other way? Have you viewed or shared consumer education videos? We talked about how you might put those in your welcome email or your welcome
letter, how you might maybe even just have them showing on your computer modules or the screens that are available in the lobbies of your credit unions. Have you downloaded brochures or other content to use and share with your members? And of course, there’s a final one, which is Not
Applicable. Here, you could click all that apply. Let’s see what kind of resources we’ve been using. Here go our results. Okay, we’ve got quite a few people who’ve downloaded brochures and other content. Glad to hear that. That’s 50%. Thirty-four percent have viewed or shared the consumer education videos. Great. And quite a
few with Not Applicable. Okay. That’s all right. And then we’ve got some that have posted links from the MyCreditUnion. gov site. Hopefully you’ve gotten some more ideas there. Very few, only 0.6%, have participated in the MyCUgov Twitter chats. Morgan Rogers: Looks like we need to do a better job of letting people know when those Twitter chats are. Vanessa Lowe: But also, as we talked about beforehand, they
could be like me and just, “What’s Twitter?” But maybe this is an opportunity to learn. Morgan Rogers: Yeah, a lot of their members may know what Twitter is, though. Vanessa Lowe: It’s true. It’s true, yeah. All right, let’s keep going. All right, Mark, we are going to now turn it over to Mark and hear about the National Credit Union Foundation’s resources. Mark Lynch:
Okay. Thank you, Vanessa. I told you a little bit about myself. Before I get started, I thought perhaps I’d give a little brief overview of the NCUF and what we do overall. The Foundation is the charitable arm of America’s credit unions. We originally started off as CUNA’s credit
union before becoming broader throughout the movement. We do a number of things. We host the credit union development education program, which concentrates on the importance of philosophy and history in what we do now and what we’ll do in the future as credit unions.
We also administer the CU Aid, so if there’s a disaster, for example like the hurricane last week, where credit union staff and members might be impacted, then we get involved in raising money and then distributing that money. And then the other thing that we do is we’re involved in
programs, and that’s essentially what I’m going to be talking about today is one of the programs that we’re involved in, the experiential learning program. When it comes to programs, we see ourselves as a catalyst for innovative ways to serve members, particularly serving
members of modest means or underserved communities. And we do that through a program that we call Real Solutions. We’ve been doing this for about ten years, and one of our key focuses has been around
helping credit unions develop innovative ways to do financial education. I guess we’ve all been at some stage either involved in participating in or delivering traditional financial
education in a classroom situation. We’re either sitting and listening, or we’re out front presenting. I’ve been involved in working with lots of credit unions that have been involved in this traditional way of teaching
financial education. A lot of credit unions work with schools, so they go into elementary, middle or junior high, high schools, stand up in front of classes and talk about things like budgeting and how to save, how to borrow, what’s
a credit score, things like this. A lot of this classroom presentation goes on. Other credit unions are involved in colleges. A lot of credit unions are involved in adult education through going out into the community or
hosting events at the credit union. A lot of education has gone on over the years, but one of the questions that’s being asked by lots of people over this time is, How effective is this? We’re seeing lots of activity and we can measure thatówe
did so many presentations and we talked to so many students or so many people over a certain timeóbut the real question for many has been, What’s been the impact of all those activities? And it wasn’t until recently that we
started to see some research into whether or not this traditional financial education is working. Two surveys or two research pieces in particular pointed to the fact that perhaps it’s not as effective as we’d
like to think it would be. When you dug into the research and the research findings, it was really pointing to the fact that particularly for students and young students, that they probably weren’t remembering what we taught them in elementary school. They
probably weren’t remembering a lot of what we taught them through middle or junior high. And even then into high school, unless it was late in high school, perhaps what we were teaching wasn’t recalled at that vital time in life when members were
then going to be managing their own money. We also saw throughout recent years and on a continuing basis that there have been these state mandates requiring high school students to take courses. Part of the finding there was that even in these
cases where it was in high school and it was mandated, that it wasn’t as effective as what we’d all hoped it would be. And there are a couple of reasons in addition to those that I’ve already mentioned. One is the fact that this wasn’t linked to curriculum. It was an add-on. It was
seen by the students as something that was being added on. And also, because it wasn’t included in any testing process, a lot of students weren’t taking it as seriously as those things that they were learning that they were then required to test on. So, one of
