1
Money Smart News Winter 2011
IN THIS ISSUE
Message from the FDIC
Our Latest Success Stories:
How Two Partnerships Are
Using Money Smart to Change
Lives
FDIC Releases Latest Survey
of Banks’ Efforts to Serve the
Unbanked and Underbanked
Advisory Committee Discusses
Saving Trends and Mobile
Banking for the Unbanked and
Underbanked
FDIC Publishes a Money Guide
for Young Adults and teens
Reminder: Tax Season Offers
Business, CRA Opportunities
for Financial Institutions
America Saves Week: A Finan-
cial Education Opportunity
Message from the FDIC
As we start to look forward to spring, it’s worth noting that April is tradi-
tionally a month devoted to shining a spotlight on helping consumers un-
derstand how to effectively make key financial decisions. While names
for the month vary a bit -- usually it’s called Financial Capability Month,
Financial Literacy Month or Financial Education Month -- let’s use this
April to do some spring cleaning and plant the seeds for new or improved
collaborations with other organizations to help people achieve their finan-
cial goals.
What are some examples? Why not look for new partners already working in your ar-
ea? For instance, some communities are increasingly making connections between
providers of social services (such as public aid or free income-tax preparation) and the
delivery of financial education workshops, handouts or financial counseling. Some
recent research indicates that bundling financial education with other services may
improve financial success for some families. Developing these partnerships may re-
quire reaching out and forming new or very different relationships with organizations
you had not previously considered – but consider thinking about giving it a try.
Also, we encourage you to inform your stakeholders about the consumer information
resources available from the FDIC and other federal agencies. Start by visiting my-
money.gov, the federal government’s central website for financial education-related
resources from more than 20 federal agencies. This site can give you ideas for new
ways to collaborate with other organizations, such as by reaching out to a local U.S.
Department of Housing and Urban Development field office for suggestions on how to
help put families on the path to sustainable homeownership.
In this edition of Money Smart News,we not only highlight news you can use but
also success stories involving collaboration that we hope will foster ideas and action
by our readers.
As always, contact the FDIC if we can help you pursue your goals for financial educa-
tion. Send us an e-mail at communityaffairs@FDIC.gov.
Mark Pearce
Director
FDIC Division of Depositor and Consumer Protection
Money Smart News Winter 2011
IN THIS ISSUE
Message from the FDIC
Our Latest Success Stories:
How Two Partnerships Are
Using Money Smart to Change
Lives
FDIC Releases Latest Survey
of Banks’ Efforts to Serve the
Unbanked and Underbanked
Advisory Committee Discusses
Saving Trends and Mobile
Banking for the Unbanked and
Underbanked
FDIC Publishes a Money Guide
for Young Adults and teens
Reminder: Tax Season Offers
Business, CRA Opportunities
for Financial Institutions
America Saves Week: A Finan-
cial Education Opportunity
Message from the FDIC
As we start to look forward to spring, it’s worth noting that April is tradi-
tionally a month devoted to shining a spotlight on helping consumers un-
derstand how to effectively make key financial decisions. While names
for the month vary a bit -- usually it’s called Financial Capability Month,
Financial Literacy Month or Financial Education Month -- let’s use this
April to do some spring cleaning and plant the seeds for new or improved
collaborations with other organizations to help people achieve their finan-
cial goals.
What are some examples? Why not look for new partners already working in your ar-
ea? For instance, some communities are increasingly making connections between
providers of social services (such as public aid or free income-tax preparation) and the
delivery of financial education workshops, handouts or financial counseling. Some
recent research indicates that bundling financial education with other services may
improve financial success for some families. Developing these partnerships may re-
quire reaching out and forming new or very different relationships with organizations
you had not previously considered – but consider thinking about giving it a try.
Also, we encourage you to inform your stakeholders about the consumer information
resources available from the FDIC and other federal agencies. Start by visiting my-
money.gov, the federal government’s central website for financial education-related
resources from more than 20 federal agencies. This site can give you ideas for new
ways to collaborate with other organizations, such as by reaching out to a local U.S.
Department of Housing and Urban Development field office for suggestions on how to
help put families on the path to sustainable homeownership.
In this edition of Money Smart News,we not only highlight news you can use but
also success stories involving collaboration that we hope will foster ideas and action
by our readers.
As always, contact the FDIC if we can help you pursue your goals for financial educa-
tion. Send us an e-mail at communityaffairs@FDIC.gov.
Mark Pearce
Director
FDIC Division of Depositor and Consumer Protection
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Money Smart News Winter 2011
Our Latest Success Stories: How Two Partnerships Are Using Money Smart to Change Lives
Money Smart can be used effectively through partnerships established with a variety of organizations. In this edition of
our Money Smart “Success Stories,” we see how one such partnership is helping to bring a homeless population back
into society, and how another one is providing financial literacy and homeownership counseling to empower individuals
to break the cycle of poverty. (Read the stories.)
FDIC Releases Latest Survey of Banks' Efforts to Serve the Unbanked and Underbanked
On December 13, 2012, the FDIC released the results of its second Survey of Banks' Efforts to Serve the Unbanked and
Underbanked. The results provide insights into the outreach, education, marketing and retail strategies being used by
banks to meet the needs of underserved consumers. The findings can help banks and policymakers identify opportuni-
ties and potential successful strategies to help meet the diverse financial needs of U.S. households. The report and an
executive summary can be read at http://fdic.gov/unbankedsurveys.
