1
Money Smart News Summer 2006
IN THIS ISSUE
Message from the FDIC
Russian Translation of Money
Smart is the First Developed
Outside the FDIC; Agency
Open to New Projects Involving
Other Languages
FDIC and Money Smart Join
the Treasury and Federal Re-
serve Banks in Promoting Di-
rect Deposit
Money Smart Success Stories
Money Smart: Get Involved!
Partner News
Message from the FDIC
Since the start of the FDIC's Money Smart financial education program nearly five
years ago, one of our primary target audiences has been the large immi-
grant population in the United States. The FDIC recognizes that, because
of language barriers and other impediments, many new arrivals need help
learning how to safely and efficiently transact their personal business and
how to save money for their future, perhaps to own a home or a small
business. In this issue of our newsletter, we feature news and updates
about how Money Smart is helping to
break down barriers in the area of fi-
nancial education and enable people
who speak little or no English become
more knowledgeable and more secure
with their money.
Here you can find a report on the new
Russian version of Money Smart -- the
sixth language for our curriculum
(following English, Spanish, Chinese,
Korean and Vietnamese) but the first
developed outside of the FDIC. Also,
on our "Success Stories" page, you
can learn about a California organiza-
tion that is using Money
Smart translations to help immigrants
take control of their finances, and read
about the City of Honolulu's recent
proclamation of "FDIC-Money
Smart Day," which honored the work of
the FDIC and our partners in helping
Hawaii families achieve their financial
dreams. Here, too, we can point to
outside partners tailoring the program to meet special needs. That's because, since
2001, Hawaiian partners have been using a version of the Money Smart curriculum
about home ownership that was specially modified to relate to Native Hawaiians.
Also inside is an article about how Money Smart is contributing to a government cam-
paign to increase direct deposit among individuals who receive federal benefit checks,
mostly senior citizens and people with disabilities.
The FDIC and our Money Smart partners have many exciting opportunities to make a
difference through financial education. We ask for your continued commitment in get-
ting Money Smart into the communities where it is most needed. If you have a question
or a suggestion for the FDIC's financial education team, please contact your regional
Community Affairs Officer.
Sandra L. Thompson
Acting Director
FDIC Division of Supervision and Consumer Protection
Money Smart...At a Glance
A free, award-winning financial education
program from the FDIC
Primarily focused on helping low- and
moderate-income adults develop money-
management skills
Two versions –one for classroom use (in
English, Spanish, Chinese, Korean, Viet-
namese and Russian), the other for com-
puter-based, self-paced learning (in Eng-
lish and Spanish)
Classes offered through an extensive
network of Money Smart "partners," in-
cluding financial institutions, non-profit
organizations and government agencies
Since 2001, about 495,000 people have
taken Money Smart classes and 95,000
new banking relationships have been
established
To learn more, start at Money Smart Home.
Money Smart News Summer 2006
IN THIS ISSUE
Message from the FDIC
Russian Translation of Money
Smart is the First Developed
Outside the FDIC; Agency
Open to New Projects Involving
Other Languages
FDIC and Money Smart Join
the Treasury and Federal Re-
serve Banks in Promoting Di-
rect Deposit
Money Smart Success Stories
Money Smart: Get Involved!
Partner News
Message from the FDIC
Since the start of the FDIC's Money Smart financial education program nearly five
years ago, one of our primary target audiences has been the large immi-
grant population in the United States. The FDIC recognizes that, because
of language barriers and other impediments, many new arrivals need help
learning how to safely and efficiently transact their personal business and
how to save money for their future, perhaps to own a home or a small
business. In this issue of our newsletter, we feature news and updates
about how Money Smart is helping to
break down barriers in the area of fi-
nancial education and enable people
who speak little or no English become
more knowledgeable and more secure
with their money.
