Vienna, VA, April 22, 2008 – On Monday, April 21, Vice Admiral Cutler Dawson, USN (Ret.), President and CEO of Navy Federal Credit Union, and member of the President’s Advisory Council on Financial Literacy participated in a panel discussion at the 2008 Financial Literacy & Education Summit in Chicago. This event was co-sponsored by the Federal Reserve Bank of Chicago and Visa, Inc., and focused on addressing the financial literacy and education challenges that many young people face in today’s economic environment. The panel discussion topic, “The Need to Strengthen the Financial IQ of Generation Y,” addressed financial illiteracy and unmanageable levels of debt among college students and recent graduates given the backdrop of today’s economic climate.
The Financial Literacy & Education Summit opening remarks were delivered by Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve System, and Doug Michelman, Global Head of Corporate Relations for Visa Inc. An expert panel was moderated by Jean Chatzky, best selling author and contributor to the Today Show and the Oprah Winfrey Show. In addition to Cutler Dawson, panelists include Dr. Constantine Curris, President/CEO National Foundation for Credit Counseling, Scott Duncombe, President of Student Government at University of Chicago, U.S. Treasurer Anna Escobedo Cabral and Pursuit of Happyness author, Chris Gardner.
“It was a privilege to be part of such a distinguished group focused on the financial educational needs of today’s young people,” said Cutler Dawson. “I truly believe that financial literacy is an all hands effort – everyone has a role – family, educators, business and government. At Navy Federal, we recognize that military life is unique, especially for the families of our Sailors and Marines. To meet those unique requirements, we operate in overseas locations where our members are serving our Nation; conduct free personal financial management training and predeployment counseling; and offer financial alternatives that provide lower loan rates and higher savings dividends than are typically found beyond Navy and Marine Corps installations. Service to our Sailors and Marines, and their families, is our focus – everyday.”
Navy Federal Credit Union is the world’s largest credit union with over $35 billion in assets, 3 million members, 150 branch offices, and more than 7,300 employees world-wide. The credit union serves all Department of the Navy (DON) military and civilian personnel and their families. For additional information about Navy Federal, visit: www.navyfederal.org.