Advisory Committee Discusses Savings Trends and Mobile Banking for the Unbanked and
Underbanked
Also on December 13, 2012, the FDIC’s Advisory Committee on Economic Inclusion (ComE-IN) discussed trends in the
U.S. savings rate and initiatives to encourage households to save more. The committee also explored mobile financial
services and how they can be used to address the target populations. To see the handouts or watch a video from the
meeting, which included a discussion of the 2011 FDIC survey noted above, start at http://www.fdic.gov/about/
comein/2012/2012-12-13_agenda.html.
FDIC Publishes a Money Guide for Young Adults and Teens
The FDIC has published a collection of simple, practical tips for young adults and teens on saving, managing money,
and avoiding financial scams. This special edition of the agency's quarterly FDIC Consumer News (Fall 2012), entitled
"For Young Adults and Teens: Quick Tips for Managing Your Money," also includes suggestions for parents and caregiv-
ers on saving for a child's future and teaching youngsters about money. Financial educators are encouraged to
use FDIC Consumer News as a supplemental handout for students. See this issue of the newsletter and subscription
information (the newsletter is available free) at www.fdic.gov/consumers/consumer/news/cnfall12.
Reminder: Tax Season Offers Business, CRA Opportunities for Financial Institutions
Participation in the IRS Volunteer Income Tax Assistance (VITA) program, for which IRS-certified volunteers provide free
tax preparation for low- and moderate-income individuals, is a potential opportunity for financial institutions to bring in
new business and earn credit toward compliance with the Community Reinvestment Act. Most VITA sites are operated
by broad-based coalitions of partners that include non-profits, governmental entities, and private-sector organizations
such as financial institutions. To find a VITA site or coalition near you, visit http://www.irs.gov/Individuals/Free-Tax-
Return-Preparation-for-You-by-Volunteers.
America Saves Week: A Financial Education Opportunity
America Saves Week (February 25 to March 2, 2013) was an annual opportunity for organizations to promote good sav-
ings behavior and a chance for consumers to begin saving more effectively. Typically, more than 2,000 organizations
participate and reach millions of consumers. To learn more, go to www.americasavesweek.org. For a look at how the
FDIC supported America Saves Week, see our press release. FDIC resources for financial educators that are available
to support saving money include the Pay Yourself First module in the instructor-led Money Smart curriculum for adults,
as well as various FDIC Consumer News articles (start at http://www.fdic.gov/deposit/deposits/savings.html).
Money Smart News Winter 2011
Our Latest Success Stories: How Two Partnerships Are Using Money Smart to Change Lives
Money Smart can be used effectively through partnerships established with a variety of organizations. In this edition of
our Money Smart “Success Stories,” we see how one such partnership is helping to bring a homeless population back
into society, and how another one is providing financial literacy and homeownership counseling to empower individuals
to break the cycle of poverty. (Read the stories.)
FDIC Releases Latest Survey of Banks' Efforts to Serve the Unbanked and Underbanked
On December 13, 2012, the FDIC released the results of its second Survey of Banks' Efforts to Serve the Unbanked and
Underbanked. The results provide insights into the outreach, education, marketing and retail strategies being used by
banks to meet the needs of underserved consumers. The findings can help banks and policymakers identify opportuni-
ties and potential successful strategies to help meet the diverse financial needs of U.S. households. The report and an
executive summary can be read at http://fdic.gov/unbankedsurveys.
Advisory Committee Discusses Savings Trends and Mobile Banking for the Unbanked and
Underbanked
Also on December 13, 2012, the FDIC’s Advisory Committee on Economic Inclusion (ComE-IN) discussed trends in the
U.S. savings rate and initiatives to encourage households to save more. The committee also explored mobile financial
services and how they can be used to address the target populations. To see the handouts or watch a video from the
meeting, which included a discussion of the 2011 FDIC survey noted above, start at http://www.fdic.gov/about/
comein/2012/2012-12-13_agenda.html.
FDIC Publishes a Money Guide for Young Adults and Teens
The FDIC has published a collection of simple, practical tips for young adults and teens on saving, managing money,
and avoiding financial scams. This special edition of the agency's quarterly FDIC Consumer News (Fall 2012), entitled
"For Young Adults and Teens: Quick Tips for Managing Your Money," also includes suggestions for parents and caregiv-
ers on saving for a child's future and teaching youngsters about money. Financial educators are encouraged to
use FDIC Consumer News as a supplemental handout for students. See this issue of the newsletter and subscription
information (the newsletter is available free) at www.fdic.gov/consumers/consumer/news/cnfall12.
Reminder: Tax Season Offers Business, CRA Opportunities for Financial Institutions
Participation in the IRS Volunteer Income Tax Assistance (VITA) program, for which IRS-certified volunteers provide free
tax preparation for low- and moderate-income individuals, is a potential opportunity for financial institutions to bring in
new business and earn credit toward compliance with the Community Reinvestment Act. Most VITA sites are operated
by broad-based coalitions of partners that include non-profits, governmental entities, and private-sector organizations
such as financial institutions. To find a VITA site or coalition near you, visit http://www.irs.gov/Individuals/Free-Tax-
Return-Preparation-for-You-by-Volunteers.
America Saves Week: A Financial Education Opportunity
America Saves Week (February 25 to March 2, 2013) was an annual opportunity for organizations to promote good sav-
ings behavior and a chance for consumers to begin saving more effectively. Typically, more than 2,000 organizations
participate and reach millions of consumers. To learn more, go to www.americasavesweek.org. For a look at how the
FDIC supported America Saves Week, see our press release. FDIC resources for financial educators that are available
to support saving money include the Pay Yourself First module in the instructor-led Money Smart curriculum for adults,
as well as various FDIC Consumer News articles (start at http://www.fdic.gov/deposit/deposits/savings.html).