NCUA News Release

National Credit Union Administration, Operation HOPE Partner in Financial Literacy Education and Economic Empowerment Programs

NCUA Encourages Credit Unions to Provide Volunteers for
Award Winning Banking on Our Future Financial Literacy Program

July 21, 2004, Milwaukee, WI – Operation HOPE, the leading provider of financial literacy education and economic empowerment tools and services for the underserved and the wealth-less, and the National Credit Union Administration (NCUA), the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions, today announced a new alliance to provide financial literacy and economic empowerment programs for low wealth communities.

"Financial education is a vital element for more Americans from all walks of life to achieve the American dream of financial independence and homeownership," said NCUA Chairman JoAnn Johnson. "Operation HOPE has been successful in many communities where folks otherwise would be left behind. We are pleased to engage Operation HOPE under the leadership of John Bryant in the NCUA's Access Across America economic empowerment initiatives."

Under the partnership, the NCUA and Operation HOPE will work to develop and administer financial literacy programs to provide financial education to youth and adults in underserved communities. The agreement will promote Operation HOPE's Banking on Our Future financial literacy program and economic education services, as well as the NCUA's Financial Education and Access Across America Initiative, which works to aid communities with the resources and technical assistance to provide financial services, affordable housing, and economic development opportunities.

“Education is the ultimate poverty eradication tool, and financial literacy is one of the most important issues facing our nation today,” said John Bryant, founder, chairman and CEO of Operation HOPE. “The commitment of the NCUA will ensure that we reach our goal of educating all of our children how to take control of their financial futures. When our kids know better, they do better, and that’s what Banking on Our Future is all about.”

Banking on Our Future is a financial literacy initiative established in 1996 to teach children the basics of managing their financial futures and surviving in a global economy. It is currently the only national year-round urban delivery platform for financial literacy in the country today, operating in eight states and the District of Columbia. Using a growing network of 1,500 trained volunteer Banker-Teachers, Banking on Our Future has taught the basics of banking, how to open and maintain a checking and savings account, the power of credit, and basic investments, to more than 130,000 students nationwide.

In addition to sessions taught at schools throughout the country, the Banking on Our Future program is available online through a partnership between Wells Fargo & Co. and Operation HOPE at http://www.bankingonourfuture.org. Banking on Our Future is also a partner in the Federal Deposit Insurance Corporation’s Money Smart financial literacy program that works to educate the whole family.

The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions. NCUA, backed of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF) insuring the savings of 80 million account holders in all federal credit unions and many state-chartered credit unions.

Operation HOPE, Inc. is a national non-profit self-help organization working to bring economic self-sufficiency to inner-city residents and low-wealth communities. With more than $185 million in commitments from its 200 bank and corporate partners for homeownership and small business loans, $120 million in funded loans and over 500,000 customers served in economic education and services, Operation HOPE is a national leader in providing economic empowerment tools and services.