America and Military Saves Week, Feb. 25 Mar. 2
in Compliance & Regulatory
By: Nicola Foggie, NJCUL Senior Vice President, Compliance and Regulatory Affairs

America Saves and Military Saves Week begins on Feb. 25 and runs through March 2. It is an annual opportunity for credit unions to talk to their members about the importance of good savings behavior, as well as a chance for members and their families to assess their own saving status. Visit the America and Military Saves Week Digital Toolkits for materials and resources to help encourage people to take financial action and spread the word about the importance of saving automatically.

These national campaigns, managed by the Consumer Federation of America, unite government, nonprofit and corporate groups to encourage individuals and families to set a goal, make a plan and save automatically. To raise awareness, credit unions can partner with their local America Saves and Military Saves campaign, or use existing partnerships with schools, colleges and other community groups to offer financial workshops or financial literacy materials to consumers. 

Other ways credit unions can participate include:

  1. Encouraging members to Take the Pledge at AmericaSaves.org or MilitarySaves.org.
  2. Offering incentives for automatic deposits into a savings account, or for opening a retirement account.
  3. Providing free financial counseling services, or hosting a community event to attract eligible members.
  4. Reminding members of the credit union difference and member-focused approach to financial services. 
  5. Featuring information about America Saves and Military Saves at branch locations, on the credit union’s Web site, or linking to MyCreditUnion.gov.

DID YOU KNOW?
Credit Unions can apply for the America Saves Designation of Excellence for Credit Unions. This is a corporate designation and should be considered as representing the entire footprint of the credit union, not individual branch efforts. A selection committee comprised of credit union and America Saves leaders will meet in Spring 2018 to review applications and select those to receive recognition. The application for the America Saves Designation of Savings Excellence for credit unions will be available March 5 and due April 6.

Credit unions may also voluntarily submit how they plan to participate in America and Military Saves Week by sending the Office of Consumer Financial Protection email with details at OCFPmail@ncua.gov.

For more information go to www.mycreditunion.gov.

Looking for compliance and audit solutions? Contact NJCUL’s Nicola Foggie at nfoggie@njcul.org.