News and Information about Financial Education from the FDIC

In This Issue

• Message from the FDIC
• FDIC Celebrates 75 Years, Announces Award Program for Financial Educators
• Information on Foreclosure Prevention
• FDIC Testifies Before Congress on Financial Education Issues
• FDIC, United Way Partner to Expand the Delivery of Financial Education
• From Poverty to Prosperity: Success Stories and Tips for Providing Financial Education to Struggling Families
• The FDIC Publishes Money Tips for All Ages and Different Stages of Life

Message from the FDIC
In the last issue of Money Smart News, we noted that the FDIC is proudly observing our 75th anniversary. Because of the FDIC, bank customers can rest assured that their insured deposits will not be lost in a bank failure. As a part of our anniversary observance, the FDIC has launched a campaign to increase awareness of deposit insurance coverage.

FDIC Chairman Sheila Bair recently said "now more than ever, it’s important for people to know their deposit insurance limits." The best way to be worry-free about your money is to become more informed about deposit insurance as well as your personal finances. In this issue, you will learn more about the FDIC’s 75th anniversary campaign that includes awards to innovative financial educators.

Also find out more about how the FDIC’s Money Smart efforts are helping people of all ages and backgrounds deal with personal difficulties ranging from mortgage foreclosures to unemployment.

Plenty has changed in America in the last 75 years, but the FDIC’s goal of bringing financial stability to individual households remains the same, first and foremost through deposit insurance, but increasingly though financial education as well. As we start our next 75 years of service to the nation, we ask for your continued commitment in getting Money Smart into the communities where it is most needed. As always, we encourage you to contact your FDIC Regional Community Affairs Officer with your questions and suggestions relating to financial education in your community.

Sandra L. Thompson
Director
FDIC Division of Supervision and Consumer Protection

FDIC Celebrates 75 Years, Announces Award Program for Financial Educators
In commemorating the FDIC's 75th anniversary, Chairman Sheila C. Bair has announced an education campaign to help raise consumer awareness of deposit insurance limits and emphasize the importance of asset building and financial education. The campaign includes national advertising, a multi-city outreach effort, and an award program for outstanding work in financial education. The awards will recognize six people or organizations (one from each FDIC region) for innovation in financial education and will highlight best practices. Nominations will be accepted through October 31. (For more information about the new education campaign and the new award program, go to: http://www.fdic.gov/anniversary.)

Information on Foreclosure Prevention
The FDIC has created a Web site for consumers, financial institutions, educators and others seeking information on foreclosure prevention. (Read more.) Additionally, financial educators who discuss shopping for a home loan could be interested in sample consumer disclosures that federal regulatory agencies published in May to help explain key features of certain adjustable-rate mortgages and the potential for payment shock if interest rates go up significantly. (Read more.)

FDIC Testifies Before Congress on Financial Education Issues
Calling financial literacy "an essential survival tool," Robert W. Mooney, Deputy Director of the FDIC’s Division of Supervision and Consumer Protection, testified before the House Financial Services Committee on April 15 about the agency’s education programs to help people avoid high-cost and predatory loans, prevent foreclosures, build assets and otherwise save and protect their money. (Read more.)

FDIC, United Way Partner to Expand the Delivery of Financial Education
A new agreement between the FDIC and the United Way and its nearly 1,300 local organizations will help both organizations promote the establishment of banking relationships and expanded financial education efforts primarily for the benefit of low-income, unbanked and underserved families nationwide. The partnership also will place a special emphasis on the delivery of financial education to young adults. (Read more.)

From Poverty to Prosperity: Success Stories and Tips for Providing Financial Education to Struggling Families
In the latest installment of our Money Smart "Success Stories," we shine the spotlight on financial education at "social services" organizations -- including public assistance programs and welfare-to-work initiatives -- and some best practices any educator can use to help cash-strapped people learn how to save and borrow money so they can provide a more secure future for their families. (Read the stories and tips.)

The FDIC Publishes Money Tips for All Ages and Different Stages of Life
The Spring 2008 issue of FDIC Consumer News is a special edition entitled "Money Tips for All Ages: Your Finances at Different Stages of Life." It features practical suggestions for everyone plus special recommendations for teens through retirees. The FDIC encourages financial institutions, financial educators and other interested parties to make the information in FDIC Consumer News widely available, including reprinting or linking to the material and making copies with their name, logo, a special message and/or self-mailing information. Financial educators can use FDIC Consumer News as a resource for useful consumer information. Educators and their students can sign up for a free subscription and see current and back issues online. (See the latest newsletter and subscription information.)