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Money Smart Press Releases

Federal Bureau of Prisons Joins FDIC’s Money Smart Alliance Program

FOR IMMEDIATE RELEASE
MS-11-2004 (7-2-2004)
Media Contact:
Rosemary George (202) 898-6530

The Federal Deposit Insurance Corporation (FDIC) today announced that the Federal Bureau of Prisons (Bureau) has joined its Money Smart Alliance Program. Donna J. Gambrell, Deputy Director of the FDIC’s Division of Supervision and Consumer Protection (DSC), and John M. Vanyur, Assistant Director, Correctional Programs Division in the Federal Bureau of Prisons, made the announcement today at the FDIC’s headquarters in Washington, D.C.

As a Money Smart Alliance Partner, the Bureau will use the Money Smart program to promote financial education, asset building, and self-sufficiency for inmates. The FDIC and the Federal Bureau of Prisons will work together to provide a financial education program that will help an estimated 10,000 inmates annually enhance their money management skills and encourage their entry into the financial mainstream.

Under terms of the Partnership Agreement, the Bureau will, among other things, promote its partnership with the FDIC by offering the Money Smart curriculum to its correctional facilities nationwide. The Bureau will identify the correctional facilities that will initially participate in the Money Smart initiative, followed by a rolling implementation of the initiative to their correctional facilities nationwide.

“The Bureau of Prisons recognizes the importance of developing partnerships to improve the effectiveness of services and programs which prepare offenders for a successful return to the community,” said Assistant Director John Vanyur. “The Money Smart Program being provided by the FDIC can assist offenders in developing critical skills needed for responsible financial management in daily living, as well as provide information about various tools to enhance their overall financial independence and security. We are very pleased to partner with the FDIC to bring this opportunity to the Federal inmate population and assist in the efforts for successful reentry.”

“The Bureau’s goal of providing inmates with opportunities to learn essential life skills and achieve financial self sufficiency makes me proud to welcome it as a partner in the Money Smart Alliance Program,” said FDIC Deputy DSC Director Donna Gambrell. “Basic financial money management techniques are vital tools for all segments of our society’s population and can be especially instrumental to an inmate’s transition back into the community.”

The Federal Bureau of Prisons was established in 1930 to provide more progressive and humane care for Federal inmates, to encourage professionalism in the prison service, and to ensure consistent and centralized administration of the 11 Federal prisons that were in operation at that time. Today, the Bureau consists of 105 institutions, six regional offices, a Central Office (headquarters), three staff training centers, and 28 community corrections offices. The regional offices and the Central Office provide administrative oversight and support to the institutions and community correction offices.

The FDIC developed the Money Smart program to help low- and moderate-income individuals understand basic financial services, develop money management skills, and learn how to use banking services effectively. Money Smart is available from the FDIC in English, Spanish, Chinese, Korean and Vietnamese and is free of charge to the user.

Instructions for obtaining copies of the curriculum can be found by clicking on the Money Smart link at www.fdic.gov or by calling (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 9,116 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 contact the FDIC’s Public Information Center (877-275-3342 or 202-416-6940).




Last Updated 7/02/2004 communications@fdic.gov