the questions I get when I talk on this subject is from credit unions, “Well, we do a lot of this. Should we stop doing it?” And my answer is always, no, please don’t stop doing it. Please continue to do it. A student that gets financial education all the way through
elementary school, gets it every year through middle and junior high, who gets some sort of it through every year in high school, a lot of, because there’s a lot of repetition, it’s going to stick. So, no, don’t stop doing it. Do it, but work out a way to
do it more than once, and the more that it’s done, the better. And then the second suggestion that I give is to make the learning as experiential as possible. Not just a lot of talking, but get interactive. Get the students doing things,
actually. Don’t just talk about a budget; get them to actually do a budget as part of the presentation. What I wanted to do now is then move onto experiential learning. When the Foundation got involved in financial education, we looked around and we saw all of these things being
done in traditional ways, and we thought that the best thing we could do as being a catalyst for change and innovation was to look at alternatives and innovative alternatives to help credit unions do financial education in a way that involved people having an experience and learning
from that experience. And so, we saw lots of research that says the more that we learn by doing, the better off we’re probably going to be. And particularly if we can learn and if we can do and make mistakes, we’re likely to learn as well. And the
third piece was the interaction. By having that more interaction, it tends to reinforce. So, experiential learning has become a real focus for us over the last ten years or so. The first entry we made into experiential learning was
with high school reality fairs. My first experience was about ten years ago. I was working with credit unions in the Northeast, and I came across a small number of credit unions that were doing these fairs. Some were doing them in high
schools. Some were doing them in middle school. I’m sure that a lot of you have either heard of these, have participated in them or have participated in multiples, but I’m also sure that there are some of you that might not have heard of these fairs and how they work, so I just
want to talk very, very briefly to give you a taste of how they work. The student is effectively picked up out of school, and for a couple of hours walks in the shoes of themselves when they get their first job. And so, they’re given a worksheet that has their name,
the occupation that they’re most likely to take up when they leave school, based on their current academic achievement. It has the starting salary. It has all of their deductions, taxes, etc. And then it has their net income. And then they need to go from booth to
booth and they’re given choices. Where they live. Whether they’re going to drive a car, and if so, how much they’re going to spend on a vehicle. They have to decide how much they’re going to put into their budget for food and clothing. They have to buy a cell phone if they want a cell phone. They
have a lot of temptations. There’s the pet shop. There’s entertainment. And then the last booth that they visit is the credit union financial counselor, where for most kids they find that they’ve spent way more than what they’re earning, and then by making those mistakes, they then have to go back and reassess. They have to work
out that they might not be able to afford the one-bedroom apartment; in fact, what they might be able to afford to do is go and live in their parents’ basement. What we also find is that they might have to take the dog back to the pet store. They might have to take the big, red truck back and get something smaller and
less expensive. They also find that if their job requires a college degree, then they’re most likely going to have a student loan to repay, and they very quickly learn how much that’s likely to be and how difficult it might be on their income to be able to afford to make that repayment.
They also learn, because they get the average credit score for a young person, which is fairly low, they also learn the importance of having a higher credit score. In the last ten years, we’ve seen an explosion around the country of credit unions getting involved in holding these types
of experiential learning events. Large credit unions can do these on their own. We’re seeing in some states the leagues taking responsibility for coordinating events and then getting multiple credit unions involved. We’re seeing some chapters take on the role of coordinating fairs.
So even if a small credit union says, “I really love this, but I don’t think I have the resources,” there are always ways to do this. At the Foundation, we’re helping credit unions and groups of credit unions start these programs. At the Foundation, we don’t
do these fairs; we help the credit unions and groups of credit unions get started in doing them. We’ve seenóit’s hard because a lot of credit unions don’t report their activities to us, but we’ve tried to make an assessment based on what we know.
We think that since 2010, at least 200,000 students have been through credit union-sponsored reality fairs. Our goal is to keep pushing credit unions to do these and to do more of these so that by 2019, we want to have seen a million students go through these fairs.
We are also in the process with the help of CUNA Mutual of developing a reality fair app so that in future fairs, students, if they have a smartphone or a tablet, will be able to go through the fair using that rather than paper. And we’re also looking at ways to measure the long-term impact.
