Summary: | On November 15, 2010, FDIC Chairman Sheila C. Bair signed a partnership agreement with U.S. Department of Education Secretary Arne Duncan and National Credit Union Administration (NCUA) Chairman Debbie Matz to promote and enhance financial education and access for low- to moderate-income students and families. For additional information on partnerships to promote youth financial education, institutions can contact the FDIC Outreach and Program Development Section at communityaffairs@fdic.gov . |
Highlights:
Continuation of FIL-80-2010 Distribution: Suggested Routing: Note: |
Financial Institution Letters FIL-80-2010 November 17, 2010 |
FDIC Chairman Joins With Education Secretary to Encourage Financial Institutions to Work With Schools to Promote Youth Financial Education Federal Deposit Insurance Corporation (FDIC) Chairman Sheila C. Bair joined U.S. Department of Education Secretary Arne Duncan and National Credit Union Administration (NCUA) Chairman Debbie Matz at a press conference on November 15, 2010, to sign a partnership agreement between the agencies designed to promote and enhance financial education and access for low- to moderate-income students and families. The partnership, in part, is designed to lead to more collaboration between financial institutions and schools to deliver financial education to students and to provide safe, affordable banking products responsive to the needs of students and their families. Financial institution staff can support the delivery of financial education in ways such as:
Bankers and educators may find the FDIC's free Money Smart for Young Adults curriculum a valuable resource. The curriculum provides unbiased, objective information that is aligned with state educational standards. It is based on the award-winning Money Smart adult financial education curriculum, which was designed to help low- and moderate-income individuals enhance their financial skills and create positive banking relationships. Money Smart has been shown to bring sustainable improvements in participants' knowledge and financial behaviors. Visit http://www.fdic.gov/consumers/consumer/moneysmart/young.html to order a free copy or read success stories and strategies on youth financial education delivery. Financial institutions can also consider partnering with schools to encourage participation in and support financial education efforts in conjunction with the National Financial Capability Challenge. The Challenge is a voluntary program coordinated by the U.S. Department of the Treasury with support from the U.S. Department of Education to increase the financial knowledge and capability of high school-aged youth. See http://challenge.treas.gov/ . Financial education enables young people to start positive habits, such as saving money and budgeting, and learn how to use mainstream banking services effectively. The need for youth financial education is well-documented FDIC research indicates that younger adults are more likely to be unbanked and incur sizable fees in automated overdraft programs. For additional information on partnerships to promote youth financial education, please contact the FDIC Outreach and Program Development Section at communityaffairs@fdic.gov . Sandra L. Thompson Director Division of Supervision and Consumer Protection |
- 1
FDIC regulations permit state nonmember banks to provide certain banking programs in schools without submitting a branch application to the FDIC, provided certain conditions are satisfied. See §303.46 of FDIC Regulations.