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FDIC ANNOUNCES MONEY SMART ALLIANCE PARTNERSHIP WITH WOMEN IN HOUSING & FINANCE FOUNDATION

FOR IMMEDIATE RELEASE
MS-003-2003 (03-12-2003)
Media Contact:
Rosemary George (202) 898-6530

The Federal Deposit Insurance Corporation (FDIC) today announced that the Women in Housing & Finance Foundation (WHF Foundation) has become the Corporation's newest partner in the Money Smart Alliance Program.

Donna Gambrell, Deputy Director of the FDIC's Division of Supervision and Consumer Protection, made the announcement during a WHF panel discussion on "Financial Literacy Programs in the Federal Government and Private Industry."

"The WHF Foundation does a wonderful job of providing its members with opportunities to give back to the community through many avenues, including teaching personal finance," said FDIC Chairman Don Powell. "We are very pleased to welcome them to the Money Smart Alliance Program."

One of the initial goals of the Washington, D.C.-based WHF Foundation, which was formed in 1997, was to develop personal finance counseling programs to enhance the financial literacy of low-income women and other at-risk individuals. WHF members, through the WHF Foundation's Personal Finance Committee, have already provided financial literacy training to clients of numerous community organizations.

Since the FDIC launched the Money Smart curriculum nearly two years ago, Money Smart has been used by the WHF Foundation to provide financial literacy tutoring sessions in a variety of venues, including the National Center for Children and Families (NCCF) Futurebound Independent Living Program. "This program will help prepare adolescents who have grown up in the foster care system to live independently within the community," said FDIC Chairman Don Powell. "I am proud that our Money Smart curriculum is being used to build up communities in this way, because strong communities mean a strong America."

The WHF Foundation has also used the Money Smart curriculum to teach low-income women in the "Rising Hope" program in Alexandria, VA the financial skills necessary for managing money. In addition, classes for teen mothers are currently underway at the MELD/Even Start Literacy Center in Washington, DC.

As a Money Smart Alliance partner, the WHF Foundation will work with its community partners in low-and moderate-income communities to reach more members of Money Smart's target audience. The FDIC developed the Money Smart curriculum to help adults enhance their money management skills, understand basic financial services offered by the financial mainstream and build their financial confidence to use banking services effectively.

The Money Smart curriculum is comprised of ten comprehensive instructor-led modules covering basic financial topics including an introduction to bank services, tips on obtaining credit and buying a home. It can be easily reproduced for wide dissemination and has no copyright restrictions. Money Smart is free to users.

In addition to the English and Spanish CD-ROM versions now available, Money Smart is being translated into Korean, Chinese, and Vietnamese. Those versions are scheduled for release later this year.

Any organization interested in financial education can use Money Smart. For information and instructions on how to obtain copies of the curriculum click on the FDIC Money Smart link at www.fdic.gov, or call (202) 942-3404.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,354 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (877-275-3342 or 202-416-6940).

Last Updated 3/12/2003 communications@fdic.gov