We want to be able to say in future that credit unions have not only made a difference by doing experiential learning fairs and that they’ve been effective, but we also want to be able to demonstrate that by doing these fairs, credit unions are able to push young people into thinking about a
credit union as being their principal financial institution. Vanessa Lowe: Mark, before we move on, let me just jump in here. Is that okay? Mark Lynch: Sure. Vanessa Lowe: I want to stay on the reality fairs for a minute. I just want to say that I have participated in it. I went to the African
American Credit Union Association Conference in Philadelphia just a couple of years ago, and theyóessentially the people who were participating at the conference, they held a fair and they invited some of the attendees to be the folks sitting at the tables and being the payday lender or the rental place where people were trying to
get apartments. And it was such a great experience for them but also the participants were actually from Job Corps, which seemed like a fantastic group of students. These are I think somewhat older high school students. They’re sort of going through a training on just how to live life and wake up and go to a job and information
like that. And they were so engaged, it was just really I think a very successful partnership. And it sounds like one of the keys to these reality fairs is really finding the partners, ideally who are already doing it, and then tagging on and getting your members or students to go and participate. It sounds like
the first thing to do, if they’re interested, is contact their league and see if their league is doing it, right? Mark Lynch: Yes. That would be the firstóthe first thing I’d suggest would be to contact their league. If the league is not doing them, most leagues have a good feel for other credit unions in that state
or in that area that might be doing the fairs that they could talk to. And then the next port of call would be the Foundation where we could help link a credit union up with another credit union that’s doing them. Vanessa Lowe: Great. Fantastic. Thanks so much. I just wanted them to make sure if they’re interested that they have somebody to call.
Okay. Morgan Rogers: I just want to chime in there really quickly. Another opportunity for credit unions to piggyback off that is the WIOA regulations. Just so everybody knows, the WIOA regulations are put out byóit’s fairly new, but it’s between the Department of Education, Health and Human Services and the Department of Labor. And
what it is is the Workforce Innovation and Opportunity Act, and what that is is it’s an opportunity for those three agencies to get youth involved who may be in high-risk areas, high risk in terms of not graduating from high school, and it gets them into programs that help them understand how to save
and spend wisely. And actually the FLEC, as we will talk about later, is involved with assisting the Department of Health and Human Services and Labor and Education with coming up with innovative ideas to help get financial education into these workforce centers. So if credit unions aren’t
involved in the workforce centers in their communities, the WIOA Act, which was recently passed, is a really great way for credit unions to start engaging youth but particularly the youth that are in their community that are at risk and really need that financial education. So, if you haven’t reached out to your workforce centers in your community, I really suggest that you
do that. Vanessa Lowe: Fantastic. And again, WIOA seems to stand for Workforce Innovation and Opportunity Act. Morgan Rogers: Yeah. Vanessa Lowe: Didn’t even know about that. This sounds really great. I think we’re going to circle back to that again because we alsoólet’s just go ahead and at least tell them what the acronym of FLEC stands for, and then we’ll talk about it more later. Morgan Rogers: FLEC is the Financial Literacy and Education
Commission, and that is kind of the umbrella under which a lot of the federal government agencies work together so that we make sure that we’re not doubling efforts and that we’re working together and getting out helpful information that is both cost effective and educationally effective. Vanessa Lowe: Excellent. Excellent. All right, Mark, back to you. Thanks so much for letting us
do that pause. Mark Lynch: Fine. Well, actually, I’m learning so much from today’s webinar as well from Morgan, so there’s lots of useful information that I’ve learned today as well, so I really appreciate that. I want to move now to the next program that I wanted to talk about,
and that is around retirement. I wanted to share a couple of scary statistics with you. Four out of five, or 80%, of Americans say that they aren’t adequately prepared to meet their needs in retirement, meaning that either they haven’t saved enough or they’re
not on track to save enough for retirement. And then the other really scary statistic is the fact that just under half of the workforce is not contributing to any retirement plan at the moment. When I saw that, I was a disbeliever. I didn’t think that that was accurate. But the other
piece of data that convinced me that it probably was is that the median income for an individual in the country at the moment is around $28,000. I guess if you’re sitting around doing your budget and you’re earning $28,000 a year or less, and you’re paying the
rent and the car payment and food and clothing and getting kids to school, saving for retirement is probably the one that gets crossed off the list first. So, that probably is a very accurate assessment. When I was helping credit
unions in Pennsylvania start their reality fair program, I, like Vanessa, was watching adults go through the fair as well because some of the teachersóthey did theirs in their state capital, and so they had some legislators and some legislative assistants going through the
reality fair as well. I was watching these adults and listening to them talk about how a great learning experience it was not only for the students but for them and they wished that they’d been able to go through it earlier. It started me thinking about were there other ways in which we
could modify the high school reality fair to do other learning programs. At the same time I was seeing these really scary statistics around retirement and people not being prepared for retirement. And so, I worked with the Foundation and I worked with