Here you can find a report on the new
Russian version of Money Smart -- the
sixth language for our curriculum
(following English, Spanish, Chinese,
Korean and Vietnamese) but the first
developed outside of the FDIC. Also,
on our "Success Stories" page, you
can learn about a California organiza-
tion that is using Money
Smart translations to help immigrants
take control of their finances, and read
about the City of Honolulu's recent
proclamation of "FDIC-Money
Smart Day," which honored the work of
the FDIC and our partners in helping
Hawaii families achieve their financial
dreams. Here, too, we can point to
outside partners tailoring the program to meet special needs. That's because, since
2001, Hawaiian partners have been using a version of the Money Smart curriculum
about home ownership that was specially modified to relate to Native Hawaiians.
Also inside is an article about how Money Smart is contributing to a government cam-
paign to increase direct deposit among individuals who receive federal benefit checks,
mostly senior citizens and people with disabilities.
The FDIC and our Money Smart partners have many exciting opportunities to make a
difference through financial education. We ask for your continued commitment in get-
ting Money Smart into the communities where it is most needed. If you have a question
or a suggestion for the FDIC's financial education team, please contact your regional
Community Affairs Officer.
Sandra L. Thompson
Acting Director
FDIC Division of Supervision and Consumer Protection
Money Smart...At a Glance
A free, award-winning financial education
program from the FDIC
Primarily focused on helping low- and
moderate-income adults develop money-
management skills
Two versions –one for classroom use (in
English, Spanish, Chinese, Korean, Viet-
namese and Russian), the other for com-
puter-based, self-paced learning (in Eng-
lish and Spanish)
Classes offered through an extensive
network of Money Smart "partners," in-
cluding financial institutions, non-profit
organizations and government agencies
Since 2001, about 495,000 people have
taken Money Smart classes and 95,000
new banking relationships have been
established
To learn more, start at Money Smart Home.
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Money Smart News Summer 2006
Russian Translation of Money Smart is the First Developed Outside the FDIC; Agency Open
to New Projects Involving Other Languages
The FDIC has announced the release of the Money Smart financial education curriculum in Russian, the sixth language
in which the program is offered but the first translation developed by outside partners.
"The FDIC's Money Smart program teaches money-
management skills that empower people to take advantage
of the opportunities to save and invest offered by our finan-
cial system," said FDIC Vice Chairman Martin J. Gruenberg
at a special ceremony in Washington on April 27. "The new
Russian-language version of Money Smart will make the pro-
gram more easily accessible to an important additional seg-
ment of our society."
Money Smart was first released in English in 2001, followed
by a Spanish-language version in 2002, Chinese and Korean
versions in 2003, and a Vietnamese version in 2004. The
Russian translation of the Money Smart take-home guide for
participants and visual aids for teachers is the result of a pri-
vate-public sector partnership between banks, non-profit or-
ganizations and local government agencies in Sacramento
and Los Angeles (two areas with large Russian-speaking
populations) and support from the FDIC and the Office of
Thrift Supervision (OTS).
The Census Department estimates that about 12 percent of
the total U.S. population was born in a foreign country, with
large numbers of immigrants coming from Latin and Central
America, Asia, Eastern Europe and Africa. According to the
2000 U.S. Census, Russian is the ninth most frequently spoken language at home, up from 15th in 1990. The Census
Bureau also reported that "of the 20 non-English languages most frequently spoken at home, the largest proportional
increase was for Russian speakers," which nearly tripled from 242,000 to 706,000 between 1990 and 2000.
Key partners in the Sacramento Community Reinvestment Roundtable, which developed the Russian translation, include
River City Bank, Sacramento; USBank, Walnut Creek; IndyMac Bank, Los Angeles; the Home Loan Counseling Center,
Sacramento; the Sacramento Mutual Housing Association; Opening Doors, Inc., Sacramento; and the Sacramento Em-
ployment and Training Agency.
