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Money Smart News Summer 2005
IN THIS ISSUE
Message from the Chairman
FDIC Expands Hispanic Out-
reach On Financial Education
Photo Essay: FDIC Launches
Hispanic Media Campaign Pro-
moting Financial Education
Throughout the U.S.
Money Smart: Get Involved!
Partner News
Message from the Chairman
Since the FDIC launched the award-winning Money Smart financial education pro-
gram four years ago, we have helped thousands of unbanked con-
sumers get started on the road to financial independence. We are
proud of our leadership role in this area, but there's more to be done.
In this issue of our newsletter we focus on one very big problem - the
need for more financial education in the Hispanic community - and
the latest on what the FDIC is doing to help.
First, the problem. Nearly 40 million Hispanics live in the United States, and ac-
cording to various studies in recent years, nearly half of the adult Latino population
doesn't have a transaction account (such as a savings or checking account) and
similarly large numbers don't know enough about how to save and invest their
money. The FDIC finds it very troubling that millions of people may be missing tre-
mendous opportunities to establish credit, own a home, build wealth and otherwise
create a better future for their families because they lack a basic understanding of
how the U.S. financial system works. At the same time, the FDIC believes that the
financial services industry is missing out on tremendous business opportunities to
serve this large and growing market.
You'll learn about the FDIC's latest efforts to bring more Hispanics into the finan-
cial mainstream. We feature details of our summer-long Spanish advertising cam-
paign, which is designed to bring a clear and urgent message to Hispanic Ameri-
cans - that financial literacy really does matter to them and their families - and that
the FDIC's Money Smart program can help them get started. You'll even see pho-
tos from the June kickoff event for the media campaign on Capitol Hill.
You'll also read about the FDIC's participation in some exciting new partnerships
aimed at helping Hispanic communities, including a financial literacy initiative an-
nounced by President Bush.
The FDIC enjoys and benefits from partnerships with dedicated organizations that
want to bring more Americans into the financial mainstream. If you want to discuss
the possibility of teaming up with the FDIC or Money Smart to help any segment of
our population become more knowledgeable and more prosperous, I encourage
you to contact your regional FDIC Community Affairs Officer.
Money Smart News Summer 2005
IN THIS ISSUE
Message from the Chairman
FDIC Expands Hispanic Out-
reach On Financial Education
Photo Essay: FDIC Launches
Hispanic Media Campaign Pro-
moting Financial Education
Throughout the U.S.
Money Smart: Get Involved!
Partner News
Message from the Chairman
Since the FDIC launched the award-winning Money Smart financial education pro-
gram four years ago, we have helped thousands of unbanked con-
sumers get started on the road to financial independence. We are
proud of our leadership role in this area, but there's more to be done.
In this issue of our newsletter we focus on one very big problem - the
need for more financial education in the Hispanic community - and
the latest on what the FDIC is doing to help.
First, the problem. Nearly 40 million Hispanics live in the United States, and ac-
cording to various studies in recent years, nearly half of the adult Latino population
doesn't have a transaction account (such as a savings or checking account) and
similarly large numbers don't know enough about how to save and invest their
money. The FDIC finds it very troubling that millions of people may be missing tre-
mendous opportunities to establish credit, own a home, build wealth and otherwise
create a better future for their families because they lack a basic understanding of
how the U.S. financial system works. At the same time, the FDIC believes that the
financial services industry is missing out on tremendous business opportunities to
serve this large and growing market.
You'll learn about the FDIC's latest efforts to bring more Hispanics into the finan-
cial mainstream. We feature details of our summer-long Spanish advertising cam-
paign, which is designed to bring a clear and urgent message to Hispanic Ameri-
cans - that financial literacy really does matter to them and their families - and that
the FDIC's Money Smart program can help them get started. You'll even see pho-
tos from the June kickoff event for the media campaign on Capitol Hill.
You'll also read about the FDIC's participation in some exciting new partnerships
aimed at helping Hispanic communities, including a financial literacy initiative an-
nounced by President Bush.
The FDIC enjoys and benefits from partnerships with dedicated organizations that
want to bring more Americans into the financial mainstream. If you want to discuss
the possibility of teaming up with the FDIC or Money Smart to help any segment of
our population become more knowledgeable and more prosperous, I encourage
you to contact your regional FDIC Community Affairs Officer.
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Money Smart News Summer 2005
FDIC Expands Hispanic Outreach On Financial Education
The FDIC is expanding its efforts to enhance money management skills in Hispanic communities, including the launch of
a Spanish advertising campaign to promote the Money Smart financial education program in key locations across the
United States. In a related development, the FDIC has been asked to serve on a new partnership on Hispanic financial
education announced by President Bush.
Today, nearly 40 million Hispanics reside in the United States, and many of them are attempting to function in our socie-
ty without a banking account and without a good understanding of how to handle their finances, said FDIC Chairman
Donald E. Powell in announcing the new media campaign in June. “Without this knowledge,” he said, “they are deprived
of the dream of building wealth or buying a home. Financial education holds the key to financial independence, and we
can help."
The following is an overview of what the FDIC is doing to help or encourage Hispanic Americans to save for their future,
avoid high-cost loans or money transfer services, and otherwise be smart money managers.