CUNA Mutual to get some ideas around could we develop an experiential learning fair for people to help them have a better understanding of retirement issues and saving for retirement and putting it all together. Over the period of about a
year, working with both organizations, we came up with this concept of a retirement fair. And so, when I talked about high school reality fairs, we pick up kids from out of school and we put them in their first week at work, and we get them to learn from that experience, and then we bring
them back to today and say to them, “Okay, now that you’ve learned from that experience, when you get your first job, now you know the things to do and the things not to do and how between now and then to stay prepared for that. ” A retirement fair works on the same principle where we pick up anyone at
any ageóthey can even be in college, first job, all the way through to retirement. We pick them up, and for a very short time we put them in retirement, and we get them to make some decisions. Decisions like, where are you going to live in retirement, how are you going to get around in
retirement, what are the fun things you’re going to do in retirement, what are you going to spend on food, what are you going to spend on clothing? And so, people get to understand all of the issues that they will face in retirement, and when they make a decision, every decision that they make has a cost to
it. And so, those people that are going to do lots of really fun things like lots of travel and overseas travel are going to need more money than those that perhaps don’t do that. And so, a fair is designed in a way where participants go through. They go from booth to booth, just like
a high school reality fair. They answer some questions. They fill out a worksheet. And at the end of visiting every booth, when they add up their numbers, it basically tells them what their goal should be for saving towards retirement. Some people want to live a
fairly frugal retirement, and so their goal for saving is a lot less than someone who wants to live in a big home in an expensive area, look after lots of grandkids, do lots of exciting thing such as travel. And then talk to them about are they
in a position at the moment to be able to do that, and then we walk them through a calculator which helps them assess where they are, and then it gives them some guides to decisions they can make. Do I work longer, retire later? Do
I try and save more? Do I lower my expectations? So a retirement fair is, as I’ve described, again, a real experiential learning process. It’s all about interaction. It’s all about making decisions. And then the final piece of the
retirement fair is to explain the other pieces, things like Social Security, taxation, and encourage them to do some things like go and get good advice about taxation and how much tax they’ll be paying and how much Social Security they
can expect to be entitled to in retirement. And again, this is not just sitting down in front of a group of people for 60 or 90 minutes and telling them how important it is for them to save and how much they need
to save and what the taxation implications might be; it’s very interactive and experiential. This is a process that we put together, we tested, and now we’re making these retirement fair kits available to any
credit unions that want to use them. They’re available simply by going to the Foundation website, getting into the program section and ordering a kit. Vanessa Lowe: Mark, as you transition into the life simulation, I just want to let the audience know, I know we’re running behind a little bit. We’re going
to quickly go through the life simulation, but I want to say that we need more questions. We’ve heard about some really interesting things from both Morgan and Mark, so please submit your questions. We will definitely have time at the end. We’re just going to run into the question time a little bit. Mark, go ahead. Mark Lynch: Okay, thank you.
The last piece is the shortest piece that I’m going to be talking about. One of the things that credit unions like to do is to say that they serve people of modest means and that they understand how people of modest means feel and what they’re experiencing. But what we found is that no
matter how much we do that, we probably don’t get a good feel for that. I’m not going to go through these statistics, but basically there are a lot of people who are living on an income that I talked about before that’s really hard to survive on. A lot
of people are living on low or no income, either in poverty or very close to the poverty line, and one of the things that we at the Foundation really wanted to do was how do we help credit unions get a better understanding of who these people are
and what they’re going through, and how can credit unions help them. And so, we have this life simulation. It’s basically a bit like a reality fair or a retirement fair where people live in a family unit for what’s considered a month, so four 15-minute weeks, which
makes up a month, and they have to try and survive. They have to pay the bills. They have to look after their family. They have to live the normal life of someone of low income and try and survive over the course of a month. Now, this is not something we necessarily encourage credit unions to do with
their members. We encourage credit unions to do it for their staff, for their management team, for their board members, and also go out into the community and do it with community leaders so that credit unions and the people that we work with in the community have a much better understanding of the
issues that people face and, as I said, how can credit unions do a better job of understanding the issues and then addressing those issues. I’m going to hand it back to you now, Vanessa. Vanessa Lowe: Thanks so much, Mark. Really great information. It just occurred to me, for the life simulation, which
I’ve also been through and it was very enlighteningóactually really hard at times because you’re literallyóI remember a woman saying she had to put her child in foster care because she couldn’t afford to feed her anymore. It’s pretty eye opening for those people who really have no experience interacting or really understanding what it means to live in
poverty. It occurred to me that I think the United Way, that’s probably a group that could really benefit from this because they deal with so many non-profits, so to pull together many boards of many non-profits in a city to go through this I think would be very helpful for the non-profits and those board members. So much great information. If only we had
