FROM THE OFFICE OF PUBLIC AFFAIRS
May 12, 2005
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Deputy Assistant Treasury Secretary Iannicola Encourages Credit Card Lenders to Support Financial Education at Industry Meeting in Nevada
Treasury's Deputy Assistant Secretary for Financial Education, Dan Iannicola, Jr. today spoke to more than 40 Credit Card Bank Compliance Association (CCBA) members about the importance of improving financial education across the country, and about how credit card issuers can work with the federal government to achieve common objectives in this area.
"The credit card industry has the expertise and the distribution channels to make a strong and positive impact on national levels of financial literacy," said Iannicola. " Some credit card issuers have used their unique positions to advance financial education, while other issuers are just beginning to recognize the need to educate customers and others on financial topics."
Iannicola continued, "The Department of Treasury stands ready to work with any credit card company that wants to help Americans learn more about managing their money."
Today's event was hosted by the CCBA. The CCBA is a non-profit educational association comprised of individuals who work for banks engaged primarily in consumer credit card lending. The primary activity of the CCBCA is to conduct two educational seminars per year focusing on legal, regulatory and compliance issues pertaining to consumer credit card lending.
The Department of the Treasury is a leader in promoting financial education. Treasury established the Office of Financial Education ("Office") in May 2002. The Office works to promote access to the financial education tools that can help all Americans make wiser choices in all areas of personal financial management, with a special emphasis on saving, credit management, home ownership and retirement planning. The Office also coordinates the efforts of the Financial Literacy and Education Commission, a group chaired by the Secretary of Treasury and composed of representatives from 20 federal departments, agencies and commissions, which works to improve financial literacy and education for people throughout the