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FDIC ROLLS OUT KOREAN LANGUAGE VERSION OF MONEY SMART FINANCIAL EDUCATION CURRICULUM

FOR IMMEDIATE RELEASE
MS-13-2003 (7-10-2003)
Media Contacts:
California: Linda Ortega (415) 808-8115
Washington: Rosemary George (202) 898-6530

The Federal Deposit Insurance Corporation (FDIC) today launched the Korean-language version of Money Smart, the FDIC's adult financial education curriculum. The announcement was made at a news conference held at the Korean American Education Foundation, Inc., site of ongoing Money Smart classes for Korean-speaking residents of Los Angeles.

"It is especially fitting that Korean Money Smart should be introduced in Los Angeles, which has the largest concentration of Koreans outside Korea itself," said Michael Zamorski, Director of the FDIC's Division of Supervision and Consumer Protection (DSC). "And 2003 is a good year to launch Korean Money Smart, since it marks the 100th anniversary of Korean immigration to the United States."

"No one is born being smart about money," said Donna Gambrell, DSC's Deputy Director. "That's something you learn. The Money Smart curriculum is an excellent way for all our citizens to learn how to build a more secure financial future for themselves and their families. I'm grateful for the strong partners we have here in Los Angeles to help deliver Money Smart to the Korean-American community."

Also attending the event was Shinae Chun, Director of the U.S. Department of Labor's (DOL) Women's Bureau. Chun is the highest-ranking Korean American in the Bush administration.

"I am proud to be a member of Secretary Elaine Chao's team, and I firmly support her and President George Bush's emphasis on financial education as a key factor in the economic well being of the American people," said Chun. "As an American of Korean ancestry, I am especially pleased that the FDIC has translated their highly regarded financial literacy curriculum, Money Smart, into Korean so that non-English speaking Korean immigrants can also share in the American dream of owning a home or a small business. Knowledge of the U.S. banking system gives people the ability to better leverage their personal and business financial interests and puts them on the road to economic self-sufficiency."

The Korean American Education Foundation, in conjunction with Center Bank, was the FDIC's first partner in the effort to deliver financial education to Korean-speaking Americans. Classes began in June 2003 and are scheduled for delivery throughout the year.

"I would like to acknowledge Center Bank's outstanding work and commitment to the Korean community in Los Angeles. Their efforts in underwriting the translation of Money Smart into Korean are exemplary and deserving of special recognition," Zamorski said. The Korean language version is the result of a successful coalition comprised of Center Bank, Comerica Bank, Hanmi Bank, Imperial Capital Bank, Korean Youth Community Center (KYCC), Korean Churches for Community Development (KCCD), Korean American Education Foundation, Inc., Nara Bank, Pacific Union Bank, US Bank, the United Way of Greater Los Angeles, and Wilshire State Bank.

Other Money Smart Alliance Partners in Los Angeles include the U.S. Department of Labor, the DOL Women's Bureau, the U.S. Department of Housing and Urban Development, the City of Los Angeles, the Internal Revenue Service, Operation HOPE, First AME Church, CHARO, and other local non-profit, faith-based, and community organizations. The Money Smart curriculum is being used as an integral part of efforts citywide to address the issues of predatory lending and minorities' lack of access to mainstream banking services.

Since the introduction of the FDIC's Money Smart Program in English in July 2001, more than 100,000 people have completed the course nationwide. Nationwide, the FDIC has distributed more than 66,000 copies of Money Smart to 21,000 financial institutions, faith-based organizations, city and community colleges, and federal government partners. Last year, the FDIC launched the Spanish language version of the curriculum in Chicago, where more than 700 adults have already received classes in Spanish. A Chinese language version was launched in March 2003. In addition to the English, Spanish, Chinese and Korean versions now available, Money Smart is being translated into Vietnamese; that version is 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 send an e-mail to publicinfo@fdic.gov.

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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 9,314 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 via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 202-416-6940).

Last Updated 7/10/2003 communications@fdic.gov