more time. All right, the next poll is, Have you participated in any of the Foundation’s experiential learning programs? And that could be the high school reality fair, the retirement fairs or the life simulation that he just talked about. That’s just a basic yes or no question. And again, while we’re doing that, remember, we want questions, soó Kathryn Baxter: We have
a couple. We have a few questions, and they’re very interesting, so I encourage our speakers to be ready. Vanessa Lowe: Be ready, all right. I’ve got a couple of things I want to talk about, but let’s see the results of our poll here. All right, 73% have not participated in anything. Okay, definitely call your league, see what’s going on. They’re called reality
fairs. Also, again, I did it through the African American Credit Union Conference, so maybe there’s a particular conference that you’re involved in and maybe they might pick it up. But 23% have, so thanks for your participation. I hope it was as impactful as the experience was for me when you went through those. Okay, a couple things before we get to
the Q&A. Again, what’s great is to hear about or read about folks who are getting awards for this type of information, so really good education. And CUNA, as most of you know, offers an awards program in three different categories, but I particularly want to talk about the DesjardinsóI believe I’m saying that rightóYouth and
Adult Financial Education Award. They have it in different categories based on the size of the credit union. It goes from small to large. I have included the actual link to this booklet which gives the complete profile of why they got the award, what kind of program they’re doing, what asset size they are, in the Resources tab,
so the same place where you download the slides, it should also be in there. There’s also in the Resources tab a one-page document that has both the bios and, again, a link to all the resources we talked about, so you’ve both got the real document and the link there. So please check that out. In reading through it, I just
want to point out a couple of things that I thought were interesting and worth sort of profiling. Because what’s the key, or what was the key thing that repeated a lot was essentially partnership and community. Community engagement and partnership. One group was awardedóthey talked about how they used both Facebook and Twitteróagain, something
I know nothing about, but they were using Facebook and Twitter very effectively. I know a lot of people are sort of like, “Well, how do we really use that?” What they did was they had a particular topic each week, and then they would sync up and add articles and then tweets about that topic all week, so it was a way to reallyóeven with these formats that people
maybe don’t have much patience, because you’re sticking with the same topic all week it keeps people coming back and getting essentially little reminders about the topic. So I thought that was really great. Several different awardees mentioned that they have staff who are certified financial counselors. CUNA offers that. I know
there’s a couple other firms that do. Essentially to have your staff really trained in how to counsel people around debt and debt management, counsel people around how to save and invest, that really helps a lot. I know your staff are doing great jobs going over the credit report and talking to them about how they could
hopefully eventually qualify for a loan, but getting that certification I think might really be helpful. And I will say that ouróthe OSCUl, the NCUA grant program, offers funds, grant funds, to low-income designated credit unions for training. And so, I know that we’ve given away a lot of money for training, and
I think this has been a popular category. The other thing that was mentioned a lot is payday loan alternatives. Hopefully you know that NCUA has its own version of a payday loan alternative, but there’s other programs out there. There’s the Better Choice Loan Program in my state, Pennsylvania, and a couple
of credit unions that offer that I think were awarded. Another credit union talked about the bilingual staff. They are near a mushroom farm where there’s a high concentration of Spanish-speakingóI think many of them are immigrants, so they actually have bilingual staff go out to the mushroom farm and do presentations and
do individual counseling with some of those workers. So, really creative. Really doing great outreach there. Another credit union talked about how they have one person who is bilingual, and they rotate that person through three different branches. Sounds like they mayódepending on where they are, they may have trouble finding more bilingual
staff, so they are trying to use that one person most effectively to really try to reach as many members as possible. One group talked about how they had eight seminars during Money Smart Week. So again, kind of like Morgan had mentioned, okay, there’s something called Money Smart Week. What a great time to talk about things, so they did eight different seminars and I
think they reached about 60 different people there. Lots of collaboration. This one collaborated with two non-profits for something called Responsible Ride, essentially a new way of promoting car loans to people with more challenged credit scores but a way that puts some essentially protections around it for the credit union but also then really helps
folks who need those rides, those cars. Lots of collaborations with United Way. Again, I think if you go to your local United Way site, it’s a great place to find partners, other resources. And again, if you’re connected with them at all, maybe start a conversation about bringing these reality fairs in. Lots of savings challenge
campaigns. And then, one group talked aboutóagain, this is probably a larger credit union. They have dedicated staff who do quarterly visits to 30 different partners, and that’s schools and churches and non-profits and, as she talked about, the Workforce Center. In the old days I think we called them the Unemployment Office; now they’ve got different names. They’re called
Workforce Centers, and they really do operate a lot different and they have a lot of resources for your members or your potential members if you partner with the Workforce Centers. So just wanted to mention a few of those and encourage you to download the full magazine and read the full profiles of the awardees. I think you might get inspired there.
