CommonWealth One Supports the Partnership to Promote Financial Education and Savings Program between the FDIC, NCUA and Department of Education

CommonWealth One Federal Credit Union assisted in coordinating a press conference where an agreement was signed by U.S. Secretary of Education Arne Duncan, Federal Deposit Insurance Corporation (FDIC) Chairman Sheila C. Bair, and National Credit Union Administration (NCUA) Chairman Debbie Matz on November 15, 2010 to promote financial education and savings programs to millions of students.

This new agreement will help millions of students achieve financial success and will have an impact for those in need. To facilitate financial success for students, a network of agencies will work hand in hand to promote partnerships among schools, financial institutions and other stakeholders. Their goal is to increase access to safe and affordable accounts at federally insured banks and credit unions and ultimately encourage personal savings. During the event, CommonWealth One Federal Credit Union was recognized and commended for their commitment to financial education at the local school level.

John Blair, CEO of CommonWealth One, William Euille, Mayor of the City of Alexandria, Fay Slotnick, Executive Director of the Parent Leadership Training Institute, and Suzanne Maxey, Principal T.C. Williams High School, signed a pledge solidifying their commitment to encourage alliances that support financial education within the community.

According to research conducted by the FDIC and the National Financial Capability Study, studies indicate that on average younger adults are less likely to have access to an account at a federally insured bank or credit union, more likely incur sizable fees, struggle with personal finance and overestimate their own financial decision making. However, other research from the Washington University in St. Louis indicates that when students start saving for college at a younger age that they are more likely to attend college, thus enhancing their own financial future.

CommonWealth One places critical importance on helping their members achieve financial independence and improve their standard of living through its products, services, commitment to financial education and community involvement. By promoting financial education and literacy to its members, CommonWealth One ensures that its members can make strong financial choices throughout their life.

About CommonWealth One Federal Credit Union
Since 1944, CommonWealth One Federal Credit Union has grown to become one of Northern Virginia’s top credit unions with more than $292 million in assets serving more than 38,316 members. CommonWealth One is a full-service, member-owned, not-for-profit financial cooperative committed to being the lifetime financial institution of its members. For information on our history, upcoming events, and more visit www.cofcu.org.

CommonWealth One’s Headquarters is located at 4875 Eisenhower Avenue in Alexandria, Virginia. We encourage you to join us at CommonWealth One Federal Credit Union and become a member and experience the difference of banking with a credit union! If you live, work or worship in Washington, DC or select areas of Virginia, you may be eligible to join the credit union with only a $5 deposit into a share account. CommonWealth One Federal Credit Union is Washington DC’s credit union of choice, serving members in Washington DC, Northern Virginia, Front Royal and Harrisonburg.

CommonWealth One Federal Credit Union offers Checking Accounts, Mortgages, Home Loans, Auto Loans, Savings Accounts, Money Market accounts, IRAs and more in Washington, DC or Virginia. We have remained true to our philosophy of “people helping people” - providing members with loans, savings plans, and special services to achieve their long-term financial goals and help them enjoy a better way of life. Our excess earnings are returned to our members in the form of higher dividend rates, lower interest rates on loans and low or no fees. Please visit us online at www.cofcu.org for more information.

Contact Information

Ashley Baldeon

Marketing Manager

CommonWealth One Federal Credit Union

Contact via E-mail