FDIC officials said that they would welcome inquiries from other outside organizations interested in translating Money
Smart into more languages. "Because of our diverse population, translations of Money Smart can help fill a need for fi-
nancial education for many people who speak little or no English yet are working hard to make a better life for them-
selves in America," said Linda Ortega, an FDIC Community Affairs Officer in San Francisco.
To order the new Russian edition or any other version of Money Smart free of charge, use the FDIC's online order form
at www.fdic.gov/consumers/consumer/moneysmart/order.html. For more information or to discuss the possibility of trans-
lating Money Smart into another language, contact your regional Community Affairs Officer.
Representatives from the FDIC (including Vice Chairman Martin J.
Gruenberg, standing fourth from the right), the Office of Thrift Supervi-
sion, River City Bank of Sacramento, IndyMac Bank of Los Angeles
and the Home Loan Counseling Center of Sacramento gathered at
FDIC headquarters on April 27, 2006, to mark the release of the Rus-
sian version of Money Smart. (Photo by Sally Kearney)
Money Smart News Summer 2006
Russian Translation of Money Smart is the First Developed Outside the FDIC; Agency Open
to New Projects Involving Other Languages
The FDIC has announced the release of the Money Smart financial education curriculum in Russian, the sixth language
in which the program is offered but the first translation developed by outside partners.
"The FDIC's Money Smart program teaches money-
management skills that empower people to take advantage
of the opportunities to save and invest offered by our finan-
cial system," said FDIC Vice Chairman Martin J. Gruenberg
at a special ceremony in Washington on April 27. "The new
Russian-language version of Money Smart will make the pro-
gram more easily accessible to an important additional seg-
ment of our society."
Money Smart was first released in English in 2001, followed
by a Spanish-language version in 2002, Chinese and Korean
versions in 2003, and a Vietnamese version in 2004. The
Russian translation of the Money Smart take-home guide for
participants and visual aids for teachers is the result of a pri-
vate-public sector partnership between banks, non-profit or-
ganizations and local government agencies in Sacramento
and Los Angeles (two areas with large Russian-speaking
populations) and support from the FDIC and the Office of
Thrift Supervision (OTS).
The Census Department estimates that about 12 percent of
the total U.S. population was born in a foreign country, with
large numbers of immigrants coming from Latin and Central
America, Asia, Eastern Europe and Africa. According to the
2000 U.S. Census, Russian is the ninth most frequently spoken language at home, up from 15th in 1990. The Census
Bureau also reported that "of the 20 non-English languages most frequently spoken at home, the largest proportional
increase was for Russian speakers," which nearly tripled from 242,000 to 706,000 between 1990 and 2000.
Key partners in the Sacramento Community Reinvestment Roundtable, which developed the Russian translation, include
River City Bank, Sacramento; USBank, Walnut Creek; IndyMac Bank, Los Angeles; the Home Loan Counseling Center,
Sacramento; the Sacramento Mutual Housing Association; Opening Doors, Inc., Sacramento; and the Sacramento Em-
ployment and Training Agency.
FDIC officials said that they would welcome inquiries from other outside organizations interested in translating Money
Smart into more languages. "Because of our diverse population, translations of Money Smart can help fill a need for fi-
nancial education for many people who speak little or no English yet are working hard to make a better life for them-
selves in America," said Linda Ortega, an FDIC Community Affairs Officer in San Francisco.
To order the new Russian edition or any other version of Money Smart free of charge, use the FDIC's online order form
at www.fdic.gov/consumers/consumer/moneysmart/order.html. For more information or to discuss the possibility of trans-
lating Money Smart into another language, contact your regional Community Affairs Officer.
Representatives from the FDIC (including Vice Chairman Martin J.
Gruenberg, standing fourth from the right), the Office of Thrift Supervi-
sion, River City Bank of Sacramento, IndyMac Bank of Los Angeles
and the Home Loan Counseling Center of Sacramento gathered at
FDIC headquarters on April 27, 2006, to mark the release of the Rus-
sian version of Money Smart. (Photo by Sally Kearney)