More inspiration is in that magazine. There’s not just the Desjardins awards, but they also have awards for social responsibility, so credit unions that they feel are really operating from a level of positive social responsibility. And then
philosophy in action. So, really great reading there. I encourage you to download that. All right. Let’s move on. Last one. We talked about FLEC. I think OCC is part of FLEC, which is the Federal Councilóessentially
federal organizations that are talking about financial literacy. I am a subscriber to this financial literacy update that I get from OCC, and what it does is it actually provides a link to all sorts of things throughout the country that different organizations are hosting. I learned about
something really wonderful a couple years ago, something called, I thinkóit might beóit’s not Financial Education Week. I’m forgetting the name of it. But it’s a week where the different financial advisorsóand I know sometimes we get nervous about thoseóbut certified financial planners
volunteer their time at some center, and I went to one that was at a church, and they will sit down with folks who generally can’t afford to go to these advisors and provide advice and suggestions on how they can save more, start investing, things like that. Absolutely
fantastic. It happens not in every single state. I think it really depends on how involved the CFP, or the certified financial planner, groups are in each state. But I love that, and I found about it from this financial literacy update. It doesn’t come out too often, so I encourage you to sign up for that. And again, on the one
page you’ll find the link on how to do that. Okay, last poll before we move on to the question-and-answer. Has your credit union received any recognition for your financial education efforts? And that can be from anywhere. I think CUNA is sort of the main one that people know about, but maybe you’ve simply been recognized in your local community for your financial
education efforts or anything like that. So, yes, we were nominated but weren’t selected; we’ve never been nominated, or Not Applicable. All right. As we collect those responses, it looks like 62% have never been nominated, but 16% yes, so, great. And again, I think if you read the magazine, you might be inspired to do even
more. All right. A reminder about the certificate. Now is a good time to download or start opening up that quiz and filling that out. But also, never too late to submit questions. I’m now going to turn it over to Kathryn. Kathryn Baxter: Thank you, Vanessa, after you’ve sucked up all of my time. No problem. Vanessa Lowe: I
have. We’ve got a little bit more time. A little bit. Kathryn Baxter: Okay. I’m going to push out the survey to everyone, so here it comes. While we’re going through the Q&A, you can do the survey for us. We got quite a few questions, and I think we’d
love be able to entertain some more questions. Let’s start with Morgan. She looks like she’d like to answer a question. Morgan, this was one of the most recent questions that we have. The credit union wants to know if
NCUA provides any material such as worksheets for high school reality fairs and retirement fairs. Morgan Rogers: Yeah, we have a lot of resources that are under the Financial Literacy and Resources tab on MyCreditUnion. gov. We try to be as economical as we can, so we have links to other really great
people who specialize in that information, especially out to the Department of Education. We’ve got college loans savings calculators there that are helpful for people to try to understand what would be the burden, what do I need to create in terms of savings in order to get myself to college and fund my college
experience. I know that there are credit unions that utilize those resources at those reality fairs. We also have retirement calculators. We have different loan tools and things like that there. There are educational worksheets that are available as well. And then, again, all of the different publications
that are also used at those reality fairs are there, too. I highly encourage people to go always to MyCreditUnion. gov, but in particular that Financial Tools and Resources section is going to be of great interest to credit unions. Kathryn Baxter: Okay. So, Morgan, here’s one more question for you, and then we’re going to
jump over to Mark. If you notice the questionnaire, they want to knowóthe credit union says, With regard to financial literacy resources, are there things available to use on the credit unions’ Facebook pages? Morgan Rogers: Yeah. Actually, any of our resources, feel free to put on your Facebook pages. You can link to
our Facebook page. You can retweet us via Facebook. You can putówe have a lot of Facebook posts that we do. I know I follow our Facebook page at NCUA. We do financial tools and tips that are on Facebook. In fact, right now there should be some tweets going out about this very event that are helpful that you can
always retweet. And then Facebook, you can obviously embed the YouTube videos. You can embed links to the brochures, to MyCreditUnion. gov. You can embed pretty much anything that we put out, you’re welcome to feed out to your own Facebook page. Kathryn Baxter: Awesome. Sounds great. Mark, you ready? Mark Lynch:
I’m ready. Kathryn Baxter: All right. A credit union asked this question, Mark. They said you did a fair somewhere in Pennsylvania. I’m not really reading where the city is that they have here, but you did a fair there, and the question that they have is, Have you gone to each
state capital with your program? Mark Lynch: No, we haven’t. What we do is we encourage every league around the country to get involved in some way and to work with their credit unions, promote fairs. We do talk about some of the things that they could do, and in talking
about that, we explain that some leagues have done them in their state capital. To my knowledge, the only two that have actually done that have been Connecticut and Pennsylvania. There may be others that I’m not aware of. We encourage leagues to start a program, and we
help them understand what it would look like for a league to coordinate a program in their state, and then we might go out and actually help them with their first fair. But only two that I’m aware of have actually gone to the state capital, partnered with the capital, to do a fair. Kathryn