The Hispanic Media Campaign: The summer-long Spanish media campaign promotes the use of the FDIC's
free Money Smart program in print and radio advertisements in Hispanic communities in 14 key locations: Atlanta, Aus-
tin, Boston, Chicago, Dallas, Denver, Kansas City, Los Angeles, McAllen (TX), Miami, New York, Puerto Rico, San Anto-
nio and Washington, DC. The ads focus on the importance of financial education in situations such as saving money to
pay for a child’s education and to buy a home. They also encourage consumers to consider taking a Spanish-
language Money Smart class in their area, and for more information the ads refer people to a special toll-free Spanish-
language help line (1-877-449-6629) and to the FDIC's new Spanish Web page (www.fdic.gov/quicklinks/spanish.html),
which also provides other educational materials
The FDIC's Hispanic outreach advertising campaign focus-
es on the importance of financial education in real-life
situations. This print ad focuses on the fact that some
married couples want to own a home but are held back by
fears of applying for a mortgage loan.
The FDIC also is working with national Hispanic organizations, finan-
cial institutions, community groups and colleges and universities to
promote the media campaign. To date, 38 organizations in the 14
media markets also have agreed to teach more than 270 Money
Smart classes in Spanish.
“With the launch of the new advertising campaign, the FDIC is taking
yet another major step toward providing high-quality, no-cost educa-
tional opportunities in money management to our Hispanic communi-
ties,” stated Lee Bowman, the agency’s National Coordinator for
Community Affairs. “We are confident that this outreach effort will
help empower more Hispanic Americans to realize their dreams of
owning a home or a business or sending their children to college.”
To see a photo essay on the FDIC’s June 9th announcement of the
Hispanic media campaign at the Rayburn House Office Building on
Capitol Hill in Washington, go to Money Smart Hispanic Outreach
Photo Essay.
The President’s Financial Literacy Initiative: In May, President
Bush asked the FDIC to serve on the first national public-private part-
nership to ensure that financial education is available consistently and
comprehensively in Hispanic communities. The President announced
the initiative during a speech to the 2005 Latino Small Business Eco-
nomic Conference, where he discussed the need to increase Latino
ownership of financial assets.
“There is a need for more financial literacy in America,” the President said, “and so I’ve instructed the FDIC, the SBA and
the Treasury Department to work with the Latino Coalition and the Hispanic Chamber and other groups to help make
sure that financial literacy is more widespread in all neighborhoods and all communities.” He went on to say that the
FDIC, using its Money Smart program, would work with the Latino Coalition to raise awareness about financial educa-
tion.
Money Smart News Summer 2005
FDIC Expands Hispanic Outreach On Financial Education
The FDIC is expanding its efforts to enhance money management skills in Hispanic communities, including the launch of
a Spanish advertising campaign to promote the Money Smart financial education program in key locations across the
United States. In a related development, the FDIC has been asked to serve on a new partnership on Hispanic financial
education announced by President Bush.
Today, nearly 40 million Hispanics reside in the United States, and many of them are attempting to function in our socie-
ty without a banking account and without a good understanding of how to handle their finances, said FDIC Chairman
Donald E. Powell in announcing the new media campaign in June. “Without this knowledge,” he said, “they are deprived
of the dream of building wealth or buying a home. Financial education holds the key to financial independence, and we
can help."
The following is an overview of what the FDIC is doing to help or encourage Hispanic Americans to save for their future,
avoid high-cost loans or money transfer services, and otherwise be smart money managers.
The Hispanic Media Campaign: The summer-long Spanish media campaign promotes the use of the FDIC's
free Money Smart program in print and radio advertisements in Hispanic communities in 14 key locations: Atlanta, Aus-
tin, Boston, Chicago, Dallas, Denver, Kansas City, Los Angeles, McAllen (TX), Miami, New York, Puerto Rico, San Anto-
nio and Washington, DC. The ads focus on the importance of financial education in situations such as saving money to
pay for a child’s education and to buy a home. They also encourage consumers to consider taking a Spanish-
language Money Smart class in their area, and for more information the ads refer people to a special toll-free Spanish-
language help line (1-877-449-6629) and to the FDIC's new Spanish Web page (www.fdic.gov/quicklinks/spanish.html),
which also provides other educational materials
The FDIC's Hispanic outreach advertising campaign focus-
es on the importance of financial education in real-life
situations. This print ad focuses on the fact that some
married couples want to own a home but are held back by
fears of applying for a mortgage loan.
The FDIC also is working with national Hispanic organizations, finan-
cial institutions, community groups and colleges and universities to
promote the media campaign. To date, 38 organizations in the 14
media markets also have agreed to teach more than 270 Money
Smart classes in Spanish.
“With the launch of the new advertising campaign, the FDIC is taking
yet another major step toward providing high-quality, no-cost educa-
tional opportunities in money management to our Hispanic communi-
ties,” stated Lee Bowman, the agency’s National Coordinator for
Community Affairs. “We are confident that this outreach effort will
help empower more Hispanic Americans to realize their dreams of
owning a home or a business or sending their children to college.”
To see a photo essay on the FDIC’s June 9th announcement of the
Hispanic media campaign at the Rayburn House Office Building on
Capitol Hill in Washington, go to Money Smart Hispanic Outreach
Photo Essay.
The President’s Financial Literacy Initiative: In May, President
Bush asked the FDIC to serve on the first national public-private part-
nership to ensure that financial education is available consistently and
comprehensively in Hispanic communities. The President announced
the initiative during a speech to the 2005 Latino Small Business Eco-
nomic Conference, where he discussed the need to increase Latino
ownership of financial assets.
“There is a need for more financial literacy in America,” the President said, “and so I’ve instructed the FDIC, the SBA and
the Treasury Department to work with the Latino Coalition and the Hispanic Chamber and other groups to help make
sure that financial literacy is more widespread in all neighborhoods and all communities.” He went on to say that the
FDIC, using its Money Smart program, would work with the Latino Coalition to raise awareness about financial educa-
tion.