FDIC WELCOMES THE CONFERENCE OF STATE BANKER SUPERVISORS
AS NEWEST MONEY SMART ALLIANCE PARTNER
FOR IMMEDIATE RELEASE MS-006-2003 (03-26-03)
Media Contact: Rosemary George (202) 898-6530
The Federal Deposit Insurance Corporation (FDIC) and the Conference of State Bank Supervisors (CSBS) today announced that the CSBS will promote and distribute the FDIC's Money Smart financial education curriculum to each of the nation's state banking departments. Donald E. Powell, Chairman of the FDIC, and Neil Milner, President and CEO of CSBS made the announcement today at an event held at the FDIC's headquarters in Washington, DC.
"As U.S. citizens, we are all bound together by the financial framework of our country," said FDIC Chairman Don Powell. "State chartered banks, along with their state regulators, are essential components of that framework. They understand the importance of the FDIC's goal to provide consumers with an understanding of basic financial know-how. That is why we welcome them as Money Smart Alliance partners in promoting the Money Smart financial education program. This partnership gives us the ability to reach consumers through all fifty-four state, commonwealth and U.S. territory banking departments."
"CSBS compliments the FDIC for taking a leadership role in promoting financial education as a national priority and for developing the Money Smart program," said CSBS President and CEO Neil Milner. "State banking supervisors and state bankers nationwide know all too well how important financial literacy is in upholding our nation's economic health, and we are proud to partner with FDIC on advancing the goals of this initiative," said CSBS President and CEO Neil Milner.
Idaho Director of Finance and 2003 CSBS Chairman Gavin Gee added, "So many of the heart-breaking consumer abuses that we see and hear about could be avoided if everyone better understood the concepts of budgeting, savings and credit management. We wholeheartedly endorse the Money Smart curriculum and look forward to participating in its dissemination."
The CSBS will initially deliver copies of the FDIC's Money Smart financial education curriculum to all 54 state banking departments. CSBS will also provide the state banking departments with a generic letter touting the benefits of Money Smart as well as brochures explaining the product, which the state banking commissioners can forward to their banks.
The FDIC developed the Money Smart program 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 a set of ten comprehensive instructor-led modules covering basic financial topics including an introduction to bank services, tips on obtaining credit and buying a home.
Money Smart can be taught in its entirety, or specific modules can be used to fill in the gaps in other financial education programs. It is not copyrighted to encourage reproduction and dissemination. Money Smart is free to users.
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 send an e-mail to email@example.com.
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 (800-276-6003 or 202-416-6940).