Baxter: Okay. Can anyone tell what that city is there in the question? Vanessa Lowe: Harrisburg. Kathryn Baxter: Oh, thank you. Okay. Vanessa Lowe: Yeah, HB. I think they just transcribed it HB. Kathryn Baxter: All right. Thank you. So, Mark, I have another question for you. When you were talking earlier, you
mentioned traditional financial education versus experiential. Well, the fact that consumer financial products have changed over the years, they’re just not traditional anymore, so this question that a credit union asked to me is germane. Here’s what they said. They said that most members do not balance their checkbooks, so they’re
consequently not in the know or in control of their finances. They said they’re depending on a credit union to tell them how to balance it, and the credit union has no idea what payments are outstanding. How can they get members to acquire the skill to balance a checkbook? Mark Lynch: That is a really good question, and that’s one
that we come across all the time, that obviously balancing a checkbook is something that was done prior to a lot of the technology that we now have and that people use to spend money and pay bills. I guess what we’ve been doing is talking to
credit unions about all of the online tools, all of the calculators, all of the apps that members can use and that credit unions can help them use that replaces the old checkbook register. My suggestion would be
for credit unions that are wanting to help members better manage their finances, part of that is how do we help them realize how much money they’ve spent and how much is actually posting to their account versus how much is outstanding, which is I guess the main issue, and how to make sure
that they’re in control and keeping it in front of them at all times. And really, because it’s been created by all this new technology, the new technology is also providing the new tools for them to do that. So that would be my suggestion. We don’t recommend any particular tool. There are a lot
of tools that are available to help members do this and to have everything showing them in the one place at the same time. Kathryn Baxter: Very good. That is a tough question, a tough assignment to give anyone. I’m going to bounce back to Morgan. You ready, Morgan?
Morgan Rogers: I am, yes. Kathryn Baxter: All righty. Now, this is a good question, too. The credit union wants to know how often MyCreditUnion. gov is updated. Morgan Rogers: Yeah, that’s a great question, actually. We try to keep updated as soonóif it’s a rule change, we try to make sure
that it happens almost immediately. We do realize that some of the information, whether that’s a broken link or it’s just technology has changed, can sometimes not be updated. But we try to stay on it very regularly. We do thorough reviews almost on a daily basis. We also have different tools and technology to scan through
the website to make sure the links are not broken and they’re updated. But we are human and we are a very small staff, so if you come across something that you find to be outdated or maybe isn’t working, always let us know. You can always email us at [email protected] gov to report that. Other than that, we do try
to be, again, as innovative as possible. We’re actually right now looking at changing the format of the website itself so that it’s more in keeping with current, like I said, what they call mobile first designs, which is designing for the mobile user in mind. Keep checking the site.
We are always trying to update it with new information, helpful information. Right now we’ve got information up about the hurricane, and we’ve got different events that we also talk about there. So, it’s updated very regularly. Kathryn Baxter: So for reassurance, here’s another question that a credit union has, Morgan. They want to be able to
upload videos to social media. Is that okay, too? Morgan Rogers: Oh, yeah. Facebook and Twitter are all social media, and you’re welcome to take any of our videos from YouTube and put those links into your social media feeds. In fact, we would encourage you to do that. All of the videos are there for you to try to reach out to your members and keep them educated and things like that. So, yeah, feel free
to do what you would like with our videos. Kathryn Baxter: Awesome. Mark, I’m coming back to you. Mark Lynch: Okay. Kathryn Baxter: Ready? Mark Lynch: I’m ready. Kathryn Baxter: All right. So here’s what a credit union said. You were talking about the reality fairs. They said, if you have the same group of students for a
reality fair, what are some different twists that you can add to make it a different experience for the students? Does that make sense? Mark Lynch: Yeah, it does. I’ve only ever come across this question once before. Most of the credit unions that I’ve worked with have the
opposite problem. They’re struggling to keep up with putting new students through each year, so to have the ability to reconnect with students is a real luxury. And to actually get the students to go through a fair year after year after year I think would be exceptional. Of
course, as the questioner is asking, then how do you make it interesting? The only thing that I can really think of is if you’ve got a reasonable idea that you’re going to be putting students through more than once would be to capture their worksheets, and
then try and get a feel for whether or not they’re remembering from year to year and they’re improving from year to year. I don’t think that there’s a lot that you can do with the actual design of a reality fair to make it different from
year to year other than update the material and make sure that all the information is current. I guess one example I’d give is that a lot of students that go through a reality fair, when they complete the survey at the end and they’re asked,
for example, What was the major thing that you learned from this exercise, what a lot of students say is, “I’ve learned that the job that I want to do doesn’t pay as much as what I’ll need, and I need to think about an alternative career. ” So one of the things
that you could do if you have students coming back year after year is to assess whether or not they have taken that to heart and the job that they’ve chosen in the second or third year is actually a higher-paying job than before. And then maybe
designing a little debriefing afterwards to be able to have a discussion with them about this is the second time you’ve done this, what did you learn differently the second time or what changes did you make from the first to the second as a result of what you learned from the first.
They’d be the only things that I could think of that you could actually do to make the fair meaningful and interesting for those that are going through a year after or a couple of years after. Vanessa Lowe: Thanks, Mark. This is Vanessa. I’m going to give you this question because it’s kind of related, and
we had a conversation about your goal of reaching a million students, I think, but also the goal that the Foundation has of really doing long-time surveys or getting an understanding of the impact. There’s a credit union that wrote, where should we report reality fair numbers? Our credit union hosts
reality fairs. So, talk to us a little bit about how data is being collected or should be collected. Let’s see what this credit union should do so they have that. Mark Lynch: Our long-term goal is to actually have the technology available for all credit unions to be able to constantly report
to us. We don’t have that at the moment, but that’s our goal, to be able to develop that. And it wouldn’t be just for reality fairs. It would be for retirement fairs, life simulations. It would be for a whole lot of other initiatives. It would be for a lot of initiatives around financial counseling
and the impact that financial counseling, for example, has on the member and the credit union. But we don’t have that at the moment, so what we ask credit unions to do that are currently doing anything like this is to either let us know at the Foundationóthe first point would be to let their league know. We’re
also working with leagues to collect this information. All of the information that we collectówell, not all. Most of the information that we’re collecting at the moment, we’re collecting it through leagues. We work with leagues, and we ask them, “What are you collecting? What do you know? How
can you help us put it together?” So my two suggestions would be anything that you’re doing in this type of work would be to report it to your league and also report it to the Foundation. Vanessa Lowe: Okay, great. I think the other thing we talked about was just simply if these students or retirees who are going through it, just put a note
in thatómake a field or something so that let’s say five years later they come back and say, “Well, how did they use our products,” versus folks who didn’t attend. That’s a simple way to just say, “Oh, yeah, these folks attended a reality fair,” and this is the type. We don’t want to make data complicated, but I think being able to go back and really sort of study what’s the difference between
somebody who went through these and who didn’t I think can be helpful. So, thanks. Kathryn Baxter: So, now, Morgan gets the last question. Here’s your question, Morgan. The credit union wants to know, Could we embed your calculators on our website? Morgan Rogers: Absolutely. A lot of the calculators that are, again, under the Financial Tools and Resources area, feel free to link to them, embed them
in the website. Some of them are actually calculators that we’re referencing, again, like the Department of Education has, so if you follow that link, it will go right there. You can put them on there. But generally all the federal resources are available for you to use. All the resources are free, so all of our materials are free. That’s why we have them in digital format
so you can download them, print them, put them in your institutions. So you can go ahead and use them that way. So, yeah, any way you would like to use any of our resources, you’re welcome to do that. We also have good budget calculators and budget worksheets that you can get from the Financial Tools and Resources page that can kind of help your members understand how to create a budget
if they’ve never done it. Some of them are for college students. Others are for youth, and others are just your standard budget calculator. Kathryn Baxter: Okay. Thank you very much. Well, we’re fresh out of time. Whatever questions we did not answer, we will answer them when we post this webinar to our on-demand site on
Here is the NCUA contact page for the Office of Small Credit Union Initiatives. You can also use OSCUImail, but you can use [email protected] as well for any questions. Don’t forget to join us next month. We have a very nice webinar on credit scores. We’re going to be joined
byóTom Penna, he is going to be our host. We thank Vanessa, though, for today. It was a great webinar. Thank you to our speakers, to Morgan and to Mark. We appreciate you being on here. And thank you to Franz, who’s our technical expert behind the scenes here at NCUA. My name is Kathryn Baxter. Join us
again next month on the 9th, I believe, of November for the credit scores webinar. You’re going to love it. Have a wonderful afternoon, everyone, and a great week.

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